Orbit International's Power Group receives two new orders valued at approximately $660,000
Orbit International Corp. (NASDAQ:ORBT) today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary (“Behlman”), has received two new orders valued at approximately $660,000.
The first award valued at approximately $462,000 is for a modified Commercial power supply used by the U.S. Army to facilitate the upgrade of avionics mission equipment, software, and firmware for a military helicopter. Following the evaluation of a standard power supply, Behlman received a purchase order for a “first piece” modified standard unit in February of this year. The unit was delivered and approved in June which has now been followed by this production order. Deliveries for this order are scheduled to begin in the fourth quarter of 2013 and continue through the second quarter of 2014.
The second award valued at approximately $198,000 is a follow-on order for a COTS power supply used to power a display on a U.S. Naval ship, and is part of a system upgrade for an ongoing program. Deliveries for this order are scheduled to commence in the first quarter of 2014 and continue through the third quarter of 2014. Behlman expects to receive additional comparable orders for this product in the future.
Ron Storm, President of Behlman Electronics commented, “Our customers continue to turn to Behlman for power solutions to upgrade their systems with the latest technology, thereby affording their own customers savings in both development costs and delivery time.”
Mitchell Binder, President and CEO of Orbit International commented, “2013 continues to be a year of strong bookings for the Commercial division of our Power Group although bookings for our COTS division and Electronics Group remain sporadic due to budget uncertainty. Contract delays have always been a factor in our business; however, we are currently experiencing greater time delays between contract proposal and actual awards. Despite the contract delays, our legacy business remains intact and our financial condition remains strong, which should enable us to take advantage of opportunities in our marketplace as other weaker companies continue to struggle with industry conditions.”
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 associated analytical equipment inverters. The Behlman 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.
CONTACT Mitchell Binder, President & Chief Executive Officer, 631-435-8300
or Investor Relations Counsel, Lena Cati, 212-836-9611, Devin Sullivan, 212-836-9608, The Equity Group Inc.
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