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. 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) 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.
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.