Business
Orbit International’s Electronics Group Reports Bookings in Excess of $1,100,000 for Month of August 2018
Orbit International’s Electronics Group Reports Bookings in Excess of $1,100,000 for Month of August 2018.
About this update from Orbit International Corp.
[{"type":"text","content":"\nHAUPPAUGE, N.Y., Sept. 05, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) exceeded $1,100,000 for the month of August 2018.      \n Bookings for the month of August were highlighted by (i) an approximately $445,000 order received from a U.S. government agency for its displays and (ii) a follow-on production order approximating $225,000 from a prime contractor for its displays used on a major shipboard program.  Other orders received during the month were for switch panels and other displays.  Deliveries for the awards received during August are expected to commence in the third quarter of 2018 and continue through the third quarter of 2019. Mitchell Binder, President and CEO of Orbit International commented, “Aside from the firm month of bookings, our OEG is expecting several follow-on awards from its prime contractors which should be received in the fourth quarter, although the timing of the actual awards is an uncertainty. We are also exploring new opportunities on established military programs which could generate new contact awards beginning in 2019.” Binder continued, “In addition to the bookings from our OEG, our Power Group (“OPG”) received an order during the month for approximately $229,000 for a power supply used for oil and gas exploration.  This is the first order received in approximately three years for this purpose. Prior to that, our OPG was consistently booking over $1,000,000 per year for these power supplies.  We are hopeful that orders will continue as the increasing price of oil warrants further exploration.  In addition, our OPG continues to receive pre-production orders for its VPX power supplies. Proposals utilizing our VPX technology continues to grow and we are hopeful that total bookings for these power supplies in 2018 will double those bookings from the prior year.” Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military and nonmilitary government applications through its production facility in Hauppauge, New York.  Orbit’s Power Group, also ...