Orbit International Sees Strong Bookings of $2.4 Million
Orbit International Reports Significant August Bookings
HAUPPAUGE, N.Y. — Orbit International Corp. (OTCID Basic Market: ORBT), a notable player in electronics manufacturing and software solutions, has revealed that its consolidated bookings for August exceeded $2,400,000. A significant contribution came from its Orbit Power Group (OPG), which alone accounted for over $1,700,000 in bookings. Among these, a noteworthy follow-on order of around $1,000,000 was for a commercial power supply designed for military applications.
Boost in Bookings Led by Power Group
Mitchell Binder, President and CEO of Orbit International, stated, “We are excited to announce strong bookings for the month of August. The primary driver was our OPG, which secured substantial orders, including an approximately $450,000 order aimed at military applications.”
Continuing Demand Across Divisions
In addition to the notable performance from OPG, the company's Simulator Products Solutions LLC (SPS) subsidiary also experienced a productive month. They are actively working on numerous bids that are anticipated to convert into orders soon. The company is exploring various new and follow-on opportunities specifically for their VPX power supplies, which reflects a strategic effort to cater to rising demand.
Upcoming Opportunities in Defense Contracts
Orbit’s Instrument division is also poised for a promising quarter, with expectations of securing a significant award tied to a legacy program for the U.S. Navy. Although the timing of these contracts is fluctuating and beyond control, the management is optimistic about the broadening scope of opportunities that could lead to increased order flow for the remainder of the year.
About Orbit International Corp.
Orbit International Corp. operates through its Electronics Group, focusing on developing and manufacturing customized electronic devices and subsystem solutions suitable for military, industrial, and commercial markets. Their production facilities are located in Hauppauge, NY and Carson, CA. The Power Group in Hauppauge designs various power solutions such as VPX, COTS (Commercial off-the-shelf), and other commercial power supplies.
Forward-Looking Statements and Caution
Some of the statements made by Orbit International’s representatives may encompass forward-looking claims regarding operational strategies and financial expectations. While the company strives to meet its projections based on reasonable assumptions, there remains no assurance that these expectations will materialize. Factors affecting actual results may vary significantly from those anticipated, many of which are beyond the control of the company.
Contact Information
David Goldman
Chief Financial Officer
631-435-8300
Frequently Asked Questions
What were Orbit International's consolidated bookings for August?
Orbit International's consolidated bookings for August were approximately $2,400,000.
Which division contributed significantly to the bookings?
The Orbit Power Group (OPG) was a major contributor with bookings over $1,700,000.
What type of applications are their power supplies used for?
The power supplies are primarily used in military applications, alongside industrial and commercial uses.
What are the expectations for future bookings?
The company is optimistic about receiving additional orders driven by ongoing bids and potential awards from military contracts.
Where are Orbit International's production facilities located?
Orbit International has production facilities in Hauppauge, NY and Carson, CA.
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