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Orbit International's Electronics and Power Group Report Strong Booking Months
November 4, 2022 | Globe NewswireEstimated reading time: 1 minute
Orbit International Corp., an electronics manufacturer and software solution provider, today announced that consolidated bookings for the month of October 2022 were in excess of $5,000,000. Deliveries for some of these orders have already commenced and are expected to continue through the fourth quarter of 2023.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that our consolidated bookings for the month of October were in excess of $5,000,000, representing our strongest booking month of 2022. Our Electronics Group (“OEG”) bookings were approximately $3,100,000 and were highlighted by two orders previously announced by our Q-Vio subsidiary. These orders, totaling in excess of $2,350,000, are for displays used on a major U.S. Army program. Our OEG bookings also include approximately $400,000 in orders received by our Simulator Product Solutions LLC (“SPS”) subsidiary."
Binder added, “Bookings from our Power Group (“OPG”), totaling in excess of $1,900,000, were the highest amount received in 2022 and were highlighted by (i) approximately $775,000 for a COTS power supply used for a major armament system; (ii) approximately $300,000 for production units used for oil and gas exploration; and (iii) approximately $325,000 for a follow-on order for COTS power supplies used on a major missile defense system. In addition, we have been working on a significant follow-on order with a customer utilizing our VPX power supply. However, although we expected to receive this award in 2022, it now appears this contract will not be received until at some point in 2023.”
Binder concluded, “Despite the strong month of bookings for both our operating groups, in addition to the aforementioned VPX opportunity, as previously reported both our OEG and OPG are experiencing continued delays in the awards of contracts on key programs. Several factors are causing delays on these awards, which are coming from the Department of Defense (“DoD”), including work restrictions related to the pandemic, a shifting of prioritization of certain contract awards from the DoD, funding delays due to increased prices and other timing issues. It should be noted that timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry. As in the past, although timing remains an uncertainty, we expect these contract awards to eventually be received, although some of these awards that were expected during the current year may be delayed until 2023.”
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