Orbit International Corp. Receives New Award for $900,000 for E-2C Advanced Hawkeye Program
biz.yahoo.com
Thursday March 10, 8:15 am ET
Production Contract Could Exceed $3.5 Million Beginning in 2008
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--March 10, 2005--Orbit International Corp., a military defense electronics supplier, today announced it has received a new contract award from Raytheon Company (NYSE:RTN - News) for approximately $900,000 to support prototype and pre-production bullnose system assemblies for the E2-C Advanced Hawkeye Program. The contract calls for the design and development of an initial prototype assembly due by the second quarter of 2005 followed by the delivery of pre-production bullnose assemblies commencing in the first quarter of 2006 and continuing through the third quarter of 2006.
The E2-C aircraft has been in flight service since 1973 and has been updated and retrofitted with the latest technology systems for the detection of above-ground targets, identification and communications and navigation surveillance for mission critical flight service. This latest upgrade will enhance the operator's ability to identify, track and monitor multiple targets.
Dennis Sunshine, President and Chief Executive Officer commented, "The E2-C aircraft has supported critical surveillance missions for a number of years. We are delighted to have the opportunity to participate in this latest E2-C upgrade requirement. Each bullnose will include an Orbit keyboard, keypad and trackball, and we will deliver the complete subsystem for the Mission Computer and Display portion of the aircraft."
Sunshine added, "This award lays the groundwork for future follow-on production awards for our Company. The potential for the production requirement could exceed $3,500,000 beginning in 2008. This development award adds to a growing backlog for our Company and we remain confident that internal growth and profitability will continue. Furthermore, with the completion of the Tulip acquisition, expected to occur this month, we again expect very strong operating results for 2005." |
