Orbit International Corp. Announces New Contract Valued at Approximately $575,000
biz.yahoo.com
Friday June 3, 8:30 am ET
Reaffirms Prior Guidance at the Wall Street Analyst Forum's 16th Annual Analyst Conference
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 3, 2005-- Orbit International Corp. (NASDAQ:ORBT), a supplier of military and defense electronics, today announced that it has received a contract valued at approximately $575,000 for its keypanel in support of the Towed Artillery Digitation (TAD) Digital Fire Control System. Initial deliveries are expected to begin in the fourth quarter of 2005 and continue through the fourth quarter of 2006. Additionally, based upon customer input, follow-on orders of significant magnitude are likely. This order emanated from Tulip Development Labs ("Tulip") of Quakertown, PA, which was acquired by Orbit International in April 2005.
This keypanel is part of the fire control system for the new M777 Lightweight Towed Howitzer. The TAD Digital Fire Control System will provide onboard ballistic computation, navigation, pointing and self location resulting in greater accuracy and faster reaction times. The system will be used by both the U.S. Army and U.S. Marines.
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, "Our Company continues to book new business which we believe will provide significant follow-on opportunities over the next few years. We believe this new TAD order will prove to be a significant program for our new Tulip subsidiary. With the consolidation of their results for the remainder of 2005, we are confident that operating results for 2005 will be extremely strong."
Separately, at the Wall Street Forum's 16th Annual Analyst Conference held today in New York City, Orbit International's senior management will reaffirm the 2005 guidance that was announced on April 4, 2005. As previously reported, the Company expects revenue for the year ending December 31, 2005, to be in the range of $23.2 million to $23.8 million, up from $18.0 million in 2004. Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be between $3,100,000 and $3,300,000, as compared to $1,967,000 in 2004. Net income is expected to be between $2,550,000 and $2,750,000, equal to between $.78 and $.84 per diluted share. In 2004, net income, which included a $100,000 tax benefit, was $1,937,000 or $.62 per diluted share. |
