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Orbit International's Electronics Group Receives Orders in Excess of $3,600,000 for the Fourth Quarter of 2016
Orbit International's Electronics Group Receives Orders in Excess of $3,600,000 for the Fourth Quarter of 2016.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International's Electronics Group Receives Orders in Excess of $3,600,000 for the Fourth Quarter of 2016\n \n \nOrbit International's Electronics Group Receives Orders in Excess of $3,600,000 for the Fourth Quarter of 2016\n \n HAUPPAUGE, NY--(Marketwired - Jan 6, 2017) - Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group exceeded $3,600,000 for the fourth quarter of 2016. \n The bookings for the fourth quarter of 2016 were highlighted by two previously announced U.S. Navy awards, totaling $2,300,000, that were received by the Company in December. Other contracts received during the quarter were for the Company's switch panels and displays. Deliveries for the awards received during the quarter are expected to commence in the second quarter of 2017 and continue through the second quarter of 2018.\n Mitchell Binder, President and CEO of Orbit International, commented, \"Our Electronics Group had very firm bookings in 2016 which well positioned our delivery schedules in the second half of 2016 and should carry over into 2017. In addition to these awards, our Electronics Group is working with its customers on certain follow-on awards for existing programs which may be booked during the first quarter of 2017, although timing is always an uncertainty.\" \n Binder added, \"In addition to the expected follow-on awards, our Power Group continues to expand its bid pipeline for its VPX and COTS products. We have made several new alliances with prime contractors that are utilizing our VPX technology. Several pre-production awards have been received which we hope to covert to full production awards once evaluation is completed in 2017. Furthermore, our Electronics Group is working on additional new opportunities, one of which is a next generation developmental effort for a product in which the Company has a significant amount of fielded units. This new opportunity has retrofit possibilities -- which could significantly increase the business potential of this opportunity. As with follow-on production awards, timing on the receipt of awards on these new opportunities is uncertain.\" \n Orbit International Corp., through its Electronics Group, is involved in the manufacture of c...