Orbit International's Electronics Group Receives Production Order in Excess of $1,050,000
Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group has received a new production order for its switch panels on an aviation program valued in excess of $1,050,000. Deliveries are expected to commence in the third quarter of 2016 and continue through the first quarter of 2017.
Mitchell Binder, President and CEO of Orbit International commented, "This award is for one of our existing switch panels that will be used in a new application for a foreign military program. It comes right after our recently announced production order for displays that we received in excess of $2,500,000 for a significant aviation program. From these two orders alone, bookings for our Electronics Group in January have exceeded $3,500,000. 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."
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Binder continued, "Over the past two years, we have significantly cut our costs and are well positioned to take advantage of our operating leverage as we strive for additional revenue dollars, thereby improving our operating margins. We are encouraged by our January bookings to date as well as those additional awards we are anticipating once negotiations are completed."
Source : Orbit International Corp. - view original press release