HAUPPAUGE, NY--(Marketwired - Sep 7, 2016) - Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group exceeded $1,400,000 for the month of August 2016.
The bookings for August 2016 were highlighted by a previously announced letter contract received by the Company from a major prime contractor, authorizing it to commence procurement of material for a contract that is expected to exceed $825,000 once negotiations are completed. We expect negotiations to be completed during the current month. Other contracts received during the month were for the Company's switch panels and displays. Deliveries for the awards received during August are expected to commence in the third quarter of 2016 and continue through the first quarter of 2017.
Mitchell Binder, President and CEO of Orbit International, commented, "This solid bookings month for our Electronics Group does not include the receipt of a finalized purchase order received earlier in the month for approximately $1,060,000. This order was previously recorded in June 2016. These recent awards in August 2016 further add to the strong year-to-date bookings for the Group. Once again, we believe that these orders have well positioned our delivery schedules for the second half of 2016 and along with our cost cutting measures, should further improve operating performance."
Binder added, "Our Electronics Group is working with its customers regarding two other significant awards that it hopes to receive before the end of the fourth quarter of 2016, although timing is always an uncertainty. The receipt of these awards will cap a strong bookings year for the Group. Our Power Group has seen an improvement in its commercial bookings during the third quarter which we hope can be sustained through improved economic conditions. We are also encouraged by the activity for our VPX technology as we continue to capture new alliances with prototype and pre-production awards."
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 Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
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 as well as Orbit's prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. 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.