Orbit Internatio Stock Price, News & Analysis

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.

Orbit International Corp. (OTC PINK:ORBT) has announced a new share repurchase program, authorized by its Board of Directors, allowing it to buy back up to $500,000 of common shares. This follows the completion of a previous program worth approximately $784,000. CEO Mitchell Binder stated the company maintains a strong financial position and sees this buyback as beneficial for shareholder value. Orbit designs custom electronic solutions for various industries and aims for continued growth in the second half of the year.

Orbit International Corp. (OTC PINK:ORBT) announced a new order exceeding $1,200,000 from a major defense contractor for the U.S. Navy, with deliveries set for late 2023 through mid-2024. The company anticipates three follow-on proposals totaling over $3,500,000 for 2023 to 2025, though these may vary based on U.S. Navy requirements. Despite the new order, Orbit is facing delays in key contract awards due to pandemic-related work restrictions and funding issues from the Department of Defense. The company emphasizes that contract timing remains uncertain.

Orbit International Corp. (OTC PINK:ORBT) reported a net loss of $412,000 ($0.12 per diluted share) for Q2 2022, compared to net income of $534,000 ($0.15 per diluted share) in Q2 2021. Net sales were stable at $5.8 million, while gross margin decreased to 28.4% from 37.2%. For the first half of 2022, net income was $54,000 ($0.02 per diluted share), down significantly due to prior PPP loan forgiveness. Backlog increased to $16.3 million, indicating potential future growth despite delivery delays. Cash reserves were approximately $4.7 million with a solid current ratio of 4.2 to 1.

Orbit International Corp. (OTC PINK:ORBT) reported strong bookings exceeding $5,000,000 for the second quarter of 2022, driven by its Power Group and the newly acquired Simulator Product Solutions subsidiary. June 2022 alone saw bookings over $1,000,000. While the company is optimistic about future orders in the growing VPX market, it noted delays in U.S. Navy orders due to pandemic-related restrictions and shifts in DoD priorities. The company emphasizes its commitment to operational growth amidst these uncertainties.

Orbit International Corp. (OTC PINK:ORBT) reported bookings exceeding $2.8 million for May 2022, with significant contributions from its subsidiaries Simulator Product Solutions LLC (SPS) and Q-Vio. SPS achieved its largest bookings month since acquisition, totaling $1.17 million, while Q-Vio reported $900,000 in orders. However, delays in expected orders from the Department of Defense may impact the second quarter, citing pandemic-related work restrictions and shifting priorities. Despite this, Orbit anticipates strong operating results for the year.

Orbit International Corp. has announced a cash dividend of $0.01 per share payable to shareholders on July 7, 2022, with a record date of June 30, 2022. The company's 2022 Annual Meeting is scheduled for June 23, 2022, at 10:00 a.m. at its Hauppauge, NY office. Earlier, in January 2022, Orbit's subsidiary, SPS, completed an acquisition of Panel Products, Inc. for approximately $6.5 million. The deal includes $4 million in cash and performance-related payments, along with a 19.9% ownership interest in SPS for Panel.