Business
Orbit International’s Electronics Group Reports Second Quarter Bookings in Excess of $4,000,000
Orbit International’s Electronics Group Reports Second Quarter Bookings in Excess of $4,000,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, New York, July 08, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) for the second quarter of 2020 exceeded $4,000,000.        Second quarter bookings for its OEG were highlighted by (i) an approximately $970,000 previously announced order for keyboards used on a major military aviation program; (ii) an approximately $939,000 follow-on order received in June for a switch panel received from a major military customer and; (iii) an approximately $560,000 previously announced follow-on order received by our Q-Vio subsidiary for a major program with the U.S. Army. Other orders received during the quarter for the OEG consisted primarily of displays, control panels and repairs.  Deliveries for certain of these orders have already commenced. Deliveries for all of the orders are expected to be completed by the first quarter of 2022.  Mitchell Binder, President and CEO of Orbit International commented, “Our OEG has had three straight solid quarters of bookings, which should well position our delivery schedules in 2020, particularly in the second half of the year. In addition, the award received by our Q-Vio subsidiary during the quarter has significant follow-on potential with additional awards expected beginning in the first half of 2021.” Binder added, “Aside from our defense related work, which makes up the majority of our business, we anticipate weakness in the business of our Orbit Power Group (“OPG”). Although our OPG provides power supplies for military, transportation and utility applications, it also provides power supplies for oil and gas exploration and test and measurement applications. This part of our business may remain weak until the economy begins to fully recover.  In addition, management implemented certain procedures to protect the health of our employees, which has had an impact on efficiencies in our production lines, particularly in the second quarter that was just completed.  Nevertheless, assuming no unforeseen events from a situation that continues to evolve, including the possibility of another disruption caused by a second wave of the pandemic, we expect our production lines ...