Orbit International receives new orders in September totaling over $2,500,000. Bookings for Third Quarter Exceed $6,000,000 for Both Segments Combined.
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Power and Electronics Groups have received both new and follow-on orders totaling over $2,500,000.
Total new orders received in September by the Power Group approximated $1,320,000. One of the orders, valued at $770,000, is a follow-on order 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 related orders to over $4.2 million. Deliveries are scheduled to commence in the first quarter 2015 and continue through the second quarter of 2015.
A second order, valued at approximately $199,000, is for a COTS power supply that is used to power the optics on a fire control system for United States Navy ships. Behlman has been supplying these power units for a number of years and anticipates additional awards for these units through 2016. Deliveries are expected to commence in the second quarter of 2015 and continue through the third quarter of 2015.
Ron Storm, President of Behlman commented, “Receiving repeat orders for mission-critical COTS power supplies for more than fifteen years is an accomplishment we are proud to acknowledge. It is quite a testimony to the expertise of our design, manufacturing and engineering teams that Behlman can produce economical COTS power supplies for our customers and at the same time meet stringent military and industrial requirements year after year.”
Total September orders received by the Electronics Group approximated $1,195,000. One of the new orders, valued at approximately $626,000 was a follow-on award for a legacy product manufactured for a major defense contractor. Deliveries are expected in the second quarter of 2015 and to continue through the third quarter of 2015. A second order, valued at approximately $237,000 represents an additional award for a new design effort including qualification units in support of an emerging program. Based on indications from the customer, production quantities for this program could be approximately $4,000,000. Deliveries under these initial contracts are expected to commence in the third quarter of 2015 and continue through the fourth quarter of 2015.
Mitchell Binder, President and CEO of Orbit International commented, “Both our Electronics and Power Groups received orders in September that exceeded $1,000,000. Furthermore, combined bookings for the third quarter have picked up and exceeded $6,000,000 which bodes well for delivery schedules in 2015. Our Power Group continues to receive follow-on awards for its COTS products and our Electronics Group received awards on legacy programs as well as an additional award on a new engineering effort which we believe will result in a considerable amount of production awards that could commence in 2015. While these new orders are significant, our focus remains on monitoring our costs to maximize our operating margins in this difficult business environment.”
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. 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.
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