Orbit International's Power Group Receives Two New Orders Valued in Excess of $650,000 for Its COTS Division
26 Settembre 2013 - 2:45PM
Marketwired
Orbit International Corp. (NASDAQ: ORBT), an electronics
manufacturer and software solutions provider, today announced that
its Power Group, through its Behlman Electronics, Inc. subsidiary
("Behlman"), has received two new orders valued in excess of
$650,000 for its COTS division.
The first award, valued at approximately $551,000, is a
follow-on order for a COTS power supply used in a U.S. Naval
anti-submarine and anti-ship surveillance and targeting system.
Deliveries under this contract are expected to commence in the
first quarter of 2014 and be completed in the second quarter of
2014. Behlman has booked over $11,000,000 in orders for this
application since 1999, and expects to receive additional orders
for these units through at least the year 2016.
The second order, valued at approximately $111,000, is for a
high voltage power supply used in the U.S. Navy's AN/UYQ-21 display
console. These orders are scheduled for delivery in the second
quarter of 2014, with additional orders expected. Several years
ago, the U.S. Navy selected this Behlman solution to resolve an
obsolescence issue on the AN/UYQ-21 display consoles, which are
used throughout its fleet. There are close to 200 of these Behlman
units currently in service.
Ron Storm, President of Behlman commented, "Our commitment to
building products of the highest quality and reliability has
enabled us to secure and maintain these types of long-term business
relationships. We have been a reliable source of supply on both of
these programs for over 14 years and we remain confident that we
will continue to receive follow-on orders from our customers."
Mitchell Binder, President and CEO of Orbit International
commented, "These new orders follow the repeat orders that we
received for our Power Group this quarter. We are encouraged that
these new orders are for our COTS division, which along with our
Electronics Group has experienced timing delays on several expected
repeat orders due to budget uncertainty. We do expect new orders to
be received over the next several weeks which will reaffirm that
our legacy business remains intact."
Orbit International Corp. is involved in the manufacture of
customized electronic components and subsystems for military and
nonmilitary government applications through its production
facilities in Hauppauge, New York, and Quakertown, Pennsylvania;
and designs and manufactures combat systems and gun weapons
systems, provides system integration and integrated logistics
support and documentation control at its facilities in Louisville,
Kentucky. Orbit International Corp., through its Electronics Group,
is involved in the manufacture of customized electronic components
and subsystems for military and nonmilitary government applications
through its production facilities in Hauppauge, New York, and
Quakertown, Pennsylvania; and designs and manufactures combat
systems and gun weapons systems, provides system integration and
integrated logistics support and documentation control at its
facilities in Louisville, Kentucky. The Power Group, through its
Behlman Electronics, Inc. subsidiary, manufactures and sells high
quality commercial power units, AC power sources, frequency
converters, uninterruptible power supplies and inverters. The
Behlman COTS division designs, manufactures and sells highly
reliable power units for industrial and military applications.
Certain matters discussed in this news release and oral
statements made from time to time by representatives of the Company
including, statements regarding our expectations of Orbit's
operating plans, deliveries under contracts and strategies
generally; statements regarding our expectations of the performance
of our business; expectations regarding costs and revenues, future
operating results, additional orders, future business opportunities
and continued growth, may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the Federal securities laws. Although Orbit believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends
and uncertainties that could cause actual results to differ
materially from those projected. Many of these factors are beyond
Orbit International's ability to control or predict. Important
factors that may cause actual results to differ materially and that
could impact Orbit International and the statements contained in
this news release can be found in Orbit's filings with the
Securities and Exchange Commission including quarterly reports on
Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K
and its other periodic reports. For forward-looking statements in
this news release, Orbit claims the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Orbit assumes no obligation to
update or supplement any forward-looking statements whether as a
result of new information, future events or otherwise.
CONTACT Mitchell Binder President & Chief Executive Officer
631-435-8300 or Investor Relations Counsel Lena Cati 212-836-9611
Devin Sullivan 212-836-9608 The Equity Group Inc.
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