Business
Orbit International's Electronics Group Receives Orders in Excess of $1,400,000 for Month of August
Orbit International's Electronics Group Receives Orders in Excess of $1,400,000 for Month of August.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International's Electronics Group Receives Orders in Excess of $1,400,000 for Month of August\n \n \nOrbit International's Electronics Group Receives Orders in Excess of $1,400,000 for Month of August\n\nTotal Orders Exclude Finalized Purchase Order Received During Month for Approximately $1,060,000\n\n \n HAUPPAUGE, NY--(Marketwired - Sep 7, 2016) - Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group exceeded $1,400,000 for the month of August 2016. \n The bookings for August 2016 were highlighted by a previously announced letter contract received by the Company from a major prime contractor, authorizing it to commence procurement of material for a contract that is expected to exceed $825,000 once negotiations are completed. We expect negotiations to be completed during the current month. Other contracts received during the month were for the Company's switch panels and displays. Deliveries for the awards received during August are expected to commence in the third quarter of 2016 and continue through the first quarter of 2017.\n Mitchell Binder, President and CEO of Orbit International, commented, \"This solid bookings month for our Electronics Group does not include the receipt of a finalized purchase order received earlier in the month for approximately $1,060,000. This order was previously recorded in June 2016. These recent awards in August 2016 further add to the strong year-to-date bookings for the Group. Once again, we believe that these orders have well positioned our delivery schedules for the second half of 2016 and along with our cost cutting measures, should further improve operating performance.\" \n Binder added, \"Our Electronics Group is working with its customers regarding two other significant awards that it hopes to receive before the end of the fourth quarter of 2016, although timing is always an uncertainty. The receipt of these awards will cap a strong bookings year for the Group. Our Power Group has seen an improvement in its commercial bookings during the third quarter which we hope can be sustained through improved economic conditions. We are also encouraged by the activity for our VPX technology as we continue to capture new alliances with protot...