Order Includes an Additional Option in 2011
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT - News), a defense electronics manufacturer, systems integrator and software solution provider, today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary (“Behlman”), has received an order for approximately $1,389,000 for a commercial-off-the-shelf (COTS) power supply for its COTS division to support a U.S. Naval anti-submarine and anti-ship surveillance targeting system. Deliveries under this contract are expected to commence in the first quarter of 2010 and continue until the fourth quarter of 2010.
This latest award represents the exercise of the fourth option of a contract that was negotiated in December 2006. This order also included an option for an additional award in 2011, which if exercised, could result in additional revenue in excess of $1,000,000. This is the third major COTS power supply award Behlman has received during the last few months. The Company also announced that Behlman’s commercial division, which had been adversely affected by weak economic conditions, has recently seen greater demand for its commercial products which has resulted in an increase in orders.
Mark Tublisky, President of Behlman, stated, “Behlman continues to pursue a significant amount of business opportunities driven by our ability to provide customers with low cost, reliable COTS power solutions. Behlman has the unique ability to pursue program opportunities which typically include significant large production quantity requirements, while still remaining committed to a comprehensive line of catalogue power products for our longstanding global customers.”
Tublisky, concluded, “We remain confident that Behlman’s current business model, which emphasizes flexible COTS designs and superior customer service, will lead to continued growth.”
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, “Behlman has had a very strong year in its COTS division and is well positioned to receive follow-on production orders on many of its programs. The strength in its COTS division has provided program opportunities that have more than offset the weakness in its commercial division. In spite of ongoing economic uncertainty, Behlman’s commercial division, for the third quarter recorded its strongest bookings for the year and this increased demand for commercial power units has continued into the current fourth quarter. With a solid foundation of continued COTS program opportunities, now bolstered by increased business from its commercial division, our Behlman Power Group appears to be positioning itself for revenue and profitability growth in 2010.”
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 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.
Orbit International Corp.
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