|By Marketwired .||
|August 20, 2014 08:45 AM EDT||
HAUPPAUGE, NY -- (Marketwired) -- 08/20/14 -- Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solutions provider, today announced that its Power and Electronics Groups received follow-on orders totaling approximately $770,000.
Orbit's Power Group, through its Behlman Electronics, Inc. subsidiary ('Behlman") received a follow-on order for approximately $550,000 for a COTS power supply used in a U.S. Naval anti-submarine and anti-ship surveillance and targeting system. Deliveries are expected to commence in the first quarter of 2015 and be completed in the third quarter of 2015. Behlman has received orders for this application since 1999 and expects to receive additional orders for these units through at least 2016.
Orbit's Electronics Group, through its Integrated Combat Systems, Inc. ("ICS") subsidiary, received a follow-on production order from a U.S Naval Procurement Agency valued at approximately $220,000 for its MK 110 Signal Data Converter ("SDC"). In April 2012, ICS received a base contract award valued in excess of $5,758,000 for MK 110 SDC prototype and production units. All prototype units have been delivered and this latest order represents a follow-on production award with delivery due by the fourth quarter of 2014. Additional orders for the remainder of this contract could total approximately $2,750,000 over the next four years.
Mitchell Binder, President and CEO of Orbit International commented, "Our backlog has improved since quarter-end due to the receipt of certain new and follow-on contracts. Our bid and proposal pipeline continues to grow and although timing is always an uncertainty, we are hopeful that some additional legacy awards will be received before the end of the current third quarter which should well position our 2015 delivery schedules."
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. Orbit's Power Group manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and associated analytical equipment. The Power Group's 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.
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