Orbit International's Electronics Group Receives New Orders in June Totaling Over $1,250,000
Bookings Remain Strong for the Electronics Group
Hauppauge, New York, July 7, 2015 -- Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solution provider, today announced that in the month of June 2015 its Electronics Group received more than $1,250,000 in new and follow-on orders for its products used on several programs.
Bookings for June 2015 were highlighted by an initial production award of approximately $300,000 for a Human Control Interface (HCI) application on a new program following successful qualification testing of the unit. Based on indications from our customer, an additional production award is projected in the fourth quarter of 2015 with additional orders expected in 2016. Other contract awards during the month consisted of orders for the Company’s displays, trackballs and bezel assemblies. Expected deliveries for these awards received during June 2015 are scheduled to commence in the third quarter of 2015 and continue through the first quarter of 2016.
Ken Ice, President of the Orbit Electronics Group commented, “We had previously announced the award for the development of our new HCI application. This initial production award, received shortly after our completion of a complex design qualification effort, is a credit to our sales, operations and quality teams as well as the strength of our partnership with our customer. We are continuing our focus on developing new program opportunities, many of which are with our existing customer base.”
Mitchell Binder, President and CEO of Orbit International commented, “We remain very encouraged by the continued strong bookings from our Electronics Group, particularly, our Orbit Instrument Division. Bookings for this Division for the trailing twelve months ending June 30, 2015 have surpassed bookings for any calendar year in over 15 years. As a result, delivery schedules for our Electronics Group have firmed up and we expect revenue levels for the remaining three quarters of 2015 to exceed those reported in the first quarter. Furthermore, the Company is currently working on new program opportunities and is also expecting follow-on awards on existing programs in the second half of 2015. However, timing of all awards remains an uncertainty, particularly in this business and budget environment.”
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service as well as Orbit’s prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
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