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) is an electronics manufacturer and software solution provider that publicly reports on its bookings, backlog and operating results across its business units. Through its Orbit Electronics Group, including the Orbit Instrument division and Simulator Product Solutions LLC (SPS), the company develops and manufactures custom electronic device and subsystem solutions for military, industrial and commercial applications. Its Orbit Power Group (OPG) in Hauppauge, New York designs and manufactures VPX, COTS and other commercial power supplies, some of which are used in military applications and programs for the U.S. Navy.
The ORBT news stream features updates on monthly and quarterly bookings, including consolidated bookings across OEG, OPG and SPS, as well as backlog levels and the impact of contract timing on revenue. Releases highlight orders for VPX power supplies, follow-on awards for commercial power supplies used in military applications, and simulator orders such as those used by the U.S. National Guard. Management commentary often explains how contract delays, supply chain issues and product mix affect net sales, gross margin and profitability.
Investors and followers of ORBT news can review detailed quarterly results, including discussions of segment performance, cost structure and infrastructure investments at SPS, and commentary on tariffs and vendor sourcing. The news flow provides context on how Orbit International’s bookings pipeline, legacy programs for the U.S. Navy and simulator opportunities translate into future deliveries and operating performance.
By monitoring this page, readers can access Orbit International’s latest public announcements on bookings, earnings, contract awards and operational developments related to its electronics and power product businesses.
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.
Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings exceeding $10.2 million for Q4 2022, driven by strong October and November bookings of approximately $8.7 million. Notable contributions came from the Orbit Instrument Division and Behlman Electronics, each securing over $500,000 in orders. The company anticipates continued deliveries into Q1 2024. President Mitchell Binder highlighted an 8% increase in VPX business through 2022, despite delays affecting a significant order. This segment is expected to foster future revenue growth.
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.