Orbit International's Electronics Group Receives New Production Order Totaling in Excess of $750,000
FIRST QUARTER CONSOLIDATED BOOKINGS CURRENTLY IN EXCESS OF $8,000,000
Hauppauge, New York, March 22, 2016 -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group has received a new production order for its Touch Control Communications Station from the U.S. Navy totaling in excess of $750,000. Deliveries are expected to commence in the fourth quarter of 2016 and continue through the second quarter of 2017.
Mitchell Binder, President and CEO of Orbit International commented, “This contract represents an initial production order for our newly designed Touch Control Communications Station and follows the engineering contract we initially received for this effort in the fourth quarter of 2015. This contract again demonstrates our success in working with our customer as a solution provider to engineer new products in gaining access to new mission critical programs. The order also comes on the heels of very strong booking months in January and February. As a result, with this latest order, consolidated bookings for our first quarter of 2016 have already well exceeded $8,000,000.”
Binder continued, “Our Electronics Group has gotten off to a very strong start to 2016 and this latest order further strengthens our projected delivery schedules for the second half of 2016 and first quarter of 2017. Our recently reported strong fourth quarter results exemplified our operating leverage as we have significantly cut our costs over the past two years and continue to strive to improve our revenues. We continue to have several new opportunities in our bid pipeline for our Electronics and Power Groups; both for follow-on contracts on existing programs and for new orders, particularly utilizing our new VPX 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 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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