Business
Orbit International’s Electronics Group Reports March Bookings in Excess of $1,200,000
Orbit International’s Electronics Group Reports March Bookings in Excess of $1,200,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., April 07, 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 in excess of $1,200,000 for the month of March 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 our OEG bookings for March 2022 were in excess of $1,200,000. These orders include an over $800,000 contract for engineering, qualification testing and prototype units, for the redesign of a display that the OEG supplies to a major military prime contractor for use on a significant aircraft program. Once the engineering is completed, we are expecting significant production orders for this redesigned unit over the next several years. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders for more than $250,000 during March 2022. SPS continues to bid on a significant number of opportunities, although it faces competition for many of these orders.”Binder added, “We believe our Power Group (“OPG”) is well positioned for increased bookings in 2022. We are expecting two significant orders to be received during the current second quarter. These orders had initially been expected during the first quarter. One contract is for a significant follow-on order for our VPX power supplies and the other is for a COTS power supply. We continue to believe that our OPG is at the forefront of VPX technology and that our VPX opportunities will be the driver of future revenue growth for this segment of our business. In addition, orders for our commercial power supplies, which had been adversely impacted by the pandemic, continue to increase and are tracking for improved bookings over the prior year.” In January 2022, Orbit announced that its newly formed subsidiary, SPS, had completed its previously announced acquisition of the assets and business of Panel Products, Inc. (“Panel”), a Carson, CA based company founded by Nabil Radi in 1999. The transaction valued Panel at approximately $6,500,000, subject to adjustment, with $4,000,000 of t...