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Orbit International Corp. Receives Follow-on Order of Approximately $400,000 for Common Transponder Program

Dépèche transmise le 20 janvier 2011 par Business Wire

Orbit International Corp. Receives Follow-on Order of Approximately $400,000 for Common Transponder Program

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received a follow-on order valued at approximately $400,000 for Remote Control Units (“RCUs”) to support the ongoing Common Transponder Program requirements of the U.S. Navy and U.S. Army. This order was received by the Company’s Orbit Instrument Division. Deliveries under this follow-on contract are expected during the fourth quarter of 2011.

“This follow-on order comes on the heels of a very good year for bookings by our Orbit Instrument Division which exceeded $11,000,000. Based on current delivery schedules, we expect increased revenue and profitability from this operating unit for 2011.”

Bruce Reissman, Orbit’s Chief Operating Officer commented, “As we announced in September 2010 when we booked the $2.1 million follow-on RCU order, our customer has exercised its option to procure additional RCUs. Since we received the initial RCU order, we have been awarded several follow-on orders and have delivered more than 3,700 units to our customer. In addition, our customer continues to indicate ongoing RCU demand in various configurations, and has requested multi-year pricing through 2013.”

Mitchell Binder, Acting Chief Executive Officer of Orbit International commented, “This follow-on order comes on the heels of a very good year for bookings by our Orbit Instrument Division which exceeded $11,000,000. Based on current delivery schedules, we expect increased revenue and profitability from this operating unit for 2011.”

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.