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.
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.
Orbit International Corp. (OTC PINK:ORBT) reported its Power Group achieved approximately $1,000,000 in bookings for January 2022, marking a strong start to the year. This includes a $260,000 order from an international customer for VPX technology and a $375,000 follow-on order from a defense contractor. The company anticipates further significant orders in the upcoming months, as its VPX revenue grew by 162% over three years. Additionally, Orbit's subsidiary completed the acquisition of Panel Products, valued at $6,500,000.
Orbit International Corp. (OTC PINK:ORBT) has successfully acquired Panel Products, Inc. for approximately $6.5 million. The deal includes an initial cash payment of $4 million, with further performance payments of up to $1.2 million, plus a 19.9% ownership stake in the newly formed subsidiary, Simulator Product Solutions LLC. With average revenues exceeding $5 million over the last two years, this acquisition is expected to positively impact Orbit's earnings. Panel also brings a backlog of over $3 million into the new entity.
Orbit International Corp. (OTC PINK:ORBT) announced a definitive agreement to acquire Panel Products, Inc., a Carson, California-based company specializing in military simulation products. This asset purchase, expected to close by December 31, 2021, will form a new subsidiary, Simulator Product Solutions LLC, with Nabil Radi continuing as President. The transaction aims to enhance earnings in fiscal 2022, funded primarily from Orbit's cash reserves. Panel Products, founded in 1999, offers global design, manufacturing, and sales of military training products.
Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings of approximately $2,000,000 for November 2021, split between its Electronics Group (OEG) and Power Group (OPG). Notable orders include a remote-control unit for aircraft programs and industrial displays from the Q-Vio subsidiary. The company anticipates exceeding its 50% bookings growth objective for VPX technology due to a strong month in commercial bookings. Orbit remains operational amid the COVID-19 pandemic, classified as essential by New York State.
Orbit International Corp. (OTC PINK:ORBT) announced its third quarter and nine-month results for 2021, reporting a net income of $681,000 ($0.20 per diluted share) for Q3, down from $864,000 ($0.25 per diluted share) in the prior year. Nine-month net income surged to $3,042,000, compared to $488,000 in 2020, aided by PPP loan forgiveness. Q3 sales dropped to $6.07 million from $7.89 million, despite a gross margin improvement to 38.1%. Backlog increased to $16.3 million, with upcoming substantial awards expected. Cash and equivalents stood at approximately $8.3 million, reflecting a solid financial condition.
Orbit International Corp. (OTC PINK:ORBT) reported bookings exceeding $5.15 million for Q3 2021, with deliveries expected into Q1 2023. Key orders included over $800,000 for the U.S. Navy and $1.53 million for helicopter display programs. The Power Group saw a 26% increase in VPX orders year-to-date compared to all of 2020, indicating strong market demand. The company remains operational during the COVID-19 pandemic as an essential business, focusing on national security commitments while adhering to CDC guidelines.
Orbit International Corp. (OTC PINK:ORBT) announced the acquisition of two significant new orders in September 2021, amounting to approximately $2.1 million. One order exceeds $800,000 for a U.S. Navy program, while another exceeds $1.2 million for an aircraft program. Deliveries are set to begin in Q3 2022 and extend through Q1 2023. These new contracts follow a robust booking month in August 2021, where the company secured bookings exceeding $3.25 million. The firm remains operational amid the COVID-19 pandemic, classified as essential under New York State law.
Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings exceeding $3,200,000 for August 2021 across its Electronics Group (OEG) and Power Group (OPG). Highlights include a significant $1,530,000 order for a helicopter program from OEG and $1,000,000 in bookings for OPG mainly for COTS power supplies. The company noted a 14.2% increase in VPX power supply orders compared to all of 2020. Despite challenges posed by the COVID-19 pandemic, Orbit remains operational, categorized as essential for national security commitments. The company's future growth is tied to new orders and expanding technology opportunities.
Orbit International Corp. (OTC PINK:ORBT) reported a net income of $534,000 ($0.15 per diluted share) for Q2 2021, reversing a loss of $396,000 in the previous year. For six months, net income soared to $2,361,000 ($0.67 per diluted share) vs. a loss of $376,000 a year prior. Despite a slight decline in net sales for six months, gross margins improved to 34.8%. The company reported a backlog of $15.1 million, down from $17.9 million at the end of 2020. Cash and equivalents totaled $6.9 million. The board has authorized a share repurchase program amid a positive outlook, although supply chain concerns persist.