Orbit International (ORBT) announced that it received an order for approximately $800,000 for displays from a leading defense contractor for the Machine Control System for the U.S. Navy's CVN 78 class of super aircraft carriers.
This order combined with approximately $1,300,000 of aggregate orders received earlier this year brings total awards for this program to approximately $2.1 million in 2010.
Production is underway at the company's Orbit Instrument Division facility in Hauppauge, NY. Deliveries commenced during this current quarter and are expected to continue through the second quarter of 2012.
The company also announced that it expects to receive between $300,000 and $400,000 in additional display orders for this program in the first quarter of 2011.
Orbit International shares are flat early Monday, on the news.
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up