Orbit International's Power Group Receives New Order Valued at Approximately $770,000 for Its COTS Division
- May 2015 Bookings for Power Group Exceed $1,000,000
Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solutions provider, today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary ("Behlman"), recorded total bookings for the month of May in excess of $1,000,000. These total bookings were highlighted by a new order valued at approximately $770,000 for its COTS division.
This award for approximately $770,000 is a follow-on contract for COTS power supplies that is part of an ongoing missile system upgrade program for which Behlman received its initial order in July 2009. This follow-on order brings the total value of related orders to over $6 million. Furthermore, based on information from its customer, Behlman anticipates additional orders for this program in the second half of 2015. Deliveries are scheduled to commence in the fourth quarter of 2015 and continue through the second quarter of 2016.
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Ron Storm, President of Behlman commented, "Receiving follow-on orders for mission-critical COTS power supplies for more than seven years is an accomplishment we are proud to acknowledge. It is a credit to our design, manufacturing and engineering teams that Behlman can produce economical COTS power supplies for our customers and at the same time meets stringent military and industrial requirements. We are optimistic that this program will continue to provide follow-on opportunities in 2015 and thereafter."
Mitchell Binder, President and CEO of Orbit International commented, "We continue to build upon three consecutive strong booking quarters dating back to the third quarter of 2014. We also continue to strengthen our alliances with certain key customers which we hope will result in additional follow-on contracts as well as new opportunities. We made some additional cost reduction moves during the current second quarter which adds to the significant cost cutting that we have made since mid-2013. As a result, we expect our gross margins and operating results to improve for the remainder of 2015 as revenues increase."
Source : Orbit International Corp. - view original press release