Orbit International's Power Group Receives New Follow-On Orders Totaling in Excess of $1,000,000
11 February 2014 - 12:45AM
Marketwired
Orbit International's Power Group Receives New Follow-On Orders
Totaling in Excess of $1,000,000
HAUPPAUGE, NY--(Marketwired - Feb 10, 2014) - Orbit
International Corp. (NASDAQ: ORBT), an electronics manufacturer and
software solution provider, today announced that its Power Group,
through its Behlman Electronics, Inc. subsidiary ("Behlman"), has
received new follow-on orders totaling in excess of $1,000,000.
The first order, valued at approximately $775,000, is for a COTS
power supply that is part of a system upgrade for an ongoing
program for which Behlman received its initial order in July 2009.
This follow-on order brings the total value of related orders to
over $2.9 million. Deliveries are scheduled to commence in the
second quarter of 2014 and continue through the fourth quarter of
2014. Furthermore, based on indications from its customer, Behlman
anticipates additional orders in 2014.
The second order, valued at approximately $227,000, is a
follow-on order for a COTS power supply and a modified COTS AC
power supply both used on the RC-135, a U.S. Air Force all-weather
airborne reconnaissance aircraft. Over the life of this program,
Behlman has received orders for these power supplies valued at over
$3 million. Deliveries are scheduled for the second and third
quarters of 2014.
Ron Storm, President of Behlman commented, "Behlman's ability to
operate in niche markets has been the reason for our continued
success. Our commitment to being a total power solutions provider
has allowed Behlman to uncover various types of long-term
production programs for both commercial and military markets in
niche applications."
Mitch Binder, President and Chief Executive Officer of Orbit
International Corp. commented, "The ability of our Power Group to
operate in both the commercial and military COTS marketplace has
enabled its business to remain strong despite uncertain conditions
in our industry over the last two years. We continue to expect
follow-on awards for both our Power and Electronics Groups on our
legacy programs although timing of such awards remains an issue. We
also continue to carefully watch our costs and we believe that we
will benefit from the cost cutting initiatives that we commenced in
2012 and continued through 2013, which should result in improved
operating efficiencies in 2014. Furthermore, we remain encouraged
by our bid opportunity pipeline which we hope will lead to new
product and program awards."
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 and designs
and manufactures combat systems and gun weapons systems, provides
system integration and integrated logistics support and
documentation control at its facility 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 Lena Cati 212-836-9611 The Equity Group
Inc.
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