Orbit International Electronics Group Reports Bookings for February 2024 in Excess of $2,000,000

Company’s Power Group and Electronics Group Also Report Early March 2024 New Contract Awards for Approximately $2,600,000

HAUPPAUGE, N.Y., March 13, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) reported bookings for the month of February 2024 in excess of $2,000,000. Deliveries for the February 2024 orders have already commenced and are expected to continue through the first quarter of 2026.

In addition, the Company’s Power Group (“OPG”) reported that it received an order in March 2024 totaling more than $1.0 million for power supplies used in a significant multi-year military program. Furthermore, the OEG reported that in March 2024 it also received an order for approximately $1,668,000 for a product used in a military aircraft program. Approximately $143,000 of this order, covering the order of long lead items, was previously recorded in a prior period. Deliveries for these awards will commence in the fourth quarter of 2024 and continue through the third quarter of 2025.

The Company also announced that Karl Schmidt, its Chief Operating Officer, will transition to the role of advisor to the CEO, Mitchell Binder, effective May 1, 2024. Mr. Schmidt will remain with the Company through the end of 2024 to assure the orderly transition of his duties and responsibilities to key members of Orbit’s management team.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings for our OEG for the month of February 2024 were in excess of $2,000,000 with the majority of our bookings attributable to our previously announced order, in excess of $1,600,000, for a product used by the U.S. Navy. Additional orders received during the month for the OEG were for switch panels and displays.”

Binder added, “In addition to a firm booking month in February, on March 4, 2024, our OPG received an order in excess of $1,000,000 for power supplies used in a multi-year military program. This order, along with another anticipated order for our VPX power supplies well positions our OPG for a firm first quarter of bookings. Furthermore, our OEG received an order for $1,668,000 on March 10, 2024, which includes $143,000 of an order we previously recorded for long lead items related to a significant military aircraft program. We continue to work with our customers on several other business opportunities and expect additional bookings before quarter end, which will provide a strong first quarter of bookings and a firm start to 2024. However, the timing of the receipt of orders is always an uncertainty.”