HAUPPAUGE, N.Y., April 04, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for the first quarter of 2024 were approximately $12,700,000. Deliveries for these orders have already commenced and are expected to continue through the first quarter of 2026.
Bookings for the quarter were attributable to strong bookings from both the Company's Electronics Group ("OEG"), which include its Simulator Products Solutions LLC ("SPS") subsidiary, and its Power Group ("OPG"). Bookings for the OEG, exclusive of SPS, were in excess of $4,500,000 for the first quarter and were highlighted by two previously announced awards totaling approximately $3,150,000 from major defense contractors for units used on major military aircraft programs for the U.S. Navy. Bookings for the OPG include a significant order for its VPX power supplies as well as a large order for a commercial power supply used on a military program. The combined orders totaled approximately $2,300,000. Orders for SPS for the first quarter include several follow-on and new awards totaling approximately $4,800,000, highlighted by two orders received during the quarter from a defense contractor in excess of $1,700,000.
Mitchell Binder, President and CEO of Orbit International commented, "We are pleased to report a very strong start to the 2024 year with consolidated bookings for the first quarter of approximately $12,700,000. Bookings were strong for all of our operating groups. Our OEG, exclusive of SPS, recorded bookings in excess of $4,500,000 including two orders totaling $3,150,000 for its units used on major aircraft programs. The $3,150,000 of orders include charges for engineering services provided by our OEG, which should well position us for follow-on opportunities."
Binder added, "Our OPG also had a strong quarter, highlighted by a large order for power supplies utilizing its VPX technology, which we believe will result in a follow-on order either by year-end or in early 2025. In addition, our OPG received an order for a commercial power supply used in a military application that was in excess of $1,000,000. Our OPG has other opportunities for its VPX power supplies as well as its military COTS power supplies, which it hopes to receive in the coming quarters in 2024."
Binder added, "In addition to the strong bookings by our legacy businesses, orders received by SPS were approximately $4,800,000 for the first quarter. Our strong quarter comes on the heels of a record booking year in 2023 of approximately $10,800,000. SPS continues to pursue many other opportunities and we are optimistic that 2024 will be another year of strong bookings."
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. 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.
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
Chief Financial Officer
631-435-8300
