Orbit's Electronics Group signs US Navy contract for HMI applications
The US Navy has awarded a follow-on contract to Orbit International's Electronics Group for the delivery of additional human machine interface (HMI) applications.
The $2m order follows a similar award in December 2014 for a new HMI application.
Orbit International president and CEO Mitchell Binder said: "Exclusive of this follow-on award received in January, combined bookings for both our Electronics Group and Power Group exceeded $6m in the fourth quarter, after reaching that level in the third quarter as well.
"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."
Deliveries will start later this year and continue until 2016.
Last month, the company's Power Group was awarded a navy contract to supply its COTS power supplies and wide-area surveillance radar system for integration in the navy's anti-submarine and anti-ship surveillance and targeting system.