Business
Orbit International’s Power Group Reports Third Quarter Bookings of Approximately $3,400,000
Orbit International’s Power Group Reports Third Quarter Bookings of Approximately $3,400,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., Oct. 07, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Power Group (“OPG”), through its Behlman Electronics, Inc subsidiary, were approximately $3,400,000 for the third quarter of 2020. Third quarter bookings for its OPG were highlighted by an approximately $1,790,000 previously announced order for its COTS division for power supplies used on an armament test system program. Other orders received during the quarter for the OPG consisted primarily of VPX power supplies and other COTS and commercial power supplies. Deliveries for certain of these orders have already commenced and are expected to continue through the first quarter of 2022. Mitchell Binder, President and CEO of Orbit International commented, “As previously mentioned, the large award for power supplies used on an armament test system has Behlman returning to its role as a subcontractor on the program which should generate revenue with closer to our historical gross margins for this segment. In addition, bookings for its VPX products were firm during the quarter but it appears the pandemic has continued to slow much of the testing that is required on many of the new opportunities that this technology is being used thus delaying some anticipated awards into the fourth quarter and possibly into 2021. However, we believe that we continue to be at the forefront of this technology and based on our discussions with our VPX customers, we remain confident about our future VPX business opportunities and expect new preproduction and production awards, although the timing of such awards is an uncertainty.” Binder added, “In addition to its defense related work, our OPG also provides power supplies for oil and gas exploration and test and measurement applications. This part of our business has been relatively weak since the beginning of the pandemic and 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. Nevertheless, our production lines returned to normal for most of the third quarter that was just completed and...