Orbit International Receives Orders in Excess of $2,800,000 for Month of February
FIRST QUARTER CONSOLIDATED BOOKINGS CURRENTLY IN EXCESS OF $7,500,000
Hauppauge, New York, March 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 $2,800,000 for the month of February 2016.
The bookings for February 2016 were highlighted by three previously announced follow-on production awards that were received by our Electronics Group for its switch panels and keyboards valued in excess of $1,600,000. In addition to the previously announced awards, our Electronics Group received another significant keyboard order in excess of $400,000 and our Power Group received orders for its commercial and VPX power supplies. Consolidated bookings for the first quarter of 2016 are currently in excess of $7,500,000. Deliveries for the awards received during February are scheduled 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, “The Company had solid bookings once again for the month of February 2016. Consolidated bookings for the first quarter of 2016 are in excess of $7,500,000 and follow 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 and first quarter of 2017. 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 opportunities 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. Thus far, most bookings for our VPX power supplies have been pre-production orders with small quantities but have significant quantities projected once full production is attained. We are encouraged with the alliances we are forming with key customers in the VPX marketplace and believe we are well positioned once funding increases for this technology.”
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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