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10/09/2012 | Press release
distributed by noodls on 10/09/2012 10:33
ORBIT INTERNATIONAL'S POWER GROUP RECEIVES TWO NEW ORDERS TOTALING OVER $800,000
Through September 30th, Power Group Bookings Running 12% Ahead of Prior Year Period
Hauppauge, New York, October 9, 2012 --- Orbit
International Corp. (NASDAQ:ORBT) today announced that its
Power Group, through its Behlman Electronics subsidiary
("Behlman"), received two new orders for its COTS
division with a combined value of over $800,000.
The first order, valued at approximately $696,000, is for a
COTS power supply used in a United States Naval
anti-submarine and anti-ship surveillance and targeting
system. Deliveries are scheduled to begin in the first
quarter of 2013 and continue through the third quarter of
2013. Behlman has been supplying its customer with this
power supply for over 10 years and anticipates additional
awards for this unit through 2016.
The second order, valued at approximately $112,000, is for a power supply used in an Unmanned Aerial Vehicle (UAV). UAV aircraft, commonly known as drones, is a military aircraft without a human pilot on board and is controlled from the ground through a remote control unit ("RCU") installed on a computer. Behlman has been supplying this power unit for several years and anticipates future orders as the requirements for drone aircraft continue to expand. Deliveries are expected to commence in the first quarter of 2013 and continue through the second quarter of the year.
Ron Storm, President and CEO of Behlman commented,
"Despite challenging economic conditions,
Behlman's business remains strong with significant
activity for both new and repeat orders for its products
used in COTS power applications. Behlman continues to work
with major OEMs developing power solutions on many
commercial and military programs which have and will
continue to provide many years of repeat business. This
strong base of business has helped fuel continued
development of new standard COTS products, such as
Behlman's recent product launch of its industry leading
VPXtra power modules. Development of new products has been
a key driver in Behlman's revenue and earnings growth
over the past decade."
Mitchell Binder, President and CEO of Orbit International
commented, "2012 has been a year of strong bookings
for our Power Group. Through September 30th, bookings are
up approximately 12% over the same period of 2011, which
was a record year of bookings for our Power
Group."
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. Its Behlman Electronics, Inc. subsidiary
manufactures and sells high quality commercial power units,
AC power sources, frequency converters, uninterruptible
power supplies and COTS power solutions.
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, Linda Latman, 212-836-9609,
Lena Cati, 212-836-9611, The Equity Group Inc.