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Orbit International Receives $1,768,000 Follow-On Order for Color Programmable Entry Panels

Dépèche transmise le 27 février 2012 par Business Wire

Orbit International Receives $1,768,000 Follow-On Order for Color Programmable Entry Panels

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT) (“Orbit”) today announced that its Electronics Group, through its Orbit Instrument Division, received a follow-on award from the U.S. Navy valued at approximately $1,768,000 for the manufacture of Color Programmable Entry Panels (Color PEP). Delivery of the Color PEP units, which will be manufactured at Orbit’s Hauppauge facility, will begin in the third quarter of 2012 and continue through the first quarter of 2013.

“This contract represents further acceptance by the U.S. Navy of Orbit’s “smart”

Orbit’s Color PEPs units are specifically designed to cost-effectively upgrade and replace older Orbit Plasma Entry Panels that support UYQ-21 Naval console requirements. These displays are used with the computer display systems for surface ships. Since the initial procurements for the U.S. Navy began in 1982, the UYQ-21 U.S. Naval Tactical Display System (NTDS) console has been the standard for many of the U.S. Navy’s surface vessels.

The new contract includes an option to procure additional units up to 100% of the original quantity or up to $1,768,000. According to its customer, Orbit expects the first exercise of the option to occur within the next three months with an order valued at approximately $878,000. The remainder of the option is expected to be exercised by the fourth quarter of 2012.

Bruce Reissman, Orbit’s COO noted, “This contract represents further acceptance by the U.S. Navy of Orbit’s “smart” programmable LCD displays for critical situation environments. Our state-of-the-art Color PEPs are designed to replace over 3,500 Orbit’s legacy Plasma Entry Panels that have been deployed on the U.S. Naval Fleet since 1982. We view this Color PEP replacement program as a significant long-term opportunity, as a large number of Arleigh Burke class AEGIS destroyers and Ticonderoga class AEGIS cruisers remain in domestic and foreign fleet service; we are providing a low-cost, high-tech solution to replace the aging consoles to keep them operational.”

Mitchell Binder, President and CEO of Orbit commented, “In addition to the strong bookings from our Power Group, this order is the first of several significant awards we have been expecting for our Electronics Group. Others that are still pending are additional large orders for our Remote Control Units under the Common Transponder Program and FAA orders for our keyboards. Although timing on both remains uncertain, our customers have notified us to expect these awards by the end of the first quarter or beginning of the second quarter of 2012 in order to accommodate their delivery requirements for this year.”

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.