© mariusz szachowski Electronics Production | August 22, 2016

Orbit International's electronics group receives million dollar order

Orbit International, an electronics manufacturer and software solution provider, has received a finalized purchase order from a major contractor for approximately USD 1 million for its switch panels.
The Company initially received a letter contract in June 2016 for USD 275'000 to commence the procurement of material while negotiations were ongoing for the final purchase order. Deliveries of the completed units are expected to commence in the fourth quarter of 2016 and continue through the second quarter of 2017.

Mitchell Binder, President and CEO of Orbit International, commented, "The letter contract provided our Company funding in order to begin the procurement process to enable us to meet initial deliveries in the fourth quarter of 2016. Upon receiving the letter contract in June, we expected the final purchase order to be in excess of USD 1'000'000 and we are pleased the final contract approximated USD 1'060'000."

Binder added, "This continues the significant momentum of orders that have been received by our Electronics Group since the beginning of the year which has well positioned our Electronic Group's delivery schedules, particularly for the first half of 2017. We continue to carefully manage our costs and this order will help to drive our revenue as we take advantage of our operating leverage to further improve our operating performance."


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April 21 2018 3:38 pm V9.3.2-2