Orbit International's Electronics Group Receives New Production Order in Excess of $2,500,000
Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group, recently received a new production order for displays on a major aviation program valued in excess of $2,500,000. Deliveries are expected to commence in the third quarter of 2016 and continue through the first quarter of 2018.
Ken Ice, President of the Orbit Electronics Group commented, “This order comes as a direct result of our focus on developing new program opportunities within our existing customer base. We received the prototype award for these units in October 2015 and will complete qualification testing in the first quarter of 2016. Disclosure provisions in our contract prevent us from providing the specific details of this effort; however, we are currently exploring additional opportunities for this product with our industry partner.”
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Mitchell Binder, President and CEO of Orbit International commented, “This new award in January comes right after our recently announced bookings for our fourth quarter 2015 which exceeded $6,300,000. In addition to this large award for our Electronics Group, we are currently in negotiations with our customers for additional new awards which we expect will also be booked during this current first quarter, although timing is always an uncertainty. With our significant cost cutting measures implemented to date, we continue to strive for additional revenue dollars to take advantage of our operating leverage, thereby further improving our operating margins.”
Source : Orbit International Corp. - view original press release