Business
Orbit International’s Electronics Group Reports Fourth Quarter Bookings in Excess of $3,000,000
Orbit International’s Electronics Group Reports Fourth Quarter Bookings in Excess of $3,000,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported fourth quarter 2020 bookings in excess of $3,000,000. Deliveries for certain of these orders have already commenced and are expected to continue through the second quarter of 2022. The orders received during the quarter were highlighted by two previously announced orders; an approximately $500,000 order for displays and an approximately $750,000 order for keyboards, both used on major military programs. During the quarter, the OEG also received an order in excess of $500,000 for engineering and qualification testing for an upgrade to an existing unit used on various aircraft programs. Additional orders received during the quarter were for other various keyboards and displays. Mitchell Binder, President and CEO of Orbit International commented, “The more than $3,000,000 of fourth quarter bookings completed a very solid year of bookings for our OEG which has resulted in a relatively firm year-end backlog for this segment of our business. In addition, during the second half of 2020, our Orbit Power Group (“OPG”) recorded strong bookings for its power supplies utilizing its VPX technology as well as other COTS power supplies.” Binder added, “We are particularly encouraged that in the last several months, our VPX bookings have significantly increased from the first half of the year, which we believe were adversely affected by the pandemic due to the testing required for new applications. This uptick in orders has resulted in total VPX bookings for 2020 exceeding prior year bookings for this product line by approximately 13.2%. Our increase in VPX and COTS power supply bookings have offset weak bookings from our commercial division, which we expected due to the adverse effect the pandemic has had on the industries we serve such as oil and gas exploration and our test and measurement business.” Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facility in Haupp...