Orbit International's Electronics Group Receives New Order in Excess of $2,000,000
Fourth Quarter Bookings Once Again Exceed $6,000,000 Exclusive of Current Order
Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received an order in excess of $2,000,000 for a follow-on order for human machine interface (HMI) applications it has been providing to the U.S. Navy.
This order is in addition to an award received by Orbit in December for a new HMI application on the same US Naval Program. Disclosure restrictions in the contract prevent the Company from providing further details concerning the award. In addition to this 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, “Exclusive of this follow-on award received in January, combined bookings for both our Electronics Group and Power Group exceeded $6,000,000 in the fourth quarter after reaching that level in the third quarter as well. Our Electronics Group has had very strong bookings in the second half of 2014 which consisted of a significant amount of products for use in new applications. Almost all of these awards have the potential for additional follow-on contracts in future periods.”
Binder continued, “These two strong booking quarters in the second half of 2014 have increased our backlog and will help bolster our shipments, particularly in the second half of 2015. The Company has also taken extensive cost cutting initiatives since mid-2013; consequently, with anticipated increased shipments based on our delivery schedules projected in the second half of 2015, our operating leverage should contribute to improved margins and operating performance.”
The Company also announced that in its continuing efforts to reduce costs, effective January 1, 2015, the Board of Directors agreed to reduce its annual fee and Lawrence Rainville resigned from the Board. Orbit’s Board currently consists of five members, four of whom are independent. Additionally, the Board recently named Fredric Gruder its lead director. Finally, the Company announced that it has entered into new three year employment contracts with Mitchell Binder and David Goldman, its Chief Executive and Chief Financial Officer, respectively.
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 reports posted with the OTC Disclosure and News service as well as Orbit’s prior 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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