Orbit International’s Electronics Group Receives New Order in Excess of $1,200,000


Reading time ( words)

Orbit International Corp., an electronics manufacturer and software solution provider, announced that its Electronics Group (OEG) received a new order in the month of August 2022 in excess of $1,200,000. Deliveries for this order are expected to commence in the fourth quarter of 2023 and continue through the second quarter of 2024.

Mitchell Binder, President and CEO of Orbit International commented, “This new order for our OEG, in excess of $1,200,000, is from a major defense contractor for a significant program for the U.S. Navy.

In addition, the customer has requested proposals for three follow-on orders for each year of 2023-2025 which, if awarded, would total in excess of $3,500,000. However, these potential future awards could be modified subject to the U.S. Navy changing its requirements. Timing of the awards is also an uncertainty.” 

Binder added, “Despite this significant award, our OEG and Orbit Power Group (“OPG”) are experiencing 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 and funding issues due to increased prices. 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.”

Share




Suggested Items

SigmaTron Reports Q1 Financial Results for Fiscal 2020

09/12/2019 | Globe Newswire
Revenues increased to $74.0 million in the first quarter of fiscal 2020 from $71.4 million for the same quarter in the prior year.



Copyright © 2022 I-Connect007. All rights reserved.