Orbit Internatio Stock Price, News & Analysis

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.

Orbit International Corp. (OTC PINK:ORBT) reported first quarter 2022 net income of $466,000 ($0.14 per diluted share), down from $1,827,000 ($0.52 per diluted share) in 2021, primarily due to $1,618,000 in PPP loan forgiveness in the prior period. Net sales rose to $6,843,000 from $5,393,000, while gross margin improved to 37.6%. Excluding one-time acquisition costs and PPP loan effects, adjusted EBITDA was $738,000 ($0.21 per diluted share). Backlog decreased to $15.3 million from $17.9 million, reflecting delays in Department of Defense funding. Cash and equivalents stood at $5.3 million.

Orbit International Corp. (OTC PINK:ORBT) reported April 2022 bookings of approximately $1.3 million, following strong performance in March. Key orders include $400,000 for aircraft displays, with an additional $500,000 expected in Q2. The subsidiary Simulator Product Solutions LLC secured $450,000 in orders. However, delays are anticipated in contract receipts from the U.S. government due to pandemic-related restrictions and shifting priorities, impacting anticipated orders for the Electronics and Power Groups. The company remains optimistic about firm operating results for the year.

Orbit International Corp. (OTC PINK:ORBT) announced over $1,200,000 in bookings for March 2022 from its Electronics Group. A major contract worth over $800,000 relates to engineering and prototype work for a military contractor. Additionally, its newly acquired subsidiary, Simulator Product Solutions LLC, secured over $250,000 in orders. The company anticipates two significant orders in the second quarter for its Power Group, highlighting a rebound in commercial power supply orders. The acquisition of Panel Products, Inc. was valued at approximately $6,500,000.

Orbit International Corp. (OTC PINK:ORBT) has announced a cash dividend of $0.01 per common share, payable on April 7, 2022. The company's 2021 net income surged to $3,246,000, or $0.93 per diluted share, compared to $641,000 in 2020. Despite a decrease in fourth-quarter sales to $4,956,000 from $6,420,000, gross margins improved to 39.9%. The backlog as of December 31, 2021, was $17.9 million, including acquired backlog from Simulator Products Solutions LLC. The financial outlook remains positive with a strong cash position of $9.2 million.