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Orbit International’s Electronics Group Receives Prototype and Initial Production Order for Display for F-16 Aircraft with an Aggregate Value of Approximately $409,000

Dépèche transmise le 15 décembre 2011 par Business Wire

Orbit International’s Electronics Group Receives Prototype and Initial Production Order for Display for F-16 Aircraft with an Aggregate Value of Approximately $409,000

Orbit International’s Electronics Group Receives Prototype and Initial Production Order for Display for F-16 Aircraft with an Aggregate Value of Approximately $409,000

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT) today announced that its Electronics Group, through its Tulip Development Labs subsidiary (“TDL”), has been selected to develop prototype displays for three major aircraft programs: KC-135 military aircraft, the P-3 Orion aircraft, and the F-16 fighter jet. In connection with the F-16 prototype award valued at $65,000, TDL was also awarded an initial production order valued at approximately $344,000. Details are as follows:

  • A leading defense contractor has selected TDL to produce a prototype and qualification display for use on the F-16 aircraft, a multi-role jet fighter aircraft. To meet this customer’s accelerated requirements, TDL plans to deliver this display prototype before 2011 year-end. Once the prototype, for which TDL will be paid $65,000, meets qualification testing, TDL will begin production, as shipments of this order valued at approximately $344,000 are scheduled for the second quarter in 2012. Additional production orders are expected in 2012 with same year delivery.
  • TDL received a prototype order for a 15 inch portrait display unit from a new customer for use on the KC-135 military aircraft. Delivery of this prototype is expected before 2011 year-end and, once qualification testing is completed, TDL anticipates production orders to follow. Although the timing and the magnitude of production quantities are uncertain, the production orders for this display could be substantial, as the fleet of more than 400 KC-135 aircraft has been in active duty for more than 50 years.
  • The New Zealand Ministry of Defense has ordered a prototype display used on the P-3 Orion, a land-based maritime patrol aircraft. Following the delivery of this prototype and its qualification testing, this customer has indicated that it plans to place an initial production order valued at approximately $200,000 in 2012. Of note, TDL developed and produced the previous generation of P-3 Orion display for this customer.

Mitchell Binder, President and CEO of Orbit International commented, “Prototype and qualification orders are historically the foundation of our organic growth as they generally lead to initial production and follow-on orders and recurring revenues. We value both new customers, as is the case on the KC-135 aircraft, and legacy programs, like the P-3 Orion, where we are selected for system advances and upgrades. With respect the F-16, we expect several follow-on orders for this program, which should provide a good foundation of business for several years to come.”

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.

Business Wire

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