[November 07, 2012] |
|
Orbit International's Power Group Receives New Order for a Power Supply Used in Oil and Gas Exploration Valued at Approximately $1,360,000
HAUPPAUGE, N.Y. --(Business Wire)--
Orbit International Corp. (NASDAQ:ORBT) today announced that its Power
Group, through its Behlman Electronics, Inc. ("Behlman") subsidiary,
received an order in its commercial division for a power supply used in
oil and gas exploration valued at $1,359,800. Behlman has been supplying
its customer with this unit since 1995 and to date Behlman has shipped
over 1600 units. Deliveries under this contract are expected to begin in
the first quarter of 2013 and continue through the first quarter of 2014.
Ron Storm, President of Behlman Electronics commented, "Behlman's
ability to operate in niche markets explains our continued success
during these challenging economic times. Our commitment to being a power
solutions provider has allowed Behlman to uncover these types of
long-term production programs, enabling us to build a strong base of
repeat business which has been a key factor in our sales growth. As a
result, we remain confident that our business will remain strong for the
balance of this year and in 2013."
Mitchell Binder, President and CEO of Orbit International commented, "We
are very encouraged by this order and the potential for future business
in the oil and gas exploration market. 2012 has been a strong year of
bookings for Behlman, mostly coming from its COTS division for follow-on
orders on legacy programs. This order greatly improves our year-to-date
commercial bookings, which bodes ell for continued improvement in the
operating performance for our Power Group. Most of Orbit's recent large
orders have come from our Power Group; however, our Electronics Group
has several outstanding proposals for equipment on legacy programs and
we expect to book several significant orders before year-end or in the
first quarter of 2013."
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.
[ Back To TMCnet.com's Homepage ]
|