Orbit International Corp. Announces Delay in Filing Its 2022 Annual Report
HAUPPAUGE, NY – Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, announced today that the filing of its 2022 Annual Report with the OTC has been delayed beyond its extended due date of April 17, 2023, as additional time is needed to complete the audit of the acquired and ending inventory of its recently acquired Simulator Product Solutions LLC subsidiary (“SPS”) and the preparation of the 2022 Annual Report.
Mitchell Binder, President and CEO commented, “Some additional time is needed to complete our filing as our auditors complete their audit of the acquired inventory of SPS on January 3, 2022, as well as its ending inventory at December 31, 2022. Because the acquired inventory comprised a part of the purchase price of SPS, any one-time adjustments should have no material effect on the financial statements of Orbit. Furthermore, we do not expect any adjustments to SPS’ ending inventory to have any material effect on the financial statements of the Company. Based on the amount of work expected to be completed by the Company and its auditors, we anticipate filing our 2022 Annual Report in approximately two to three weeks.”
Binder continued, “Although our final financial results are subject to the completion of our audit, our sales for the fourth quarter are expected to be in the range of $7,000,000 to $7,500,000 and our net income is expected to be in the range of approximately $450,000 ($0.13 per diluted share) to approximately $600,000 ($0.18 per diluted share). Our sales for the year ended December 31, 2022, are expected to be in the range of approximately $25,600,000 to $26,100,000, and our net income for the year is expected to be in the range of approximately $200,000 ($0.06 per diluted share) to approximately $350,000 ($0.10 per diluted share). Our backlog at December 31, 2022 was approximately $19,400,000, an increase of 9% from the prior year.”
Binder concluded, “Our financial position continues to be strong. As previously reported, we recommenced our share repurchase program in the second quarter of 2021. We continue to purchase shares under the program and have purchased 180,685 shares since the commencement of the program. As previously reported in March 2023, our Company declared a quarterly $0.01 per common share dividend and a $0.03 per common share special dividend payable at the end of this current month.”
