Orbit International receives $480,000 follow-on order for the E-2D advanced hawkeye aircraft
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group, through its Orbit Instrument Division, received an order to supply mission control data entry devices for the E-2D Advanced Hawkeye, the all weather carrier-capable Airborne Early Warning (AEW) aircraft. The contract is valued in excess of $480,000, and deliveries are expected to commence in the first quarter of 2014 and continue through the second quarter of 2014.
Currently in development, the E-2D Advanced Hawkeye is the newest variant of the E-2 aircraft platform. The E-2D enjoys a number of upgrades over its predecessor, including completely new radar, advanced IFF systems, a modernized communications and data link suite.
The E-2D Advanced Hawkeye uses computerized radar, Identification Friend or Foe, and electronic surveillance sensors to provide early warning threat analysis against potentially hostile air and surface targets. The aircraft also can perform long-range surveillance, search and rescue, provide over-the-horizon radio relays, and act as a flying air traffic control unit in disaster recovery operations.
Mitchell Binder, President and CEO of Orbit, commented, “We have been involved in the E-2 Hawkeye program since 2000, initially providing our data entry devices for the E-2C aircraft and since 2011 for its latest version, the E-2D aircraft. The initial operating testing of two E-2D prototypes was completed earlier this year and according to Naval Air Systems Command (NAVAIR), the model is now cleared for full-rate production. Initial plans call for 75 new E-2D Hawkeye aircraft to enter duty in the near future and we are currently expecting a multi-year award of approximately $2 million during the first quarter of 2014 and additional follow-on awards for several years to come.”
Mr. Binder added, “Of note, although the initial order for this program was awarded to us in early 2011, the release of follow-on orders for this and other legacy programs was delayed due to budget concerns. We are encouraged by our recent award activity, as several of the anticipated orders, including this E2-D project, were finally awarded to us. We expect other significant orders for legacy hardware to be released in the near future.”
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.
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