HAUPPAUGE, N.Y., April 04, 2019 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for its Electronics Group (“OEG”) and Power Group (“OPG”) exceeded $2,650,000 for the month of March 2019.
Bookings for the month of March were highlighted by several awards received by the OEG for its Remote Control Units (RCU) used on an IFF (Identification Friend or Foe) program including a previously announced award received during the month approximating $1,150,000. In addition, the OEG received other awards for switch panels, bezels and other components. The Company’s OPG also had a firm booking month highlighted by several pre-production awards for its VPX products. Other orders received during the month were for COTS and commercial power supplies. Deliveries for the awards received during March are expected to commence in the second quarter of 2019 and continue through the fourth quarter of 2019.
Mitchell Binder, President and CEO of Orbit International commented, “We ended 2018 with a strong booking quarter that approximated $6,000,000 and this solid consolidated booking month bodes well for firm operating results in the second half of 2019. Our OEG has maintained its momentum of strong bookings in the last several months and is expecting other follow-on awards in the second and third quarters of 2019. In addition, the OEG is continuing to pursue a new significant opportunity with one of its major customers, although the timing of the receipt of this opportunity and the additional follow-on awards is an uncertainty.”
Binder continued, “Our OPG received several pre-production orders utilizing its VPX technology and bids for new VPX opportunities continue to accelerate. Although all awards are at the pre-production stage, we are currently ahead of our projected bookings of VPX products for the current year. Our current year VPX bookings are also expected to exceed those of 2018, which exceeded 2017 bookings by 90%. In addition, we are still in discussions with the U.S. Navy for a follow-on award of Common Aircraft Armament Test Sets (CAATS) expected to exceed $3,000,000.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions 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 Thousand Oaks, CA.
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.
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