Orbit International's Power Group Receives New Follow-On Orders Totaling in Excess of $770,000
June 05 2014 - 7:45AM
Marketwired
Orbit International's Power Group Receives New Follow-On Orders
Totaling in Excess of $770,000
HAUPPAUGE, NY--(Marketwired - Jun 5, 2014) - Orbit International
Corp. (NASDAQ: ORBT), an electronics manufacturer and software
solution provider, today announced that its Power Group, through
its Behlman Electronics, Inc. subsidiary ("Behlman"), has received
new follow-on orders totaling in excess of $770,000.
The first order, valued at approximately $654,000, 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 orders
for this program to over $3.5 million. Deliveries are
scheduled to commence in the third quarter of 2014 and continue
through the first quarter of 2015. Furthermore, based on
information from its customer, Behlman anticipates additional
orders in 2014.
The second order, valued at approximately $118,000, is a
follow-on order for a COTS power supply used on a water
purification system on a US Navy guided missile
destroyer. Deliveries are scheduled for the fourth quarter of
this year.
Ron Storm, President of Behlman commented, "Despite challenging
economic conditions, Behlman's COTS division continues to generate
both new and repeat orders for its products. Behlman continues to
work with major contractors developing power solutions for
commercial and military programs which should continue to provide
many years of follow-on business."
Mitchell Binder, President and Chief Executive Officer of Orbit
International Corp. commented, "This is our second order in 2014
for this COTS power supply in support of an ongoing missile
program. These two contracts approximated $1,429,000 with
additional orders expected in 2014. Despite difficult industry
conditions, bookings for our COTS division have improved over the
prior year. Also, in our Electronics Group, we have had a
significant increase to our proposal pipeline, particularly our
legacy business, but the timing of actual orders remains uncertain.
In addition, we continue to carefully monitor our costs in order 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 facility 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 The Equity Group
Inc.
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