Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit's operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. CONTACT Mitchell Binder President & Chief Executive Officer 631-435-8300
HAUPPAUGE, N.Y., April 04, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Power Group ("OPG") exceeded $1,000,000 for the month of March 2018. Bookings for the month of March were highlighted by (i) an approximately $427,000 follow-on order received from an international customer for COTS power supplies and (ii) pre-production orders for VPX power supplies approximating $135,000. Other orders received during the month were for other COTS and commercial power supplies. Deliveries for the awards received during March are expected to commence in the second quarter of 2018 and continue through the fourth quarter of 2018. Mitchell Binder, President and CEO of Orbit International commented, "Aside from the record bookings in 2017 resulting from the large CAATS orders received in the third and fourth quarters of 2017, bookings for our OPG have slowly increased due to a more aggressive sales strategy implemented by our OPG sales team. We remain encouraged by the continued pre-production awards received from our VPX customers and are confident that the dollar value of these contracts will grow as these programs move to the production stage." Binder continued, "In addition to the improved bookings from our OPG, bookings from our Electronics Group ("OEG") approximated $3,000,000 for the first quarter of 2018 despite the delay of two large orders that are now expected to be received in the second quarter. In addition, both our business segments are pursuing several new business opportunities and we continue to exercise tight management of our operating costs as we hope to take advantage of our operating leverage to further improve our operating performance." Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit's Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Thousand Oaks, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.