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Orbit International Consolidated Bookings Exceed $9,000,000 for First Quarter of 2016
Orbit International Consolidated Bookings Exceed $9,000,000 for First Quarter of 2016.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International Consolidated Bookings Exceed $9,000,000 for First Quarter of 2016\n \n \nOrbit International Consolidated Bookings Exceed $9,000,000 for First Quarter of 2016\n \n HAUPPAUGE, NY--(Marketwired - Apr 6, 2016) - Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for both its Electronics and Power Groups exceeded $9,000,000 for the three months ended March 31, 2016. \n The bookings for March 2016 were highlighted by the previously announced new production award that was received by our Electronics Group for its Touch Control Communications Station from the U.S. Navy in excess of $750,000. In addition to this previously announced award, our Power Group received orders for its COTS and commercial power supplies. These awards, along with strong bookings in the months of January and February, pushed consolidated bookings over the $9,000,000 level.\n Mitchell Binder, President and CEO of Orbit International commented, \"Our Electronics Group has gotten off to a very strong start to 2016 with several significant awards that were previously announced during the quarter on programs representing both new and follow-on opportunities. These awards have well positioned our delivery schedules for the third and fourth quarter of 2016 and first quarter of 2017. Furthermore, our Electronics Group is currently working with our customers on several additional follow-on contracts, some of which we expect to receive in the second quarter of 2016; and our Power Group, although with relatively weak bookings for the first quarter, has experienced an increase in its bid pipeline, particularly for its commercial products. However, the timing of these awards is always an uncertainty.\"\n Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government 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, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has...