Orbit International’s Electronics Group Receives Three New Orders Totaling in Excess of $1,300,000
Hauppauge, New York, December 18, 2015 -- Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group, has recently received three new orders for its displays, switch panels and keyboards totaling in excess of $1,300,000. Deliveries are expected to commence in the second quarter of 2016 and continue through the fourth quarter of 2016.
Ken Ice, President of the Orbit Electronics Group commented, “We had previously announced the award for the development of a new HCI application in the fall of 2014 and received an initial production order for this new HCI application in the second quarter of 2015. One of the new orders, for approximately $450,000, represents additional production efforts for this new HCI product. Additional follow-on orders are expected in 2016. The second new order, for approximately $665,000 is a follow-on order for a display on a significant program for the U.S. Navy. Finally, the last award is a follow-on award for a keyboard for the U.S. Navy.”
Mitchell Binder, President and CEO of Orbit International commented, “These awards come on the heels of a strong booking month for November, highlighted by an order for our Power Group in excess of $1,870,000 for a COTS power supply. In addition to these awards for our Electronics Group, we are currently in negotiation with our customers for an additional two new awards which may be booked prior to year end although timing is always an uncertainty. With our significant cost cutting implemented to date, we continue to strive for additional revenue dollars to take advantage of our operating leverage, thereby improving our operating margins.”
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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