Business
Orbit International’s Simulator Product Solutions Subsidiary Reports July Bookings of Approximately $1,250,000
Orbit International’s Simulator Product Solutions Subsidiary Reports July Bookings of Approximately $1,250,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Year to Date Bookings of Approximately $6,900,000SPS Signs Long Term Lease for Additional Office/Production/Warehouse Space HAUPPAUGE, New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that bookings from its Simulator Product Solutions LLC subsidiary (“SPS”) for the month of July 2023 were approximately $1,250,000 bringing its year-to-date bookings to approximately $6,900,000, an increase of approximately 27% over the entire 2022 fiscal year. Deliveries for the July 2023 orders are expected to commence in the third quarter of 2023 and are expected to continue through the third quarter of 2024. In addition, the Company also announced that SPS has entered a new five-year lease with its existing landlord for an additional approximately 6,700 square feet of office/production/warehouse space in Carson, California. Possession of the newly acquired space is expected to occur at the end of the third quarter. Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings from our SPS subsidiary for the month of July 2023 were approximately $1,250,000. This brings SPS’ year-to-date bookings to approximately $6,900,000, an increase of approximately 27% over the approximately $5,400,000 in bookings for the entire 2022 fiscal year. In addition to the strong booking performance through July 2023, SPS has several new and follow-on business opportunities that it hopes will be awarded in the second half of 2023.” Binder added, “In order to support the anticipated continued growth of SPS, during July, we entered into a new five-year lease with our existing landlord for an additional approximately 6,700 square feet of office/production/warehouse space in our existing industrial park in Carson, California. Possession of the newly acquired space will take place after the completion of landlord and tenant improvements, which are estimated to be completed by the end of the third quarter 2023. The addition of the new space, net of certain space in the industrial park that will be returned to the landlord, will give SPS a total of 8,650 square feet of contiguous office/production/warehouse space in our current industrial park.” Orbit Internatio...