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 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.