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Fourth Quarter Bookings Exceed $6,300,000
HAUPPAUGE, NY--(Marketwired - Jan 5, 2016) - Orbit International Corp. (
The bookings for December were highlighted by (i) previously announced orders in excess of $1,300,000 received by our Electronics Group for follow-on orders for its switch panels, displays and keyboards and (ii) follow-on orders received by our Power Group in excess of $900,000 for various COTS and commercial products as well as new orders for its VPXtra power supplies. Deliveries for the awards received during December are scheduled to commence in the first quarter of 2016 and continue through the first quarter of 2017.
Mitchell Binder, President and CEO of Orbit International commented, "Both November and December were very strong months for bookings resulting in our fourth quarter bookings exceeding $6,300,000. Our Electronics Group is currently working with our customers on several additional follow-on contracts which we expect will be booked during the first quarter of 2016, although the timing of these awards is always an uncertainty."
Binder added, "Our Power Group is working on securing new alliances with companies utilizing our new VPX technology. We continue to be encouraged with our VPX products as our Power Group received an order in November for initial quantities on another long term program. In December, a follow-on order of our 6U VPX1000CD units was received totaling approximately $44,000. Our Power Group has these units installed on a large number of new programs which bodes well for this product line once production orders are placed. In addition, we have a number of open bids for which we are expecting initial quantity orders very early in 2016. Production for the various programs range from late 2016 through 2021."
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.
President & Chief Executive Officer