Orbit International’s Electronics Group Reports Fourth Quarter Bookings in Excess of $3,000,000
HAUPPAUGE, N.Y., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported fourth quarter 2020 bookings in excess of $3,000,000. Deliveries for certain of these orders have already commenced and are expected to continue through the second quarter of 2022.The orders received during the quarter were highlighted by two previously announced orders; an approximately $500,000 order for displays and an approximately $750,000 order for keyboards, both used on major military programs. During the quarter, the OEG also received an order in excess of $500,000 for engineering and qualification testing for an upgrade to an existing unit used on various aircraft programs. Additional orders received during the quarter were for other various keyboards and displays.
Mitchell Binder, President and CEO of Orbit International commented, “The more than $3,000,000 of fourth quarter bookings completed a very solid year of bookings for our OEG which has resulted in a relatively firm year-end backlog for this segment of our business. In addition, during the second half of 2020, our Orbit Power Group (“OPG”) recorded strong bookings for its power supplies utilizing its VPX technology as well as other COTS power supplies.”
Binder added, “We are particularly encouraged that in the last several months, our VPX bookings have significantly increased from the first half of the year, which we believe were adversely affected by the pandemic due to the testing required for new applications. This uptick in orders has resulted in total VPX bookings for 2020 exceeding prior year bookings for this product line by approximately 13.2%. Our increase in VPX and COTS power supply bookings have offset weak bookings from our commercial division, which we expected due to the adverse effect the pandemic has had on the industries we serve such as oil and gas exploration and our test and measurement business.”
Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial 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, VME/VPX power supplies as well as various COTS power sources.
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company was classified as an essential business by New York State and therefore was exempt from the state’s mandate that all non-essential businesses close their business locations until further notice. In addition, as a member of the Defense Industrial Base (“DIB”), the Company is mandated by the Secretary of Defense to continue to provide the essential products and services required to meet national security commitments to the Federal Government and the U.S. Military. The Company remains open while following guidance from the Centers for Disease Control (“CDC”) to best protect our employees. At this time, the length and severity of the COVID-19 pandemic is still unknown.
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. 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.
CONTACT
David Goldman
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