Orbit International Corp. (NASDAQ: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 $650,000 for its COTS division.
The first award, valued at approximately $551,000, is a follow-on order for a COTS power supply used in a U.S. Naval anti-submarine and anti-ship surveillance and targeting system. Deliveries under this contract are expected to commence in the first quarter of 2014 and be completed in the second quarter of 2014. Behlman has booked over $11,000,000 in orders for this application since 1999, and expects to receive additional orders for these units through at least the year 2016.
The second order, valued at approximately $111,000, is for a high voltage power supply used in the U.S. Navy’s AN/UYQ-21 display console. These orders are scheduled for delivery in the second quarter of 2014, with additional orders expected. Several years ago, the U.S. Navy selected this Behlman solution to resolve an obsolescence issue on the AN/UYQ-21 display consoles, which are used throughout its fleet. There are close to 200 of these Behlman units currently in service.
Ron Storm, President of Behlman commented, “Our commitment to building products of the highest quality and reliability has enabled us to secure and maintain these types of long-term business relationships. We have been a reliable source of supply on both of these programs for over 14 years and we remain confident that we will continue to receive follow-on orders from our customers.”
Mitchell Binder, President and CEO of Orbit International commented, “These new orders follow the repeat orders that we received for our Power Group this quarter. We are encouraged that these new orders are for our COTS division, which along with our Electronics Group has experienced timing delays on several expected repeat orders due to budget uncertainty. We do expect new orders to be received over the next several weeks which will reaffirm that our legacy business remains intact.”
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.
CONTACT Mitchell Binder, President & Chief Executive Officer, 631-435-8300
or Investor Relations Counsel, Devin Sullivan, 212-836-9608, Lena Cati, 212-836-9611, The Equity Group Inc.