Business
Orbit International’s Power Group Reports June Bookings in Excess of $1,000,000
Orbit International’s Power Group Reports June Bookings in Excess of $1,000,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., July 06, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group (“OPG”), reported bookings in excess of $1,000,000 for the month of June 2022. Deliveries for certain of these orders have already commenced and are expected to continue through the second quarter of 2023. Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that our OPG had a firm month of bookings in the month of June with bookings exceeding $1,000,000. These orders were highlighted by several awards received during the month for power supplies utilizing our VPX technology. In addition, we have been working on several follow-on orders with our customers for our VPX power supplies and expect additional orders during the second half of the year, which should put our OPG back on track to meet internal sales goals for our VPX power supplies for 2022. However, almost all of these opportunities are for military programs in which timing of awards is always an uncertainty. Despite the timing of these awards, we remain confident that our OPG remains at the forefront of VPX technology and is well positioned for sales growth as the VPX market continues to expand.”Binder added, “In addition to the strong month of bookings for our OPG, our Electronics Group (“OEG”) recorded bookings for the month of June of approximately $1,000,000, which contributed to second quarter 2022 bookings in excess of $5,000,000. These bookings were highlighted by a strong quarter of bookings by our newly acquired Simulator Product Solutions LLC (“SPS”) subsidiary. Although our OEG had a solid quarter of bookings, as previously announced, we experienced delays in the receipt of certain orders that we were expecting in the second quarter, which have now been delayed to the second half of 2022. These orders are generally follow-on orders on existing U.S. Navy programs for which we have made deliveries for several years. Several factors are causing delays on these awards, which are coming from the Department of Defense (“DoD”), including work restrictions related to the pandemic and the shifting by the DoD in the prioritization of certain contract awards. It should be n...