Through September 30th, Power Group Bookings Running 12% Ahead of Prior Year Period
HAUPPAUGE, N.Y.--(BUSINESS WIRE)-- 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.
Orbit International Corp.
Mitchell Binder, 631-435-8300
President & Chief Executive Officer
Investor Relations Counsel
The Equity Group Inc.
Lena Cati, 212-836-9611
Linda Latman, 212-836-9609
Source: Orbit International Corp.