SPS Reports Year to Date Record Bookings of Approximately $8,500,000
HAUPPAUGE, N.Y., Sept. 08, 2023 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that its consolidated bookings for the month of August 2023 were in excess of $4,000,000. Deliveries for the August 2023 orders have already commenced and are expected to continue through the fourth quarter of 2024.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that consolidated bookings for the month of August 2023 were approximately $4,000,000 with each of our operating units contributing over $1,000,000 in bookings for the month. Bookings for our Orbit Power Group (“OPG”) were approximately $1,350,000 highlighted by approximately $1,100,000 in orders for our VPX and COTS power supplies. Orders for our Orbit Electronics Group (“OEG”), exclusive of orders received by our Simulator Product Solutions LLC (“SPS”) subsidiary, were approximately $1,150,000, which represented orders for our displays and touch panels. In addition to these orders, our OEG (exclusive of SPS) is working on significant follow-on orders with two of its customers as well as a large engineering effort with a third customer which could result in firm bookings prior to year-end.”
Binder added, “On the heels of several large contracts received over the last few months, orders for our SPS subsidiary totaled approximately $1,550,000 for the month of August bringing its record year-to-date bookings to approximately $8,500,000 compared to total bookings for SPS, for all of 2022, of approximately $5,400,000, an increase of approximately 57%. In addition to the strong booking performance through August 2023, SPS has several new and follow-on business opportunities that it hopes will be awarded prior to year-end, adding to its record bookings year.”
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.
Chief Financial Officer