(Marketwire Via Acquire Media NewsEdge) HAUPPAUGE, NY -- (Marketwired) -- 02/10/14 --
Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary ("Behlman"), has received new follow-on orders totaling in excess of $1,000,000.
The first order, valued at approximately $775,000, is for a COTS power supply that is part of a system upgrade for an ongoing program for which Behlman received its initial order in July 2009. This follow-on order brings the total value of related orders to over $2.9 million. Deliveries are scheduled to commence in the second quarter of 2014 and continue through the fourth quarter of 2014. Furthermore, based on indications from its customer, Behlman anticipates additional orders in 2014.
The second order, valued at approximately $227,000, is a follow-on order for a COTS power supply and a modified COTS AC power supply both used on the RC-135, a U.S. Air Force all-weather airborne reconnaissance aircraft. Over the life of this program, Behlman has received orders for these power supplies valued at over $3 million. Deliveries are scheduled for the second and third quarters of 2014.
Ron Storm, President of Behlman commented, "Behlman's ability to operate in niche markets has been the reason for our continued success. Our commitment to being a total power solutions provider has allowed Behlman to uncover various types of long-term production programs for both commercial and military markets in niche applications."
Mitch Binder, President and Chief Executive Officer of Orbit International Corp. commented, "The ability of our Power Group to operate in both the commercial and military COTS marketplace has enabled its business to remain strong despite uncertain conditions in our industry over the last two years. We continue to expect follow-on awards for both our Power and Electronics Groups on our legacy programs although timing of such awards remains an issue. We also continue to carefully watch our costs and we believe that we will benefit from the cost cutting initiatives that we commenced in 2012 and continued through 2013, which should result in improved operating efficiencies in 2014. Furthermore, we remain encouraged by our bid opportunity pipeline which we hope will lead to new product and program awards."
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. 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.
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