Orbit Internatio Stock Price, News & Analysis

Orbit International Corp. (OTC PINK: ORBT) has authorized a $400,000 increase in its share repurchase program, raising the total available amount to approximately $644,000. This initiative comes after strong recent bookings and demonstrates the Board's confidence in future operating performance and commitment to enhancing shareholder value. The Company specializes in custom electronic device solutions for military, industrial, and commercial applications, with production facilities in Hauppauge, NY, and Carson, CA.

Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings of approximately $8,700,000 for the current quarter, reflecting strong demand in both its Electronics and Power Groups. In November 2022 alone, bookings reached $3,700,000, following October's record of over $5,000,000. Key orders included $725,000 for U.S. Navy displays and significant contracts for power supplies. Although delays are anticipated for some contracts into 2023, the company is optimistic about its performance in upcoming quarters.

Orbit International Corp. (OTC PINK:ORBT) announced a cash dividend of $0.01 per share payable to shareholders of record by December 31, 2022, with a payment date set for January 9, 2023. The company also mourned the passing of longtime board member Bernard Karcinell, who served since 2000. In the wake of his passing, Wayne Cadwallader joins the Audit Committee while William Collins becomes the Acting Chairman. Orbit is involved in the development of custom electronic solutions for military, industrial, and commercial applications.

Orbit International Corp. (OTC PINK:ORBT) reported a third quarter 2022 net loss of $303,000 ($0.09 per share) compared to a net income of $681,000 ($0.20 per diluted share) in the prior year. EBITDA also declined to a loss of $232,000 from a profit of $736,000 year-over-year. For the first nine months, net sales increased to $18.6 million but net loss stood at $249,000 compared to net income of $3.0 million in 2021, heavily impacted by PPP loan forgiveness last year. Backlog increased slightly to $16.6 million. The company continues to face challenges from labor costs and delivery schedules.

Orbit International Corp. (OTC PINK:ORBT) announced consolidated bookings exceeding $5 million for October 2022, marking its strongest month this year. The Electronics Group achieved approximately $3.1 million in bookings, bolstered by significant orders for a U.S. Army program. Additionally, the Power Group reported over $1.9 million in bookings, highlighting key contracts in armament systems and oil exploration. However, the company is facing delays in contract awards from the Department of Defense due to pandemic-related work restrictions and funding issues, impacting future order timelines.

Orbit International Corp. (OTC PINK:ORBT) announced two new orders exceeding $2,350,000 from a major defense contractor for displays used in a U.S. Army program. These contracts, the largest ever for its subsidiary Q-Vio, will begin delivery in Q1 2023 and continue through Q4 2023. However, Orbit's Electronics Group faces delays in other contract awards due to pandemic-related work restrictions and prioritization shifts by the Department of Defense. Despite these uncertainties, the company expects to receive pending contracts, though many may be postponed to 2023.

Orbit International Corp (OTC PINK:ORBT) reported consolidated bookings of approximately $2,600,000 for September 2022, with the Power Group (OPG) contributing over $1,200,000. Key orders included $500,000 in VPX technology power supplies and a significant engineering contract for next-gen power supply. However, delays in anticipated orders from the Department of Defense due to pandemic-related work restrictions and inflation impacts were noted. Orbit's operations focus on military and commercial electronic solutions.

Orbit International Corp. (OTC PINK:ORBT) declared a cash dividend of $0.01 per share for shareholders of record as of September 30, 2022, with a payment date of October 7, 2022. The company specializes in custom electronic devices and subsystem solutions for various applications, operating out of facilities in Hauppauge, NY, and Carson, CA. Its Power Group produces a range of power products, including AC power supplies and inverters. Forward-looking statements regarding future performance are subject to risks and uncertainties, and Orbit disclaims any obligation to update these statements.

Orbit International Corp. announced consolidated bookings of approximately $2,900,000 for August 2022, with its Electronics Group achieving over $2,100,000 in bookings. A significant order exceeding $1,200,000 was placed by a major defense contractor for the U.S. Navy. However, the company noted delays in certain awards from the Department of Defense, influenced by pandemic-related work restrictions and inflation impacting unit pricing. Despite these challenges, Orbit remains optimistic about receiving the expected orders.