Electronics manufacturer and software solution provider, Orbit International Corp (OTCMKTS:ORBT), on September 7, 2022, announced that the Electronics Group reported bookings for over $2,100,000 in August 2022.
Trading Data
On Wednesday, ORBT stock decreased 0.30% to $6.60 with more than 1.03K shares, compared to its average volume of 2.91K shares. The stock moved within a range of $6.55 – 6.60 after opening trading at $6.59.
Orbit International’s Electronics Group Reports August Bookings in Excess of $2,100,000
Consolidated bookings inclusive of Orbit’s Power Group was about $2,900,000 for the month. Deliveries have started and may continue through quarter two of 2023.
Mitchell Binder, President, and CEO of Orbit International said that the firm is pleased on reporting a strong booking month for OEG with total bookings of August 2022 exceeding $2,100,000. Binder added that the newly acquired subsidiary, Simulator Product Solutions LLC, got orders for more than $500,000. The CEO also said that other orders received by OEG were for displays and keyboards.
Binder further said that the firm had a good month of bookings both for OPG and OEG and the company expects some orders may get delayed for business segments. The potential orders for operating segments are follow-on orders on existing programs. A number of factors are resulting in delays on the awards, coming from the Department of Defense, including work restrictions due to the pandemic and shifting prioritization of some contract awards.
Orbit International Corp, through its Electronics Group, is engaged in developing and manufacturing custom electronic devices. The company’s Power Group designs and manufactures a wide array of power products including frequency converters, AC power supplies, inverters, and various COTS power sources.
Key Quote
Mitchell Binder, President and CEO of Orbit International, commented, “We are pleased to report a firm booking month for our OEG with total bookings for the month of August 2022 exceeding $2,100,000. These orders were highlighted by our previously announced order for in excess of $1,200,000 from a major defense contractor for a significant program for the U.S. Navy. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders in excess of $500,000 for the month. Other orders received by the OEG were for keyboards and displays.”
Technical Data
ORBT stock is trading below the 20-Day and 50-Day Moving averages of $6.64 and $6.81 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.89. The company has a total market capitalization of $28 million.
