Business
Orbit International’s Electronics Group Receives Finalized Purchase Order for Approximately $858,000
Orbit International’s Electronics Group Receives Finalized Purchase Order for Approximately $858,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n Initial Letter Subcontract Received in August 2017\n Bookings for Electronics Group In Excess of $3,000,000 for Fourth Quarter Company Expects Strong Fourth Quarter of Consolidated Bookings and Year-End Backlog HAUPPAUGE, N.Y., Dec. 07, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) has received a finalized purchase order from a major prime contractor for approximately $858,000, for its computer control switch panels used on a major naval program.  The Company initially received a letter subcontract in August 2017 for approximately $323,000 to commence the procurement of material while negotiations were ongoing for the final purchase order.  Deliveries of the completed units are expected to commence in the second quarter of 2018 and continue through the fourth quarter of 2018. Mitchell Binder, President and CEO of Orbit International, commented, “This finalized purchase order is the latest of several purchase orders that have been received by our OEG that we were expecting prior to the end of the fourth quarter.  We are still expecting one more significant order prior to quarter end although timing of these awards is always an uncertainty.  This latest award continues to firm up delivery schedules for the OEG for 2018. ” Binder added, “This award brings the total bookings during the fourth quarter for the OEG to over $3,000,000.  We previously announced in November 2017 that our Power Group had been awarded a $4,400,000 follow-on purchase order for the production and delivery of Common Aircraft Armament Test Sets for the U.S. Navy for deliveries in 2019 through 2020.  Consequently, we are expecting to complete 2017 with a strong fourth quarter of consolidated bookings and year-end backlog.”  Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, New York.  Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterrup...