January 5, 2017: Orbit International received a new purchase order, at the end of December 2016, from the U.S. Navy for approximately $1,060,000. Disclosure restrictions in the contract prevent the Company from providing further details concerning the award. Deliveries of the completed units are expected to commence in the second quarter of 2017 and continue through the third quarter of 2017.
The CEO said, “This is the second of the two large awards that we were expecting prior to year-end. This award, along with a previously announced award in December 2016, total approximately $2,300,000. These awards cap off a successful year for our Electronics Group and have well positioned our delivery schedules into 2017. Our bid pipeline remains firm and we continue to work with our existing customers on new technology, which we hope will secure us on new critical programs for the future.”
December 20, 2016: Orbit International has received an award from a U.S. Government Procurement Agency valued in excess of $1,230,000 for its MK 119 Gun Computer System Cabinet (GCSC). The contract also includes the purchase of spare parts. The cabinets will be built at the Company’s Integrated Combat Systems (“ICS”) division located in Louisville, Kentucky. Deliveries of completed units are expected to commence in the third quarter of 2017 and continue through the second quarter of 2018.
The CEO said, “This is the first of two large awards that we were expecting before year end. It also continues the significant momentum of orders that have been received by our Electronics Group since the beginning of 2016, which has well positioned our delivery schedules for the second half of 2016. We expect this will continue into the first half of 2017. We continue to carefully manage our costs and strive for improving our revenue levels in order to take advantage of our operating leverage to further improve our operating performance.”
November 10, 2016: Orbit International reports Q3 EPS of $0.11 versus $0.07 year over year. Revenue came in at $5.5 million versus $5.2 million year over year.
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Orbit International Corp. designs, manufactures, and sells electronic components and subsystems, and commercial and custom power units for prime contractors, government procurement agencies, and research and development laboratories primarily in the United States.