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Orbit International Receives Contract for U.S. Navy MK 437 Gun Mount Control Panels Valued in Excess of $1,100,000

Dépèche transmise le 2 février 2011 par Business Wire

Orbit International Receives Contract for U.S. Navy MK 437 Gun Mount Control Panels Valued in Excess of $1,100,000

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 an award released against a multi-year Indefinite Delivery/Indefinite Quantity (“IDIQ”) agreement from a U.S. Navy Procurement Agency valued in excess of $1,100,000 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. Deliveries under this contract award are expected to commence in the second quarter of 2011 and continue through the fourth quarter of 2011.

“Following strong bookings for our Electronics Group in 2010, the momentum has continued into the new year. We believe these bookings will lead to increased revenue in 2011, which should result in increased profitability due to the operating leverage inherent in our business.”

The MK 437 GMCP is a significant sub-system component that supports the Naval MK 160 Gun Computer System. The MK 437 GMCP includes custom fabricated enclosures; Commercial-Off-The-Shelf and Non-Developmental Items components, which also are designed to meet the most stringent U.S. Navy operational systems requirements.

The MK 437 GMCP control panel 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 trust shown by the U.S. Navy in our experienced team of engineers and logisticians in awarding us this order. It is important to note that this order is for the new MK 437 MOD 4 GMCP configuration. In partnership with our Navy customer, we completed the preliminary design work on the MOD 4 GMCP during the fourth quarter of 2010. ICS is well positioned to meet the challenges of full-scale production of the MOD 4 GMCP during 2011.”

Mitchell Binder, Acting Chief Executive Officer, stated, “Following strong bookings for our Electronics Group in 2010, the momentum has continued into the new year. We believe these bookings will lead to increased revenue in 2011, which should result in increased profitability due to the operating leverage inherent in our business.”

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.