Welcome to our dedicated page for Orbit Internatio news (Ticker: ORBT), a resource for investors and traders seeking the latest updates and insights on Orbit Internatio stock.
Orbit International Corp. (ORBT) delivers specialized electronic components and power solutions for defense, government, and industrial sectors. This news hub provides investors and industry professionals with essential updates on corporate developments, product innovations, and strategic partnerships driving the company's growth.
Access authoritative coverage of ORBT's latest press releases, financial announcements, and operational milestones. Our curated collection includes updates on defense contract awards, power systems advancements, and electronics manufacturing innovations - all critical for understanding the company's market position.
Key news categories feature earnings reports, product line expansions, government procurement updates, and R&D breakthroughs. The resource is particularly valuable for tracking ORBT's dual-segment performance in custom electronics manufacturing and commercial power solutions development.
Bookmark this page for streamlined access to verified ORBT updates. Check regularly for new announcements affecting the company operations in aerospace, defense contracting, and industrial technology sectors.
Orbit International Corp. announced a delay in filing its 2022 Annual Report due to the ongoing audit of its recently acquired subsidiary, Simulator Product Solutions LLC (SPS). The audit is necessary to finalize inventory valuations that are integral to the financial statements. CEO Mitchell Binder indicated that sales for Q4 2022 are projected between $7 million and $7.5 million, with net income estimated at $450,000 to $600,000. For the year ending December 31, 2022, sales are expected to be around $25.6 million to $26.1 million, with net income likely between $200,000 and $350,000. The backlog has increased by 9% to $19.4 million. The company also continues its share repurchase program and has declared a $0.01 quarterly dividend and $0.03 special dividend.
Orbit International Corp. (ORBT) has declared a quarterly cash dividend of $0.01 per share and a special cash dividend of $0.03 per share.
These dividends are payable to shareholders of record as of April 21, 2023, with a payment date of April 28, 2023.
Orbit specializes in custom electronic devices and solutions for various applications through its Hauppauge, NY and Carson, CA facilities. The company emphasizes that forward-looking statements about its business performance may involve uncertainties, which could affect actual results.
Orbit International Corp. (OTC PINK:ORBT) announced that Marshall Sterman has joined its Board of Directors, replacing Bernard Karcinell, who passed away in November 2022. Sterman, a CPA and President of HMS Advisors, LLC, will also serve as Chairman of the Audit Committee. His extensive experience in financial advisory is expected to contribute positively to the company's growth and business objectives. Orbit manufactures custom electronic devices, subsystems, and power products for military and commercial applications from its facilities in Hauppauge, NY, and Carson, CA. The company warns that forward-looking statements are subject to risks and uncertainties.
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