Orbit International's Power Group Receives Two New Orders Valued at Approximately $660,000
11 Septembre 2013 - 2:45PM
Marketwired
Orbit International Corp. (NASDAQ: ORBT) today announced that its
Power Group, through its Behlman Electronics, Inc. subsidiary
("Behlman"), has received two new orders valued at approximately
$660,000.
The first award valued at approximately $462,000 is for a
modified Commercial power supply used by the U.S. Army to
facilitate the upgrade of avionics mission equipment, software, and
firmware for a military helicopter. Following the evaluation of a
standard power supply, Behlman received a purchase order for a
"first piece" modified standard unit in February of this year. The
unit was delivered and approved in June which has now been followed
by this production order. Deliveries for this order are scheduled
to begin in the fourth quarter of 2013 and continue through the
second quarter of 2014.
The second award valued at approximately $198,000 is a follow-on
order for a COTS power supply used to power a display on a U.S.
Naval ship, and is part of a system upgrade for an ongoing program.
Deliveries for this order are scheduled to commence in the first
quarter of 2014 and continue through the third quarter of 2014.
Behlman expects to receive additional comparable orders for this
product in the future.
Ron Storm, President of Behlman Electronics commented, "Our
customers continue to turn to Behlman for power solutions to
upgrade their systems with the latest technology, thereby affording
their own customers savings in both development costs and delivery
time."
Mitchell Binder, President and CEO of Orbit International
commented, "2013 continues to be a year of strong bookings for the
Commercial division of our Power Group although bookings for our
COTS division and Electronics Group remain sporadic due to budget
uncertainty. Contract delays have always been a factor in our
business; however, we are currently experiencing greater time
delays between contract proposal and actual awards. Despite the
contract delays, our legacy business remains intact and our
financial condition remains strong, which should enable us to take
advantage of opportunities in our marketplace as other weaker
companies continue to struggle with industry conditions."
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 inverters. 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 Investor Relations Counsel Lena Cati 212-836-9611
Devin Sullivan 212-836-9608 The Equity Group Inc.
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