News
Orbit International's Power Group Receives New Orders Valued at Approximately $1,700,000
HAUPPAUGE, N.Y.-(Business Wire)-August 14, 2008 - Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer, systems integrator and software solution provider, today announced that its Power Group, Behlman Electronics, Inc. ("Behlman") has received two new contract awards for its Custom Division with an aggregate value of approximately $1,700,000.
The first order of approximately $1,100,000 is for a COTS power supply supporting an ongoing United States Naval program. Due to disclosure restrictions contained in the contract, the Company cannot provide any further details on this product application. However, this new order represents the exercise of a third option on an award negotiated in December 2006 and includes additional options through 2011, which could result in future orders approximating in excess of $1,500,000. Deliveries under this contract are expected to commence in the first quarter of 2009 and be completed by the end of calendar 2009.
The second order of approximately $600,000 is for two COTS power supplies supporting a land based and shipboard satellite communications system. This award represents a follow-on production order for the land based power supplies and an initial production order for the shipboard units. These power supplies are part of an ongoing program for which Behlman expects to receive additional follow-on orders in 2009 and beyond. Deliveries under this contract are expected to commence in the fourth quarter of 2008 and continue through the third quarter of 2009.
The Company also announced that for the fourth consecutive month, its Power Group has received contract awards in excess of $1,000,000.
Mark Tublisky, President of Behlman Electronics, Inc., stated, "Behlman continues to execute its business plan to further establish itself as a power solutions provider for the marketplace in addition to being a successful power supply manufacturer, which is positioning it ahead of its competitors. This approach has been instrumental in Behlman's business expansion which we believe will lead to continued revenue growth in 2009."
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, "Behlman continues to see a significant amount of activity in both new and repeat production orders for its power sources used in both COTS and commercial power applications. Behlman's broad product platform along with its individualized engineering support has helped lead our Power Group to a record fourth consecutive month of bookings in excess of $1,000,000."
Sunshine continued, "Behlman's revenues for the first six months of 2008 were more than 20% higher than the first six months of the prior year. In addition, as of July 31, 2008, its bookings were more than 34% higher compared to the same period of the prior year which give us confidence that 2008 will be a year of record revenue and bookings for our Power Group."
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, Quakertown, Pennsylvania and 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, but not limited to, statements regarding any acquisition proposal and whether such proposal or a strategic alternative thereto may be considered or consummated; 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 including all guidance amounts, 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, annual reports on Form 10-K, current reports on Form 8-K and its other periodic reports and its registration statement on Form S-3 containing a final prospectus dated January 11, 2006. 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.
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