Business
Orbit International Reports Consolidated Bookings in Excess of $9,300,000 for the Fourth Quarter of 2017
Orbit International Reports Consolidated Bookings in Excess of $9,300,000 for the Fourth Quarter of 2017.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n HAUPPAUGE, N.Y., Jan. 03, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for its Electronics and Power Groups exceeded $9,300,000 for the fourth quarter of 2017.      \n Bookings for the fourth quarter were highlighted by (i) a previously announced follow-on purchase order by its Power Group (“OPG”) for $4,400,000 for the production and delivery of 37 Common Aircraft Armament Test Sets (CAATS) for the U.S. Navy; (ii) a previously announced purchase order received by its Electronics Group (“OEG”) for approximately $1,100,000 for its displays on a major aviation program; (iii) a finalized purchase order received by the OEG for its computer control switch panels used on a major naval program for approximately $858,000 of which approximately $323,000 was received in August 2017 under a letter subcontract; and (iv) a follow-on purchase order for approximately $540,000 received by the OEG for a Color Entry Panel for the U.S. Navy.  Deliveries for the awards received during the quarter are expected to commence in the first quarter of 2018 and continue through the first quarter of 2020. Mitchell Binder, President and CEO of Orbit International commented, “Aside from the awards mentioned above, our OPG received new contracts for its commercial, COTS and VPX power supplies and our OEG booked additional purchase orders for its switch panels and displays. In addition to the solid awards for the quarter, both of our operating segments enter 2018 with a strong bid pipeline.  Our OEG has several proposals that are nearing the negotiation stage that should result in additional purchase orders in the first half of 2018.  Our OPG continues to book several prototype and pre-production awards utilizing its VPX technology, which we hope will move to the production stage in 2018 thereby increasing the value of these awards.”  Binder added, “The $9,300,000 in purchase orders completes a solid year of bookings, highlighted by a record year of bookings from our Power Group, which has resulted in a significant year-end backlog for our Company. Consequently, we believe our increased consolidated backlog, along with our existing cost containment and...