© mariusz-szachowski-dreamstime.com Electronics Production | January 29, 2013
Orbit's Electronics Group receives $1.2 Million order
Orbit Instrument Division has received an order for Remote Control Units (RCU) valued at approximately USD 1,15 million.
Deliveries are expected to commence in the third quarter and be completed before 2013 year-end. This RCU order, which is part of a Memorandum of Agreement (MoA) signed in August 2011, brings total orders received under this MoA to over $2 million. As per the terms of this MoA, the Company should receive additional follow-on orders throughout 2013 to fulfill requirements for the U.S. Navy and U.S. Army. Orbit has been participating in the RCU program since 2000. During this time, the Company has generated ongoing revenues via the receipt of multiple follow-on orders for various configurations and the delivery of more than 4'000 units to its customer. Separately, the Company reported that its Tulip Development Laboratory (TDL) subsidiary completed negotiations on the recently announced Letter Subcontract to manufacture displays for a major helicopter program. The Letter Subcontract had a not-to-exceed value of USD1,2 million; the negotiated purchase order for this program was finalized at USD 1,14 million. Mitchell Binder, President and CEO of Orbit International, added, “We are pleased that following two months of bookings in November and December totaling in excess of USD 3 million, our Electronics Group has started 2013 on a very strong note with this RCU order for our Orbit Instrument Division. Furthermore, our Electronics Group is expecting additional follow-on orders on certain other legacy programs during the current quarter.”
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