Orbit International's Power Group Receives New Order Valued at Approximately $770,000 for its COTS Division
May 2015 Bookings for Power Group Exceed $1,000,000
Hauppauge, New York, June 3, 2015 -- 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”), recorded total bookings for the month of May in excess of $1,000,000. These total bookings were highlighted by a new order valued at approximately $770,000 for its COTS division.
This award for approximately $770,000 is a follow-on contract for COTS power supplies that is part of an ongoing missile system upgrade program for which Behlman received its initial order in July 2009. This follow-on order brings the total value of related orders to over $6 million. Furthermore, based on information from its customer, Behlman anticipates additional orders for this program in the second half of 2015. Deliveries are scheduled to commence in the fourth quarter of 2015 and continue through the second quarter of 2016.
Ron Storm, President of Behlman commented, “Receiving follow-on orders for mission-critical COTS power supplies for more than seven years is an accomplishment we are proud to acknowledge. It is a credit to our design, manufacturing and engineering teams that Behlman can produce economical COTS power supplies for our customers and at the same time meets stringent military and industrial requirements. We are optimistic that this program will continue to provide follow-on opportunities in 2015 and thereafter.”
Mitchell Binder, President and CEO of Orbit International commented, “We continue to build upon three consecutive strong booking quarters dating back to the third quarter of 2014. We also continue to strengthen our alliances with certain key customers which we hope will result in additional follow-on contracts as well as new opportunities. We made some additional cost reduction moves during the current second quarter which adds to the significant cost cutting that we have made since mid-2013. As a result, we expect our gross margins and operating results to improve for the remainder of 2015 as revenues increase.”
The Company also announced that its 2015 Annual Meeting of Stockholders will be held at its corporate office located at 80 Cabot Court, Hauppauge, NY at 10:00 a.m. on June 19, 2015. The official notice of meeting, proxy statement, proxy voting card and 2014 Annual Report are available on its website, www.orbitintl.com under “Investor Relations”.
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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