Orbit International’s Simulator Product Solutions Subsidiary Reports July Bookings of Approximately $1,250,000
Year to Date Bookings of Approximately $6,900,000
SPS Signs Long Term Lease for Additional Office/Production/Warehouse Space
HAUPPAUGE, New York, Aug. 04, 2023 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that bookings from its Simulator Product Solutions LLC subsidiary (“SPS”) for the month of July 2023 were approximately $1,250,000 bringing its year-to-date bookings to approximately $6,900,000, an increase of approximately 27% over the entire 2022 fiscal year. Deliveries for the July 2023 orders are expected to commence in the third quarter of 2023 and are expected to continue through the third quarter of 2024.
In addition, the Company also announced that SPS has entered a new five-year lease with its existing landlord for an additional approximately 6,700 square feet of office/production/warehouse space in Carson, California. Possession of the newly acquired space is expected to occur at the end of the third quarter.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings from our SPS subsidiary for the month of July 2023 were approximately $1,250,000. This brings SPS’ year-to-date bookings to approximately $6,900,000, an increase of approximately 27% over the approximately $5,400,000 in bookings for the entire 2022 fiscal year. In addition to the strong booking performance through July 2023, SPS has several new and follow-on business opportunities that it hopes will be awarded in the second half of 2023.”
Binder added, “In order to support the anticipated continued growth of SPS, during July, we entered into a new five-year lease with our existing landlord for an additional approximately 6,700 square feet of office/production/warehouse space in our existing industrial park in Carson, California. Possession of the newly acquired space will take place after the completion of landlord and tenant improvements, which are estimated to be completed by the end of the third quarter 2023. The addition of the new space, net of certain space in the industrial park that will be returned to the landlord, will give SPS a total of 8,650 square feet of contiguous office/production/warehouse space in our current industrial park.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. 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, VME/VPX power supplies as well as various COTS power sources.
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.
Chief Financial Officer