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Orbit International’s Power Group Receives New $693,000 Order for Power Supply Used in Oil and Gas Exploration

Dépèche transmise le 14 juin 2011 par Business Wire

Orbit International’s Power Group Receives New $693,000 Order for Power Supply Used in Oil and Gas Exploration

Orbit International’s Power Group Receives New $693,000 Order for Power Supply Used in Oil and Gas Exploration

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--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”), received a new order valued at $693,000 for a power supply used in oil and gas exploration. This is Behlman’s third order for this power supply in 2011, bringing aggregate orders for this unit to $1,155,000. Deliveries are expected to commence in the third quarter of 2011 and continue through the fourth quarter of 2012.

Mark Tublisky, President of Behlman Electronics commented, “Behlman’s ability to operate in niche markets has been the reason for our continued success during these challenging economic times. Our commitment to being a total power solutions provider has allowed Behlman to uncover various types of long-term production programs which has fueled our revenue growth. Based on significant quoting activity and our success thus far in 2011, we remain confident that Behlman’s business will remain strong for the remainder of the year.”

Mitchell Binder, President and Chief Executive Officer of Orbit International commented, “We are very encouraged by the 94% increase in total bookings for our Power Group through the first five months of 2011. This increase has come from both our Power Group’s Commercial and COTS Divisions. As a result of strong business activity in the oil and gas industry, we expect to continue to see additional business for our Power Group from this sector in the near future.”

Mr. Binder added, “With the 94% and 45% increase in bookings for our Power Group and Instrument Division, respectively through the first five months of this year compared with 2010, coupled with our lower cost structure, we remain confident of continued growth in revenue and profitability in 2011. Additionally, to accelerate growth, we continue to pursue strategic, accretive acquisitions, particularly 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 associated analytical equipment. The Behlman military 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.

Business Wire

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