Orbit International Corp. reports developments as an electronics manufacturer and software solution provider serving military, industrial and commercial applications. Company updates commonly cover consolidated bookings, order timing, deliveries, and operating results across the Orbit Electronics Group and Orbit Power Group.
Recurring subjects include VPX, COTS and commercial power supplies; custom electronic device and subsystem solutions; simulator-related work through Simulator Product Solutions LLC; and prototype or component orders through Q-Vio Corp. for defense handheld electronics programs. Coverage also reflects the contract-driven nature of Orbit's business, including follow-on opportunities, customer awards, and program delays.
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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.