July 08, 2020 08:45 ET
| Source: Orbit International Corp.
HAUPPAUGE, New York, July 08, 2020 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) for the second quarter of 2020 exceeded $4,000,000.
Second quarter bookings for its OEG were highlighted by (i) an approximately $970,000 previously announced order for keyboards used on a major military aviation program; (ii) an approximately $939,000 follow-on order received in June for a switch panel received from a major military customer and; (iii) an approximately $560,000 previously announced follow-on order received by our Q-Vio subsidiary for a major program with the U.S. Army. Other orders received during the quarter for the OEG consisted primarily of displays, control panels and repairs. Deliveries for certain of these orders have already commenced. Deliveries for all of the orders are expected to be completed by the first quarter of 2022.
Mitchell Binder, President and CEO of Orbit International commented, “Our OEG has had three straight solid quarters of bookings, which should well position our delivery schedules in 2020, particularly in the second half of the year. In addition, the award received by our Q-Vio subsidiary during the quarter has significant follow-on potential with additional awards expected beginning in the first half of 2021.”
Binder added, “Aside from our defense related work, which makes up the majority of our business, we anticipate weakness in the business of our Orbit Power Group (“OPG”). Although our OPG provides power supplies for military, transportation and utility applications, it also provides power supplies for oil and gas exploration and test and measurement applications. This part of our business may remain weak until the economy begins to fully recover. In addition, management implemented certain procedures to protect the health of our employees, which has had an impact on efficiencies in our production lines, particularly in the second quarter that was just completed. Nevertheless, assuming no unforeseen events from a situation that continues to evolve, including the possibility of another disruption caused by a second wave of the pandemic, we expect our production lines to return to normal during the third quarter as we strive to meet delivery schedules to support our customers’ needs.”
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, uninterruptible power supplies, 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.
Chief Financial Officer