Orbit International's Electronics Group receives new orders in October totaling over $1,300,000
Orbit International Corp. (OTC Pink:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received follow-on orders for its products on several legacy programs totaling over $1,300,000.
One of the orders, valued at approximately $400,000, is a follow-on order for a flat panel display used on a U.S. Navy program for anti-submarine warfare. The other new awards received by the Electronics Group in October consist of orders for flat panel displays, Remote Control Units (RCUs) and other legacy products. Deliveries for these awards are scheduled to commence in the first quarter of 2015 and continue through the third quarter of 2016.
Mitchell Binder, President and CEO of Orbit International commented, “As we have previously announced, our Electronics Group had been anticipating several follow-on awards for its legacy products. These contracts received in the month of October represent only a portion of these anticipated awards. The Company is still anticipating other significant awards which it hopes to receive by year end and along with these recent bookings, our delivery schedules for 2015 continue to improve. While these repeat orders are significant, we remain focused on developing new program opportunities as well as reducing 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. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
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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