Business
Orbit International Reports Second Quarter Consolidated Bookings in Excess of $8,500,000
Orbit International Reports Second Quarter Consolidated Bookings in Excess of $8,500,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\nHAUPPAUGE, N.Y., July 02, 2019 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for both its Electronics Group (“OEG”) and Power Group (“OPG”) exceeded $8,500,000 for the second quarter of 2019.      \n Bookings for the second quarter were highlighted by our previously announced order received by our OPG in April 2019 for approximately $4,100,000 for production of Common Aircraft Armament Test Sets (CAATS).  This order was followed by another contract for CAATS for approximately $400,000 that was received in June 2019.  Other awards received by the OPG during the quarter were for power supplies utilizing its VPX technology, commercial power supplies, including another $220,000 order for a power supply used in oil and gas exploration and a $223,000 order for a COTS power supply used in a nuclear power plant control system.  Bookings for our OEG during the quarter include a follow-on award recently received for a switch panel totaling in excess of $950,000.  Other awards for the OEG received during the quarter were for displays, keyboards and communication panels.  Deliveries for the all awards received during the second quarter are expected to commence in the third quarter of 2019 and continue through the third quarter of 2020. Mitchell Binder, President and CEO of Orbit International commented, “We are encouraged that this strong booking quarter reflects firm bookings from both our OEG and OPG.  These orders will strengthen our delivery schedules for the end of 2019 and for the first three quarters of 2020.  Our OEG has maintained its momentum of strong bookings in the last several months and is expecting other follow-on awards in the second half of 2019.” Binder continued, “Our OPG received an award for its power supply used in oil and gas exploration which gives us a total of $660,000 in oil and gas orders received in the last 12 months.  We are hopeful that these orders continue as the price of oil remains at current levels or continues to increase.  Orders utilizing our VPX technology and bids for new VPX opportunities are expanding.  We believe this market will continue to accelerate and feel we a...