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Orbit International Receives Approximately $2.6 Million in New Orders

Dépèche transmise le 27 mars 2012 par Business Wire

Orbit International Receives Approximately $2.6 Million in New Orders

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT) (“Orbit”) today announced that its Electronics Group, through its Orbit Instrument Division, received two orders with a combined value of approximately $2.6 million. These orders are as follows:

“Our keyboards play a key role in the state-of-the-art replacement program for the FAA in the management of commercial aviation terminal airspace. Having supported this program since 2000, we anticipate additional follow-on orders throughout the year along with another large order in the final quarter of 2012.”

• $1,700,000 for keyboards for air traffic control systems for the FAA.
• $890,000 for Remote Control Units (RCU) to support the ongoing Common Transponder Program requirements of the U.S. Navy and U.S. Army.
• Deliveries for both orders are expected to commence in the third quarter of 2012 and continue through first quarter of 2013.

Sam Berhumoglu, Vice President of Sales and Marketing of the Orbit Instrument Division noted, “Our keyboards play a key role in the state-of-the-art replacement program for the FAA in the management of commercial aviation terminal airspace. Having supported this program since 2000, we anticipate additional follow-on orders throughout the year along with another large order in the final quarter of 2012.”

Mr. Berhumoglu continued, “The RCU order represents the first order under a multi-year Memorandum of Agreement from our customer, who has notified us to expect a follow-on order before 2012 year end and additional orders throughout 2013 to fulfill requirements for the U.S. Navy and U.S. Army. These follow-on orders exclude the potential for Foreign Military sales.”

Mitchell Binder, President and CEO of Orbit commented, “These two significant and expected orders should position our Orbit Instrument Division for continued strong operating performance in 2012. These contracts follow two orders received earlier this quarter from the U.S. Navy for our Color Display Units with a combined value of approximately $2.1 million, which brings our Orbit Instrument Division’s bookings for the first quarter to over $5,800,000.”

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.