Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received an order in excess of $2,000,000 for a follow-on order for human machine interface (HMI) applications it has been providing to the U.S. Navy.
This order is in addition to an award received by Orbit in December for a new HMI application on the same US Naval Program. Disclosure restrictions in the contract prevent the Company from providing further details concerning the award. In addition to this award, there is the potential for future production and spare requirements for this product. Deliveries for this award 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, "Exclusive of this follow-on award received in January, combined bookings for both our Electronics Group and Power Group exceeded $6,000,000 in the fourth quarter after reaching that level in the third quarter as well. Our Electronics Group has had very strong bookings in the second half of 2014 which consisted of a significant amount of products for use in new applications. Almost all of these awards have the potential for additional follow-on contracts in future periods."
Binder continued, "These two strong booking quarters in the second half of 2014 have increased our backlog and will help bolster our shipments, particularly in the second half of 2015. The Company has also taken extensive cost cutting initiatives since mid-2013; consequently, with anticipated increased shipments based on our delivery schedules projected in the second half of 2015, our operating leverage should contribute to improved margins and operating performance."
The Company also announced that in its continuing efforts to reduce costs, effective January 1, 2015, the Board of Directors agreed to reduce its annual fee and Lawrence Rainville resigned from the Board. Orbit's Board currently consists of five members, four of whom are independent. Additionally, the Board recently named Fredric Gruder its lead director. Finally, the Company announced that it has entered into new three year employment contracts with Mitchell Binder and David Goldman, its Chief Executive and Chief Financial Officer, respectively.
