Orbit International Corp. (NASDAQ:ORBT) today announced that its Electronics Group, through its Orbit Instrument Division, received an order valued at approximately $665,000 for keyboards to be utilized by the Federal Aviation Administration (“FAA”) for its air traffic control systems. Deliveries for this order are expected to commence in the fourth quarter of 2013 and continue through the first quarter of 2014.
The FAA has instituted its Terminal Automation Modernization and Replacement (TAMR) program, which is designed to modernize the air traffic control systems at all the nation’s major airports by combining and upgrading multiple air traffic control technologies to a single state-of-the-art platform, STARS. The TAMR program and STARS platform will provide increased safety and efficiency within the National Airspace System. Orbit’s keyboards play a key role in the state-of-the-art replacement program for the FAA in the management of commercial aviation terminal airspace.
Mitchell Binder, President and CEO, of Orbit commented, “STARS has been a significant program for Orbit resulting in total orders valued at approximately $2.4 million since March 2012. This recent order is one of several follow-on orders that we expected to receive before 2012 year-end but was delayed due to budget concerns. Despite these delays, we believe that our legacy business remains intact. As indicated by our customer, we anticipate additional follow-on orders for our FAA keyboards through 2017.”
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 associated analytical equipment. The Behlman COTS division designs, manufactures and sells power units and electronic products for measurement and display.
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.
CONTACT Mitchell Binder, President & Chief Executive Officer, 631-435-8300
or Investor Relations Counsel, Lena Cati, 212-836-9611, The Equity Group Inc.