Business
Orbit International Corp. to Recommence Stock Repurchase Program
Orbit International Corp. to Recommence Stock Repurchase Program.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., June 02, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Board of Directors has authorized the Company to recommence its share repurchase program with an approval to purchase up to $600,000 of its common shares. The $600,000 program would normally be reduced by the amount of any cash dividend payments made to its shareholders; however, the Board did not commit to recommencing its quarterly cash dividend, which it suspended along with its share repurchase program in May 2020 and April 2020, respectively, due to the COVID-19 pandemic. The Company currently has bank approval for up to $600,000 of share repurchases and cash dividend payments under its current lending agreement and is in the process of increasing the amount to $850,000 in connection with the extension of its line of credit agreement with its primary lender. The Company expects to have the extension completed by the end of the current second quarter. Mitchell Binder, President and CEO of Orbit International commented, “Based on the improved outlook regarding the COVID-19 pandemic and the continued stability of our financial condition, I am pleased to report that our Board of Directors has authorized the Company to recommence our share repurchase program. Although we are still dealing with some of the pandemic’s effects, our concern for any related long-term consequences has been reduced.” 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 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, VME/VPX power supplies as well as various COTS power sources. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company was classified as an essential business by New York State and therefore was exempt from the state’s mandate that all non-essential businesses close the...