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Orbit International Corp. Announces $800,000 Order for Displays for CVN 78 Super Carrier

Dépèche transmise le 27 décembre 2010 par Business Wire

Orbit International Corp. Announces $800,000 Order for Displays for CVN 78 Super Carrier

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solution provider, today announced that it received an order for approximately $800,000 for displays from a leading defense contractor for the Machine Control System for the U.S. Navy’s CVN 78 class of super aircraft carriers. This order combined with approximately $1,300,000 of aggregate orders received earlier this year brings total awards for this program to approximately $2.1 million in 2010. Production is underway at the Company’s Orbit Instrument Division facility in Hauppauge, NY. Deliveries commenced during this current quarter and are expected to continue through the second quarter of 2012.

“We are very proud of our association with, and contribution to, the CVN 78. Based upon the Navy’s long-term plans for 11 such aircraft carriers, we look forward to receiving additional display orders over the next several years.”

The Company also announced that it expects to receive between $300,000 and $400,000 in additional display orders for this program in the first quarter of 2011.

Bruce Reissman, Orbit’s Chief Operating Officer commented, “As a world leader in ultra rugged high performance displays, Orbit's tactical sunlight readable 21" monitors were developed specifically for CVN bridge applications. Low power, high brightness LED backlighting techniques are employed to produce an outstanding visual picture quality for the viewing of mission critical data in very high ambient environments. This order comes after developing successful prototypes and building pre-production units for test by this customer.”

According to the U.S. Navy’s website: “CVN 78 is the Navy's first major investment in aircraft carrier design in more than three decades and features many improvements over the 1960's Nimitz-class design. CVN 78 includes a new flight deck with an improved weapons handling system, advanced arresting gear, a completely re-engineered electro-magnetic aircraft launch system, new and simplified nuclear propulsion plants, a new electrical power generation system and reconfigurable design architecture. CVN 78 was officially named Gerald R. Ford by the Secretary of the Navy in January 2007. The ship is scheduled to be delivered to the Navy in 2015. The Navy plans to build 11 Ford-class aircraft carriers, and construction of Ford-class aircraft carriers is projected to continue through 2058.”

Mitchell Binder, Orbit’s Executive Vice President noted, “We are very proud of our association with, and contribution to, the CVN 78. Based upon the Navy’s long-term plans for 11 such aircraft carriers, we look forward to receiving additional display orders over the next several years.”

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, but not limited to, statements regarding any acquisition proposal and/or the potential sale of the Company and whether such proposal or a strategic alternative thereto may be considered or consummated; statements regarding the Company’s expectations of its operating plans, deliveries under contracts and strategies generally; statements regarding its expectations of the performance of 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.