Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group, through its Orbit Instrument Division, received a follow-on award from the U.S. Navy valued at approximately $1,183,000 for the manufacture of Color Programmable Entry Panels (Color PEP). Delivery of the Color PEP units is scheduled to begin in the first quarter of 2014 and will continue through the third quarter of 2014.
Orbit’s state-of-the-art Color PEP units support UYQ-21 Naval console requirements and are used with the computer display systems for surface ships. Color PEP units provide U.S. Navy with a low-cost, high-tech solution to upgrade and replace over 3,500 older Orbit Plasma Entry Panels that have been deployed on the U.S. Naval Fleet since 1982.
Mitchell Binder, President and CEO of Orbit, commented, “The Color PEP replacement program represent a significant long-term opportunity, as a large number of Arleigh Burke class AEGIS destroyers and Ticonderoga class AEGIS cruisers remain in domestic and foreign fleet service. The previous Color PEP order valued at approximately $1.8 million was awarded in February 2012 and we expect additional orders for this program to be received in the future.”
Mr. Binder, added, “We continue to receive orders for our legacy products that were expected at earlier dates in 2013, which affirms our belief that our legacy business remains intact. However, we continue to operate in a very difficult business environment due to great uncertainty surrounding budget discussions in Washington. Our financial condition remains very strong and we are operating our business in a prudent manner, tightly managing our costs while not compromising our ability to take advantage of new opportunities in our marketplace.”
Orbit International Corp. is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. 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 facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. The Power Group, through its Behlman Electronics, Inc. subsidiary, manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and inverters. The Behlman COTS division designs, manufactures and sells highly reliable power units for industrial and military applications.
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. 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.