Orbit International's Electronics Group Receives Production Order in Excess of $1,050,000
Hauppauge, New York, January 26, 2016 -- Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group has received a new production order for its switch panels on an aviation program valued in excess of $1,050,000. Deliveries are expected to commence in the third quarter of 2016 and continue through the first quarter of 2017.
Mitchell Binder, President and CEO of Orbit International commented, “This award is for one of our existing switch panels that will be used in a new application for a foreign military program. It comes right after our recently announced production order for displays that we received in excess of $2,500,000 for a significant aviation program. From these two orders alone, bookings for our Electronics Group in January have exceeded $3,500,000. We are currently in negotiations with our customers for additional new awards which we expect will also be booked during this current first quarter, although timing is always an uncertainty.”
Binder continued, “Over the past two years, we have significantly cut our costs and are well positioned to take advantage of our operating leverage as we strive for additional revenue dollars, thereby improving our operating margins. We are encouraged by our January bookings to date as well as those additional awards we are anticipating once negotiations are completed.”
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 cables and harnesses 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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