HAUPPAUGE, N.Y., Jan. 03, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for its Electronics and Power Groups exceeded $9,300,000 for the fourth quarter of 2017.
Bookings for the fourth quarter were highlighted by (i) a previously announced follow-on purchase order by its Power Group (“OPG”) for $4,400,000 for the production and delivery of 37 Common Aircraft Armament Test Sets (CAATS) for the U.S. Navy; (ii) a previously announced purchase order received by its Electronics Group (“OEG”) for approximately $1,100,000 for its displays on a major aviation program; (iii) a finalized purchase order received by the OEG for its computer control switch panels used on a major naval program for approximately $858,000 of which approximately $323,000 was received in August 2017 under a letter subcontract; and (iv) a follow-on purchase order for approximately $540,000 received by the OEG for a Color Entry Panel for the U.S. Navy. Deliveries for the awards received during the quarter are expected to commence in the first quarter of 2018 and continue through the first quarter of 2020.
Mitchell Binder, President and CEO of Orbit International commented, “Aside from the awards mentioned above, our OPG received new contracts for its commercial, COTS and VPX power supplies and our OEG booked additional purchase orders for its switch panels and displays. In addition to the solid awards for the quarter, both of our operating segments enter 2018 with a strong bid pipeline. Our OEG has several proposals that are nearing the negotiation stage that should result in additional purchase orders in the first half of 2018. Our OPG continues to book several prototype and pre-production awards utilizing its VPX technology, which we hope will move to the production stage in 2018 thereby increasing the value of these awards.”
Binder added, “The $9,300,000 in purchase orders completes a solid year of bookings, highlighted by a record year of bookings from our Power Group, which has resulted in a significant year-end backlog for our Company. Consequently, we believe our increased consolidated backlog, along with our existing cost containment and operating efficiencies, positions our Company for what we expect will be continued improved operating performance in 2018.”
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems 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 and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.
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
Mitchell Binder
President & Chief Executive Officer
631-435-8300