Orbit International's First Quarter Bookings Exceed $6,000,000 for Third Consecutive Quarter
Power Group Announces ISO 9001:2008 Certification
Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for its Electronics and Power Groups exceeded $6,000,000 for the first quarter of 2015, the third consecutive quarter that bookings have exceeded this level.
The bookings for the first quarter were highlighted by (i) an order in excess of $2,000,000 received by our Electronics Group for a follow-on order for human machine interface (HMI) applications it had been providing to the U.S. Navy and (ii) an order received by our Power Group in excess of $1,000,000 for COTS power supplies and backplanes that are part of an on-going missile system program. Deliveries for the awards received during the first quarter are scheduled to commence in the second quarter of 2015 and continue through the third quarter of 2016.
In addition, Orbit announced that its Power Group, through its Behlman Electronics subsidiary, was awarded ISO 9001:2008 certification for its Quality Management System for the design, manufacture and repair of AC Power sources, frequency converters, inverters DC-DC, AC-DC, DC-AC and uninterruptible power sources for commercial, industrial and military applications.
Ron Storm, President of Behlman commented, “Behlman has been providing high quality power solutions for over 50 years. Adding ISO 9001:2008 to our Quality Management System accentuates our commitment to making quality management our highest priority and the key to our success as well as the success of our customers’ power solutions. Now, our customer service, process controls and product reliability can be expected to be even better.”
Mitchell Binder, President and CEO of Orbit International commented, “These three consecutive strong booking quarters since the second half of 2014 have increased our backlog, improved our delivery schedules and are expected to increase our revenue beginning in the second quarter of 2015. The significance of these increased bookings is that coupled with the extensive cost cutting initiatives we have taken since mid-2013, our operating leverage should further improve and should contribute to improved margins and operating performance in 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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