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Orbit International Receives Follow-on Award for U.S. Navy MK 437 Gun Mount Control Panels Valued at $600,000

Dépèche transmise le 12 octobre 2011 par Business Wire

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a follow-on award released against a multi-year Indefinite Delivery/Indefinite Quantity (“IDIQ”) agreement from a U.S. Navy Procurement Agency valued in excess of $600,000 for its MK 437 Gun Mount Control Panels (“GMCP”). This recent award was received by the Company’s Integrated Combat Systems, Inc. (“ICS”) subsidiary located in Louisville, Kentucky. These units are expected to be delivered in the second quarter of 2012.

The MK 437 GMCP is a significant sub-system component that supports the Naval MK 160 Gun Computer System and includes custom fabricated enclosures designed to meet the most stringent U.S. Navy operational systems requirements. The MK 437 GMCP is used on all AEGIS Cruisers and Destroyers, and is operationally integrated with the 5”/54 MK-45 Gun Mount systems.

Julie McDearman, ICS Director of Engineering and Logistics commented, “We greatly appreciate the continued trust shown by the U.S. Navy in our experienced team of engineers and logisticians. ICS has been providing the U.S. Navy with the MK 437 GMCP since 2006 and this follow-on order is a continuation of our existing five-year MK 437 IDIQ contract. Of note, the most recent MK 437 GMCP order valued in excess of $1.1 million was received in February 2011. The completion of the design efforts for these units in early 2011 enabled ICS to expedite the delivery schedule for this follow-on order and meet the challenges of full-scale production.”

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased that our Electronics Group continues to receive follow-on orders for its legacy hardware. In addition, each of our operating units continue to work on several new products on programs that are in the prototype or pre-production stage, which we expect to enter into initial production in the near future. Because qualification testing is done at both the subcontractor and prime contractor level, the timing of these initial production awards remains uncertain.”

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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