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To: Bucky Katt who wrote (9439)	11/6/2002 4:55:10 PM
From: BW	Respond to of 48467

Orbit International Corp. Announces Significant Increase in Earnings and Strong Revenues for Third Quarter Wednesday November 6, 4:10 pm ET Company Also Provides Upward Guidance for Fourth Quarter HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Nov. 6, 2002--Orbit International Corp. (NASDAQ:ORBT - News), a niche manufacturer of customized electronic components, subsystems and power units today announced better than expected results for the third quarter and nine months ended September 30, 2002. ADVERTISEMENT Operating Results For the three months ended September 30, 2002, net sales increased 12% to $4,213,000 from $3,751,000 for the same period last year. Net income for the quarter rose 522% to $317,000 from $51,000 for the same period a year ago. Earnings per share increased to $.14 per diluted share compared to $.02 per diluted share in last year's corresponding period. The per share amount in this year's third quarter was calculated on a 6% increase in diluted shares outstanding. For the nine months ended September 30, 2002, net sales increased 17% to $12,309,000 compared to $10,534,000 for the same period last year. Net income totaled $798,000, or $.35 per diluted share, compared to a net loss of $412,000, or $.20 loss per diluted share, for the prior period, which included $400,000 ($.20 per share) of income tax expense resulting from a reduction in the Company's deferred tax asset. The Company also announced its backlog at September 30, 2002 was approximately $12.2 million, an 8.0% increase from $11.3 million a year ago. Future Guidance Looking ahead, the Company said that it expects fourth quarter revenue of $4.2 million to $4.3 million. Due to additional costs normally incurred in the fourth quarter, the Company expects earnings per share to be in the range of $.11 to $.14 per diluted share. This is significantly higher than analysts' estimates of $.07 to $.08 per diluted share. The Company further stated that it expects revenue and income levels to continue to increase in 2003, but declined to give further guidance until certain contracts and delivery schedules are firmed up. Dennis Sunshine, President and Chief Executive Officer commented, "The significant increases in operating results for the third quarter and nine months ended September 30, 2002 were even better than expected. Our strong performance for the quarter reflects anticipated strong revenues from our Electronics Segment and better than anticipated revenues from our Power Unit Segment. In addition, our Company continues to exercise tight controls over its costs that further enhanced earnings performance in the quarter." Sunshine added, "Our Power Unit Segment recorded increased revenues for the quarter as shipments began under new military orders booked by its custom division during 2002. Despite a slowdown in the Segment's commercial division, we expect its revenue levels to continue to grow in the fourth quarter and into next year. Our Electronics Segment remains strong and is pursuing many new business opportunities that we anticipate will result in additional bookings in coming quarters. Consequently, we expect strong operating results to continue in the fourth quarter and in 2003 for Orbit International."