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. (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.
Orbit International Corp. (OTC PINK:ORBT) announced second-quarter bookings exceeding $3.25 million, marking a significant increase compared to the total in 2020. Among these, orders include $770,000 for aircraft displays and $730,000 from Q-Vio Corp. subsidiary. The company's VPX technology orders surpassed the entire 2020 total. However, weak bookings from the commercial division, affected by COVID-19, remain a concern. The company continues to adapt during the pandemic, classified as essential by New York State. Forward-looking statements indicate potential uncertainties ahead.
Orbit International Corp. (OTC PINK:ORBT) announced May 2021 bookings exceeding $1,000,000, with significant contributions from VPX technology orders totaling over $875,000. This represents a 212% increase in VPX orders year-to-date compared to 2020, achieving 88% of the total VPX orders for 2020. While the Power Group experiences growth, the commercial division continues to face challenges due to the COVID-19 pandemic's impact on industries like oil and gas. The company remains operational as an essential business, supporting national security commitments.
Orbit International Corp. has authorized a share repurchase program of up to $600,000 for its common shares, resuming its previously suspended buyback due to the COVID-19 pandemic. The Board noted improved financial stability and outlook as key factors for this decision. The share repurchase program can be complemented by cash dividends, although these have not yet been reinstated. Additionally, Orbit is seeking to extend its line of credit from $600,000 to $850,000 by Q2 2021.
Orbit International Corp. (OTC PINK:ORBT) reported a first-quarter 2021 net income of $1,827,000 ($0.52 per diluted share), significantly up from $20,000 ($0.01 per diluted share) in the prior year. This includes $1,618,000 from PPP loan forgiveness. Net sales decreased to $5,393,000 from $5,852,000, attributed to lower sales in the Orbit Power Group. Gross margin improved to 32.2%, up from 30.3%. Backlog decreased to $15.8 million from $17.9 million. Cash and equivalents stood at approximately $7.0 million, with a current ratio of 7.6 to 1, indicating a strengthening financial position.
Orbit International Corp. (OTC PINK:ORBT) reported a net income of $641,000 for 2020, up from $463,000 in 2019, with net income for Q4 2020 at $153,000 compared to a loss of $216,000 in Q4 2019. Total net sales for 2020 were $25.9 million, slightly down from $25.98 million in 2019. Despite a 24.5% increase in sales from the Orbit Electronics Group, overall gross margin decreased to 27.4%. The company faced challenges due to COVID-19 but maintained a strong financial position with a current ratio of 5.7 to 1 and backlog at $17.9 million.
Orbit International Corp. (OTC PINK:ORBT) announced February 2021 bookings exceeding $1,250,000, with deliveries already underway for some orders. The President and CEO highlighted the commencement of a new production award for a second-generation unit for major aircraft programs, which could lead to significant future business. The company's Orbit Power Group has also seen strong bookings for power supplies. Despite these positives, the pandemic has adversely impacted their commercial division, particularly in sectors like oil and gas.
Orbit International Corp. (OTC PINK:ORBT) announced the approval of its $1,606,000 PPP loan forgiveness application by the Small Business Administration. CEO Mitchell Binder emphasized the ongoing challenges posed by the pandemic, impacting employee productivity and revenue. Despite these hurdles, the PPP loan helped maintain full employee employment. Orbit, classified as an essential business, continues to operate and support national security requirements. The company develops custom electronic solutions for various sectors and remains committed to navigating the pandemic's uncertainties while following CDC guidelines.
Orbit International Corp. (OTC PINK:ORBT) reported third-quarter bookings of approximately $3.4 million for its Power Group, boosted by a $1.79 million order for power supplies used in an armament test system. Deliveries for these orders have begun and are expected to continue into Q1 2022. CEO Mitchell Binder noted the pandemic's impact on testing for new opportunities, potentially delaying awards into 2021, but remains optimistic about future VPX business prospects. Additionally, the company is cautiously navigating production challenges due to COVID-19 and anticipates resuming normal schedules.