Orbit International's Power Units Segment Receives New Orders in Excess of $750,000
biz.yahoo.com
Tuesday February 14, 8:40 am ET
Company Sees Strong Demand for Its Oil and Gas Power Supplies Through 2010
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Feb. 14, 2006--Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and supplier, today announced that its Power Units Segment, Behlman Electronics, Inc. ("Behlman") has received two new orders aggregating over $750,000 for follow-on production program requirements. Deliveries under these contracts are expected to commence in the second quarter of 2006 and continue through the third quarter of 2006.
Included in these new orders is a follow-on award for approximately $420,000 for power supplies for the MK-119 gun control system used on the U.S. Navy's AEGIS Destroyer. The MK-119 Gun Computer System Cabinets, have been designed to support the major configuration item of the MK-160 Gun Computer System (GCS) as well as future proposed GCS`s for the Cruiser Conversion, the DDG-51 backfit and DeepWater programs. This is the second such order from this customer of a five-year requirement for these specialized power supplies that could translate into $2,000,000 in orders over that time period.
The second order, valued at approximately $330,000, is for a power supply used in oil and gas exploration. As announced in January 2005, Behlman's customer indicated that demand for its product should continue due to the increase in oil and gas exploration activity. Since that date, Behlman has booked over $900,000 of this power supply, and based upon customer forecasts, management anticipates repeat orders through the year 2010.
Mark Tublisky, President of Behlman, commented, "We are very encouraged by the sales growth resulting from the execution of Behlman's business plan, namely leveraging our standard product designs to pursue large programs requiring a modified standard or COTS product application. Behlman's ever growing installed base of existing programs leads to large recurring orders, which we are confident, will continue over the next several years."
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., added, "Both our Power Units and Electronics Segments are aggressively identifying and pursuing new business opportunities that we believe will lead to future orders and revenue. In addition, both segments continue to receive follow-on orders that provide a strong base of business for our Company. We are hopeful that the conversion of these new business opportunities into recurring orders will enable us to record revenue and profit growth in 2006 and beyond. In addition, we continue to explore complementary and accretive acquisition opportunities." |
