Orbit International's Electronics Group receives new order in excess of $1,000,000
Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received an order in excess of $1,000,000 for a new human machine interface (HMI) application.
This order relates to a significant program for the U.S. Navy for which Orbit has been providing other products for several years. This new award is the culmination of a two year effort to secure this new product opportunity. Disclosure restrictions in the contract prevent the Company from providing further details concerning the award. In addition to this initial award, there is the potential for future production and spare requirements for this product. Deliveries for this award are scheduled to commence in the second quarter of 2015 and continue through the third quarter of 2016.
Mitchell Binder, President and CEO of Orbit International commented, “For the last two years, our management team has been cultivating new business opportunities from its existing customer base. Back in August and September of 2014, we announced an award for a new design effort which we believe could lead to significant production awards in the future. This latest contract for the U.S. Navy was based on our price and design capabilities and is a great win for our sales, engineering and operations team. We anticipate that our success in winning new opportunities such as this award may provide the organic business growth we seek to layer on to our strong recurring core base of business.”
Binder continued, “This award comes on the heels of a strong booking month in October for our Electronics Group and the strongest combined booking quarter of the year for our Electronics and Power Groups in our third quarter. These awards have helped increase our backlog and improved our delivery schedules for 2015. The Company is still anticipating other awards which it hopes to receive by year end. Furthermore, with all the cost cutting initiatives we have taken to restructure our business in the last twelve months, we expect improved performance in 2015 through the operating leverage inherent in our business.”
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, as well as Orbit’s reports posted with the OTC Disclosure and News service. 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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