Business
Orbit International Corp. Reports April Bookings for Its Electronics Group in Excess of $1,850,000
Orbit International Corp. Reports April Bookings for Its Electronics Group in Excess of $1,850,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., May 11, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group’s (“OEG”) bookings for the month of April 2020 exceeded $1,850,000.          Bookings for the month of April 2020 were highlighted by a follow-on order of approximately $970,000 for keyboards used on a major military aviation program and a follow-on order received by our Q-Vio subsidiary for approximately $560,000 for a program for the U.S. Army. Other orders received during the quarter for the OEG consisted primarily of displays, control panels and repairs. Deliveries for contracts received during April have already commenced and are expected to continue through the second quarter of 2022.  Mitchell Binder, President and CEO of Orbit International commented, “Of note, deliveries for the $970,000 follow-on order are not expected to commence until the third quarter of 2021 and then should extend through the second  quarter of 2022. The order received by our Q-Vio subsidiary is manufactured by our supply chain in China and is expected to be delivered in the third quarter of 2020.”  Binder concluded, “Aside from our defense related work that makes up the majority of our business, we are experiencing weakness in the commercial business of our Power Group (“OPG”) due to the COVID 19 pandemic. Although the OPG provides power supplies for military, transportation and utility applications, it also provides power supplies for oil and gas exploration and test and measurement applications. In addition, our Q-Vio subsidiary has had several opportunities for its commercial and industrial customers put on indefinite hold. This part of our business may remain weak until the effects of this pandemic abate and the economy begins to recover.  In addition, because of the rapidly evolving situation, management remains concerned about both the Company’s supply chain and the health of the  Company’s labor force, each of which could impact its ability to meet delivery schedules for its customers.” Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of cust...