HAUPPAUGE, NY--(Marketwired - Jan 6, 2014) - Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solutions provider, today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary ("Behlman"), has received a new order valued in excess of $695,000 for its COTS division.
This award 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 are expected to commence in the second quarter of 2014 and be completed in the third quarter of 2014. Including this order, Behlman has booked over $11,500,000 for this application since 1999, and expects to receive additional orders for these units through at least 2016.
Ron Storm, President of Behlman commented, "Receiving repeat orders for mission-critical COTS power supplies for more than fifteen years is an accomplishment we are proud to acknowledge. It is quite a testimony to the expertise of our design, manufacturing and engineering teams that Behlman can produce economical COTS power supplies for our customers and at the same time meet stringent military and industrial requirements year after year."
Mitchell Binder, President and CEO of Orbit International commented, "We are encouraged by this latest order for our Power Group, which represents the second purchase order we received for this program since September 2013, with a combined value of approximately $1,250,000. Currently we have a good bid opportunity pipeline and are hopeful that the recent budget agreement in Washington will give our customers the greater budget clarity needed to speed up the procurement process going forward."
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. 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 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.