Orbit International Receives Orders in Excess of $4,650,000 for Month of January
Hauppauge, New York, February 3, 2016 -- Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for both its Electronics and Power Groups exceeded $4,650,000 for the month of January 2016.
The bookings for January were highlighted by several large orders received by the Company’s Electronics Group including (i) a previously announced production order in excess of $2,500,000 for our displays on a major aviation program and (ii) a previously announced production order for switch panels in excess of $1,050,000. In addition, the Electronics Group received an additional order for displays for the same aviation program that was received earlier in the month bringing the total value of the order to approximately $3,000,000. Deliveries for the awards received during January are scheduled to commence in the third quarter of 2016 and continue through the first quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “The month of January proved to be an excellent month for bookings and comes after our strong fourth quarter 2015 bookings of approximately $6,300,000. These awards have well positioned our delivery schedules for the third and fourth quarter of 2016. Furthermore, our Electronics Group is currently working with our customers on several additional follow-on contracts which we expect will be booked later in the first quarter of 2016, although the timing of these awards is always an uncertainty.”
Binder continued, “Our Power Group is working on several new orders for its COTS products which it hopes to book later in the first quarter. However, our commercial bookings remain weak due to a decrease in oil and gas activity and weak capital spending. We do remain encouraged with the activity for our VPX products and in addition to booking new production orders in the fourth quarter of 2015, we are expecting additional orders for other long term programs during the current quarter. We continue to secure new alliances with companies utilizing our VPX power supplies and we believe we are well positioned once funding increases for this technology. Production for the various programs in our bid pipeline range from late 2016 through 2021.”
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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