Orbit International's Electronics Group Receives Production Orders for MK 110 SDC Valued in Excess of $626,000
03 Octobre 2013 - 2:45PM
Marketwired
Orbit International Corp. (NASDAQ: ORBT), an electronics
manufacturer and software solutions provider, today announced that
its Integrated Combat Systems, Inc. ("ICS") subsidiary which is
part of Orbit's Electronics Group, received an initial production
order from a U.S. Navy Procurement Agency valued at more than
$626,000 for its MK 110 Signal Data Converter ("SDC").
As announced in April 2012, ICS received a base contract award
valued in excess of $5,758,000 for MK 110 SDC prototype units. In
April and May of 2012, ICS received two initial task orders under
this base contract with a combined value of approximately
$1,597,000. These initial task orders allowed the U.S. Navy to test
the design competency of the MK 110 SDC and evaluate this unit
against the full range of environmental trials, including
MIL-S-901D shock.
This latest order represents the first production award under
this agreement, with delivery due by February 2014. Including this
order, MK 110 SDC orders received under the base contract total
approximately $2,277,000. Additional orders for the remainder of
the contract are expected over the next four years that could total
approximately $3,000,000.
The MK 110 SDC is a major configuration item of the GCS MK 160
MOD. It includes custom fabricated enclosures;
Commercial-Off-The-Shelf and Non-Developmental Items components,
which also are designed to meet the most stringent U.S. Navy
operational systems requirements. The MK 110 SDC is to be deployed
on DDG 51-78 as part of the AEGIS Modernization Program and is
operationally integrated with the 5"/54 MK-45 Gun Mount
systems.
Julie McDearman, ICS's Chief Operating Officer, commented, "We
recently completed a demanding year-long environmental assessment
of our SDC design, which was deemed fully qualified by the U.S.
Navy. This order is integral to the first option year on our
five-year SDC contract."
Mitchell Binder, President and CEO of Orbit International
commented, "This award, for our Electronics Group, is one of
several orders for legacy hardware that was expected at an earlier
date and finally received at the end of the third quarter. We are
encouraged that these orders, although delayed, ultimately are
awarded as anticipated, which affirms our belief that all our
legacy business remains intact. We do expect other orders for
legacy business to be received over the next several weeks. Due to
continuing budget concerns, the timing of the receipt of expected
orders and the corresponding impact to future revenue remains our
greatest challenge."
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 Investor Relations Counsel Lena Cati 212-836-9611
Devin Sullivan 212-836-9608 The Equity Group Inc.
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