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Orbit International Receives Orders in Excess of $4,650,000 for Month of January
Orbit International Receives Orders in Excess of $4,650,000 for Month of January.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International Receives Orders in Excess of $4,650,000 for Month of January\n \n \nOrbit International Receives Orders in Excess of $4,650,000 for Month of January\n \n HAUPPAUGE, NY--(Marketwired - Feb 3, 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 $4,650,000 for the month of January 2016. \n The bookings for January were highlighted by several large orders received by the Company's Electronics Group including (i) a previously announced production order in excess of $2,500,000 for our displays on a major aviation program and (ii) a previously announced production order for switch panels in excess of $1,050,000. In addition, the Electronics Group received an additional order for displays for the same aviation program that was received earlier in the month bringing the total value of the order to approximately $3,000,000. Deliveries for the awards received during January are scheduled to commence in the third quarter of 2016 and continue through the first quarter of 2018.\n Mitchell Binder, President and CEO of Orbit International, commented, \"The month of January proved to be an excellent month for bookings and comes after our strong fourth quarter 2015 bookings of approximately $6,300,000. These awards have well positioned our delivery schedules for the third and fourth quarter of 2016. Furthermore, our Electronics Group is currently working with our customers on several additional follow-on contracts which we expect will be booked later in the first quarter of 2016, although the timing of these awards is always an uncertainty.\" \n Binder continued, \"Our Power Group is working on several new orders for its COTS products which it hopes to book later in the first quarter. However, our commercial bookings remain weak due to a decrease in oil and gas activity and weak capital spending. We do remain encouraged with the activity for our VPX products and in addition to booking new production orders in the fourth quarter of 2015, we are expecting additional orders for other long term programs during the current quarter. We continue to secure new alliances with companies utilizing our VPX power supplies and we believe we are w...