Business
Orbit International’s Electronics Group Reports April Bookings of Approximately $1,300,000
Orbit International’s Electronics Group Reports April Bookings of Approximately $1,300,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., May 05, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported bookings of approximately $1,300,000 for the month of April 2022. Deliveries for certain of these orders have already commenced and are expected to continue through the first quarter of 2023. Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that on the heels of a firm booking month in March 2022, our OEG bookings for April 2022 were approximately $1,300,000. These orders include approximately $400,000 in orders for displays used on a significant aircraft program. The same customer has indicated that an additional order for approximately $500,000 should be expected during the current second quarter. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders for approximately $450,000 during April 2022. SPS continues to bid on a significant number of opportunities, although it faces competition for many of these orders.”   Binder added, “It should be noted that timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry. Although we have been successful in the booking of orders to date in 2022, we are finding that certain orders that we were expecting in the current quarter have been delayed to the second half of 2022 for both the OEG and our Power Group (“OPG”). These orders are generally follow-on orders on existing programs that we have delivered on for several years, but several factors are causing delays on these awards coming from the Department of Defense (“DoD”) including work restrictions related to the pandemic and a shifting of prioritization of certain contract awards from the DoD. As in the past, timing remains an uncertainty, but we expect these purchase orders to eventually be received. Nevertheless, with the acquisition of SPS, we continue to expect a firm year of operating results.” In January 2022, Orbit announced that its newly formed subsidiary, SPS, had completed its previously announced acquisition of the assets and business of Panel Produc...