Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received new and follow-on orders for its products on several programs in the month of November totaling over $1,400,000.
Orders for November were highlighted by a contract award in excess of $1,000,000 related to a significant program for the U.S. Navy for which Orbit has been providing other products for several years. As previously announced, this new award was the culmination of a two year effort to secure this new product opportunity. Additional awards received in the month were for other flat panel displays and products on follow-on programs. With respect to the aforementioned significant award for the U.S. Navy, there is the potential for future production and spare requirements for this product. Deliveries for these awards are scheduled to commence in the second quarter of 2015 and continue through the third quarter of 2016.
Mitchell Binder, President and CEO of Orbit International commented, "This is the third consecutive month of bookings in excess of $1,000,000 for our Electronics Group. As a result, delivery schedules for our Electronics Group, beginning in the second quarter of 2015 are firming up. Furthermore, the Company is still anticipating other legacy awards which we expect to receive by year end for both our Power and Electronics Groups. However, the timing of awards still remains an uncertainty, particularly in this difficult business environment."
Source: Orbit International Corp.
Date: Dec 2, 2014