Orbit’s Electronics Group Reports August Bookings in Excess of $2.1MSeptember 8, 2022 | Globe Newswire
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Orbit International Corp., an electronics manufacturer and software solution provider, today announced that its Electronics Group (OEG), reported bookings in excess of $2,100,000 for the month of August 2022. In addition, inclusive of Orbit’s Power Group (OPG), consolidated bookings reached approximately $2,900,000 for the month. Deliveries for certain of these orders have already commenced and are expected to continue through the second quarter of 2023.
Mitchell Binder, President and CEO of Orbit International, commented, “We are pleased to report a firm booking month for our OEG with total bookings for the month of August 2022 exceeding $2,100,000. These orders were highlighted by our previously announced order for in excess of $1,200,000 from a major defense contractor for a significant program for the U.S. Navy. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (SPS), received orders in excess of $500,000 for the month. Other orders received by the OEG were for keyboards and displays.”
Binder added, “Although we had a firm month of bookings for both our OEG and OPG, as previously mentioned, we are finding that certain orders that we are expecting continue to be delayed for both of our business segments. In particular, our OPG has been waiting for a significant award for power supplies utilizing its VPX technology as well as awards for other COTS power supplies. These potential orders for both our operating segments, are generally follow-on orders on existing programs for which we have made prior deliveries. Several factors are causing delays on these awards, which are coming from the Department of Defense (“DoD”), including work restrictions related to the pandemic and a shifting of prioritization of certain contract awards from the DoD. In addition, increased unit pricing due to inflation is becoming more of a factor in the negotiating process, which is also affecting the timing of awards. 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 purchase orders to eventually be received.”
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