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Orbit International Reports Consolidated Bookings for Q1 2024
April 5, 2024 | Globe NewswireEstimated reading time: 2 minutes
Orbit International Corp., an electronics manufacturer and software solution provider, announced that consolidated bookings for the first quarter of 2024 were approximately $12,700,000. Deliveries for these orders have already commenced and are expected to continue through the first quarter of 2026.
Bookings for the quarter were attributable to strong bookings from both the Company’s Electronics Group (“OEG”), which include its Simulator Products Solutions LLC (“SPS”) subsidiary, and its Power Group (“OPG”). Bookings for the OEG, exclusive of SPS, were in excess of $4,500,000 for the first quarter and were highlighted by two previously announced awards totaling approximately $3,150,000 from major defense contractors for units used on major military aircraft programs for the U.S. Navy. Bookings for the OPG include a significant order for its VPX power supplies as well as a large order for a commercial power supply used on a military program. The combined orders totaled approximately $2,300,000. Orders for SPS for the first quarter include several follow-on and new awards totaling approximately $4,800,000, highlighted by two orders received during the quarter from a defense contractor in excess of $1,700,000.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report a very strong start to the 2024 year with consolidated bookings for the first quarter of approximately $12,700,000. Bookings were strong for all of our operating groups. Our OEG, exclusive of SPS, recorded bookings in excess of $4,500,000 including two orders totaling $3,150,000 for its units used on major aircraft programs. The $3,150,000 of orders include charges for engineering services provided by our OEG, which should well position us for follow-on opportunities.”
Binder added, “Our OPG also had a strong quarter, highlighted by a large order for power supplies utilizing its VPX technology, which we believe will result in a follow-on order either by year-end or in early 2025. In addition, our OPG received an order for a commercial power supply used in a military application that was in excess of $1,000,000. Our OPG has other opportunities for its VPX power supplies as well as its military COTS power supplies, which it hopes to receive in the coming quarters in 2024.”
Binder added, “In addition to the strong bookings by our legacy businesses, orders received by SPS were approximately $4,800,000 for the first quarter. Our strong quarter comes on the heels of a record booking year in 2023 of approximately $10,800,000. SPS continues to pursue many other opportunities and we are optimistic that 2024 will be another year of strong bookings.”
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