Orbit International Receives Orders Totaling Approximately $2,000,000
(Marketwire Via Acquire Media NewsEdge) HAUPPAUGE, NY -- (Marketwired) -- 07/16/14 --
Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solutions provider, today announced that its Power and Electronics Groups received new and follow-on orders totaling approximately $2,000,000.
Orbit's Power Group, through its Behlman Electronics, Inc. subsidiary ("Behlman"), received orders totaling approximately $1,200,000. The first order, valued at $738,000, is a follow-on order for a power supply used in oil and gas exploration. Behlman has shipped more than 1,500 of these units to its customer since 1995. Deliveries are scheduled to begin in the first quarter of 2015 and continue through the fourth quarter of 2015.
The second order, valued at approximately $184,000, is for a COTS power supply that is part of an ongoing missile system upgrade program for which Behlman received its initial order in July 2009. This follow-on order brings the total value of 2014 orders received under this program to over $1.5 million. Deliveries are scheduled for the second quarter of 2015. Based on information from our customer, additional orders for these units may be expected in 2014.
The third order, valued at approximately $272,000, is a follow-on order for a COTS power supply used on a U.S. Air Force all-weather airborne reconnaissance aircraft. Over the six-year life of this program, the Power Group has fulfilled over $3 million of orders for these power supplies. Deliveries are scheduled to begin in the fourth quarter of 2014 and continue through the second quarter of 2015.
Ron Storm, President of Orbit's Power Group, commented, "Our commitment to producing products of the highest quality and reliability has enabled us to maintain these long-term business relationships. We have been a reliable source of supply on a number of programs for over 15 years, and we remain confident we will continue to be the supplier of choice for power products on these programs."
Two new orders received by Orbit's Electronics Group approximated $800,000. The first order, for approximately $425,000, was a follow-on award for an overseas military application. Deliveries are expected to begin in the fourth quarter of 2014 and continue through the first quarter of 2015. The second order, valued at approximately $375,000, represents a new design effort including qualification units in support of an emerging program. Deliveries under this initial contract are expected to commence in the third quarter of 2015 and continue through the fourth quarter of 2015. Based on indications from our customer, production quantities for this program could, over time, approximate $4,000,000.
Mitchell Binder, President and CEO of Orbit International, commented, "We are encouraged by these new orders for both our Power and Electronics Groups, which will help drive our improving delivery schedules for 2015. Our Power Group continues to receive follow-on awards for its legacy products and our Electronics Group received an award associated with a new engineering effort, which we believe will result in a considerable amount of future business. Our bid and proposal pipeline continues to grow for our Electronics Group, although timing remains uncertain. In addition, we are continuing to monitor our costs to maximize our operating margins."
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 facility in Hauppauge, New York 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's Power Group manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and associated analytical equipment. The Power Group's COTS division designs, manufactures and sells power units and electronic products for measurement and display.
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.
President & Chief Executive Officer
Investor Relations Counsel
The Equity Group Inc.
Source: Orbit International Corp.
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