Power Group's Total Bookings for February 2013 Reach Approximately $1.5 Million
Hauppauge, New York, March 19, 2013 Orbit International Corp. (NASDAQ:ORBT) today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary ("Behlman"), has received two new orders totaling in excess of $925,000.
The first award, valued at $695,880, is a follow-on order for a COTS power supply used in a U.S. Naval anti-submarine and anti-ship surveillance and targeting system. Deliveries under this contract are expected to commence in the third quarter of 2013 and be completed in the fourth quarter of 2013.
The second award, valued at $229,795, is a follow-on order for a COTS high voltage power supply used in the U.S. Navy's AN/UYQ-21 display console. This high voltage power supply was selected several years ago by the U.S. Navy to resolve an obsolescence issue on these display consoles used throughout its fleet. Deliveries are expected to be completed in the fourth quarter of 2013.
Ron Storm, President of Behlman commented, "Behlman's business remains strong across both our COTS and Commercial Divisions. The receipt of repeat production orders such as these two further validates Behlman's business model, which emphasizes flexible designs, individualized engineering support, and superior customer service. In addition to Behlman's niche business in COTS power solutions, we are committed to the development of standard products for both our Commercial and COTS Divisions which will form the basis of new product platforms to drive Behlman's continuing growth in the coming years."
Mitch Binder, President and Chief Executive Officer of Orbit International Corp. commented, "Behlman's ability to operate in both the commercial and military COTS marketplace has enabled its business to remain strong despite weak economic conditions over the last two years. Our Power Group's total bookings for the month of February reached approximately $1.5 million. We continue to expect follow-on awards for both our Power and Electronics Groups although timing is always an issue. Furthermore, despite uncertainty over the future DoD budget, our proposal activity remains very good for both legacy hardware and new opportunities."
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, The Equity Group Inc.