Orbit International Electronics Group wins $2 million Navy order for HMI
HAUPPAUGE, N.Y., 5 Feb. 2015. The Electronics Group of Orbit International Corp., an electronics manufacturer and software solution provider, won a $2 million follow-on order for human machine interface (HMI) applications for the U.S. Navy.
HAUPPAUGE, N.Y., 5 Feb. 2015. The Electronics Group of Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, won a $2 million follow-on order for human machine interface (HMI) applications for the U.S. Navy.
This order follows an original order, won in December 2014, for a new HMI application on the same U.S. Navy program. The potential exists for future production and spare requirements for this product, the specifics of which cannot be disclosed. Deliveries are scheduled to start in the second quarter of 2015 and continue through the third quarter of 2016.
"Exclusive of this follow-on award received in January, combined bookings for both our Electronics Group and Power Group exceeded $6,000,000 in the fourth quarter after reaching that level in the third quarter as well,” says Orbit International President and CEO Mitchell Binder. “Our Electronics Group has had very strong bookings in the second half of 2014 which consisted of a significant amount of products for use in new applications. Almost all of these awards have the potential for additional follow-on contracts in future periods.
“These two strong booking quarters in the second half of 2014 have increased our backlog and will help bolster our shipments, particularly in the second half of 2015. The Company has also taken extensive cost cutting initiatives since mid-2013; consequently, with anticipated increased shipments based on our delivery schedules projected in the second half of 2015, our operating leverage should contribute to improved margins and operating performance," Binder adds.
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, N.Y.
Orbit's Power Group, also located in Hauppauge, N.Y., designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Newbury Park, Calif., and a facility in Louisville, Ky., dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks, and components.