Orbit International's Power Group Receives New Orders Totaling in Excess of $1,000,000
Total Orders Received by Orbit in January Exceed $3,900,000
Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solutions provider, today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary (“Behlman”), has received new orders for power supplies and backplanes valued in excess of $1,000,000.
The new orders represent follow-on contracts for COTS power supplies and backplanes that are part of an ongoing missile system upgrade program for which Behlman received its initial order in July 2009. These follow-on orders bring the total value of related orders to over $5.2 million to date. Deliveries are scheduled to commence in the third quarter 2015 and continue through the first quarter of 2016.
Ron Storm, President of Behlman commented, “We are very proud to continue to receive repeat orders for mission-critical COTS power supplies. This is an acknowledgement of the efforts put forth by our engineering, design and manufacturing team here at Behlman. It is also serves to affirm Behlman’s ability to produce economical COTS power supplies for our customers and at the same time meet stringent military requirements year after year.”
Mitchell Binder, President and CEO of Orbit International commented, “Both our Electronics and Power Groups had an excellent booking month in January with combined orders that exceeded $3,900,000. These large awards build upon our improved bookings from the second half of 2014 where combined orders for both the third and fourth quarter of 2014 exceeded $6,000,000. These significant orders have increased our backlog which, combined with our cost cutting initiatives since mid- 2013, should further contribute to improved operating performance beginning in the second quarter of 2015.”
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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