Reading time ( words)
Orbit International Corp., an electronics manufacturer and software solution provider, announced that its Power Group (OPG), reported bookings in excess of $1,200,000 for the month of September 2022. In addition, inclusive of Orbit’s Electronics Group (“OEG”), consolidated bookings reached approximately $2,600,000 for the month. Deliveries for certain of these orders have already commenced with the majority expected to ship by 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 OPG with total bookings for the month of September 2022 exceeding $1,200,000. These orders were highlighted by several orders for power supplies utilizing our VPX technology, which totaled approximately $500,000 and an engineering contract for a next generation power supply used for oil and gas exploration. In addition, our OEG also had a firm booking month, primarily due to our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), receiving orders in excess of $650,000 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 reported, certain orders we are expecting continue to be delayed for both of our business segments. In particular, despite the receipt of several VPX power supply orders received during the month, our OPG continues to expect a significant VPX award as well as awards for other COTS power supplies. These potential OEG and OPG orders 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.”