Business
Orbit International Corp. Electronics Group Reports Bookings of Approximately $1,740,000 in April 2023
Orbit International Corp. Electronics Group Reports Bookings of Approximately $1,740,000 in April 2023.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., May 05, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings from its Electronics Group (“OEG”) for the month of April 2023 were approximately $1,740,000. Deliveries for some of these orders have already commenced and are expected to continue through the first quarter of 2024. Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings from our OEG for the month of April 2023 were approximately $1,740,000. Bookings for the month were highlighted by approximately $925,000 in orders received by our Simulator Product Solutions LLC (“SPS”) subsidiary. Other bookings for the month were for keyboards and displays.” Binder added, “Many of the contract awards that were being held up during the first three quarters of 2022 came to fruition in the fourth quarter, which resulted in one of our largest booking quarters in the last several years. Once again, several follow-on orders that were expected to be received in the current year’s first quarter have been delayed for various reasons. Most of these delays appear to be resulting from lengthy negotiations between our prime contractors and the U.S. government. As previously noted, timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry.” 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 facilities in Hauppauge, NY and Carson, CA. 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. Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; exp...