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 two new orders valued in excess of $1,675,000 for its COTS division.
These awards are follow-on orders for COTS power supplies used in a U.S. Naval anti-submarine and anti-ship surveillance and targeting system and a wide area surveillance radar system. Deliveries are expected to commence in the second quarter of 2015 and be completed in the first quarter of 2016. With respect to the order for the anti-submarine and anti-ship surveillance and targeting system, inclusive of this order, Behlman has booked over $14,900,000 for this application since 1999 and expects to receive additional orders for these units through at least 2016.
Ron Storm, President of Behlman commented, “Receiving follow-on orders for mission-critical COTS power supplies for more than fifteen years is an accomplishment we are proud to acknowledge. It is quite a testimony to the expertise of our design, manufacturing and engineering teams that Behlman can produce both economical and reliable COTS power supplies for our customers and at the same time be able to meet stringent military and industrial requirements year after year.”
Mitchell Binder, President and CEO of Orbit International commented, “These orders come on the heels of two strong booking months in October and November 2014 from our Electronics Group and as well as over $6,000,000 in combined bookings in our third quarter from both our Electronics and Power Groups. We are encouraged by these latest orders for our Power Group which has helped to improve our consolidated year-end backlog and firm up our delivery schedules for 2015 as many of these recent awards will begin shipping in the second quarter of 2015. We are still anticipating other follow-on awards on existing programs which we hope to receive early in 2015 which will also positively impact 2015 shipments.”
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.