Orbit International's Power Group receives new follow-on orders totaling in excess of $770,000
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.
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