Business
Orbit International Corp. Reports Fourth Quarter Bookings in Excess of $7,100,000
Orbit International Corp. Reports Fourth Quarter Bookings in Excess of $7,100,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Electronics Group Bookings Exceed $3,000,000 for Month of December Power Group’s VPX Bookings Increase 23.4% Over Prior Year and Reports Additional Orders Received for Power Supplies Used for Oil and Gas Exploration HAUPPAUGE, N.Y., Jan. 07, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for the fourth quarter of 2019 exceeded $7,100,000.  In addition, the Company also reported that bookings for its Electronics Group (“OEG”) exceeded $3,000,000 for the month of December 2019.        December 2019 OEG bookings were highlighted by a previously announced order of approximately $1,580,000 for a display used on a major military aviation program.   In addition, bookings for our newly acquired Q-Vio subsidiary for the fourth quarter accounted for approximately $1,000,000.  In addition, our Power Group (OPG) reported that its VPX bookings for 2019 increased by 23.4% over the prior year, meeting its expectations.   Furthermore, in December 2019, our OPG received an additional award for its power supply used in oil and gas exploration bringing total oil and gas bookings to approximately $1,200,000 over the last sixteen months. Deliveries for contracts received during the fourth quarter have already commenced and are expected to continue through the fourth quarter of 2021.  Mitchell Binder, President and CEO of Orbit International commented, “We closed out 2019 with a very firm booking month of December from our OEG and solid consolidated bookings for the fourth quarter overall which exceeded $7,100,000.  This strong booking quarter, which followed third quarter consolidated bookings of approximately $6,000,000, bodes well for our delivery schedules in 2020, particularly in the second half of the year.  Aside from the strong booking month of December, our OEG is still waiting for an additional significant award on the same military aviation program, which it expects to receive in the early part of the first quarter.  In addition, we are pleased that our newly acquired Q-Vio subsidiary received two relatively significant awards during the quarter which brought its bookings to approximately $1,000,000.” Binde...