ORBIT INTERNATIONAL'S ELECTRONICS GROUP RECEIVES NEW ORDER VALUED AT APPROXIMATELY $700,000
Hauppauge, New York, March 28, 2013 - Orbit International Corp. (NASDAQ:ORBT) today announced that its Orbit Instrument Division, which is part of the Company's Electronics Group, received an order for Remote Control Units (RCU) valued at approximately $700,000. Deliveries are scheduled for the first quarter of 2014.
This order is part of a Memorandum of Agreement (MoA) signed in August 2011. Including this award, RCU orders received during the current first quarter under this MoA total approximately $1.9 million. As per the terms of this MoA, the Company should receive additional follow-on orders throughout 2013 to fulfill requirements for the U.S. Navy and U.S. Army.
Orbit is the key U.S. producer of the RCU, a sophisticated controller used by the pilot or other on-board personnel to control the IFF (Identity Friend or Foe) transponder and determine if the aircraft in question is friendly.
Since 2000, the RCU program has generated significant ongoing revenues for Orbit via the receipt of multiple follow-on orders for more than 4,000 units for various configurations. Orbit's prominence in this marketplace is due to the high performance rating and reliability of its product.
Mitchell Binder, President and CEO of Orbit International, commented, "We are pleased that the RCU program remains a significant revenue contributor for Orbit. Our manufacturing operation is working to accommodate our customer's request to accelerate deliveries of this product during 2013. Furthermore, our Electronics Group continues to pursue additional follow-on orders on certain other legacy programs while activity for proposals related to new opportunities have increased as well. However, common to our industry, timing of the receipt of any new awards remains an uncertainty."
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. 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
or Investor Relations Counsel, Lena Cati, 212-836-9611, Devin Sullivan, 212-836-9608, The Equity Group Inc.