Orbit International Corp. Receives Initial Production Order of $630,000 to Support U.S. Army Program
biz.yahoo.com
Thursday May 19, 8:30 am ET
Company Sees Potential for Additional Production Orders
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--May 19, 2005--Orbit International Corp. (NASDAQ:ORBT), a supplier of military and defense electronics, today announced that it has received orders in excess of $630,000 for the development of new software applications and certain enhancements to its Control Display Unit (CDU) which will support the U.S. Army Simple Survey Program requirements. Delivery of production units is expected to commence in the third quarter of 2005 and continue through the end of the year.
The initial production award from the Honeywell International (NYSE:HON) Defense and Space Electronics Systems (DSES) will enhance the U.S. Army's Ground System Vehicles with additional software data and tracking battlefield information. During the last four years, Orbit has received in excess of $1,000,000 from Honeywell for its CDU and related software development contracts to support U.S. Army, U.S. Marine, as well as foreign military program requirements.
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, "Our Company has worked continuously with Honeywell to update the software capabilities of our production CDU's. In September 2004, we received an initial prototype and software development contract from Honeywell to support this latest U.S. Army Simple Survey program requirement and therefore we are very pleased with the size of this initial order. Since this latest CDU can support both U.S. Army, as well as foreign military program requirements, this display has the potential for significant follow-on orders."
Sunshine added, "Our Company continues to receive orders to develop software applications for implementation into display hardware to support customer requirements for ongoing as well as retrofit program opportunities. By having a number of fully qualified display configurations and special expertise in this arena, we are called upon by prime contractors to upgrade software to meet their latest requirements, as well as develop specific software that can be embedded into our display units to support GPS and Identification Friend or Foe (IFF) program requirements."
Sunshine concluded, "The Company continues to pursue several new business and follow-on opportunities. We remain very confident that strong operating results will continue in 2005." |
