Orbit International Corp. Receives New Contract Awards in Excess of $700,000
biz.yahoo.com
Wednesday March 22, 8:40 am ET
Options Could Exceed an Additional $850,000
Company Expects New Orders Completed by 2006
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--March 22, 2006--Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and supplier, today announced that its Electronics Segment has received multiple firm fixed contract awards from a leading defense prime contractor valued in excess of $700,000 to procure Cockpit Mission console equipment in support of the P-3 Maritime Patrol Aircraft program for Foreign Military Sales (FMS) requirements. Deliveries under these contracts are expected to commence in the second quarter of 2006 and continue through the end of the year.
Orbit's customer has negotiated a contract with the Swedish Coast Guard to update their DeHavaland P-3 aircraft with enhanced submarine surveillance equipment which will include the Company's keypads and display monitors. In addition, a second contract was finalized by Orbit's customer with the New Zealand Air Force in support of the P-3 Lot II upgrade program under which Orbit will design and manufacture cursor control trackballs, cockpit displays, keyboards, flight keypads, as well as ruggedized displays to support the aircraft operators with critical real time information on each display.
The Company has been informed by its customer that it is about to commence final negotiations with a third FMS P-3 upgrade program requirement. Additional orders for the same hardware designs could exceed $450,000, bringing the total award for the P-3 upgrades to approximately $1,150,000. Since this customer has a larger, enhanced display requirement in addition to the displays currently on order for the Swedish and New Zealand P-3 programs, the potential for this display could add $400,000 more in total orders.
Dennis Sunshine, President and Chief Executive Officer commented, "The P-3 program has generated a significant revenue stream for our Electronics Segment, in support of U.S. Air Force and Foreign Military Upgrade programs."
Sunshine continued, "Given the flexibility of our Electronics Segment, which now includes our Tulip Development Laboratory, Inc. subsidiary, we have the resources to fulfill our customers' critical design requirements, support multiple programs that have time-sensitive delivery expectations, and provide new hardware for significant quantities of new and retrofit program opportunities." |
