ORBT-
Orbit International Receives Follow-On Award for U.S. Navy MK 110 Signal Data Converter (SDC) Valued in Excess of $5,758,000
8:45a ET April 27, 2012 (Business Wire)
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a new base contract award from a U.S. Navy Procurement Agency valued in excess of $5,758,000 for its MK 110 Signal Data Converter ("SDC"). This award was received by the Company's Integrated Combat Systems, Inc. ("ICS") subsidiary located in Louisville, Kentucky. The U.S. Navy has placed its initial order on this contract with a task order valued at approximately $1,050,000; an additional award is expected shortly for approximately $547,000, for a total of $1,597,000. Additional orders for the remainder of the contract are expected later in 2012 and in 2013. Deliveries of all units under this contract are expected to commence in the third quarter of 2012 and continue through the end of 2013.
The MK 110 SDC is a major configuration item of the GCS MK 160 MOD. It includes custom fabricated enclosures; Commercial-Off-The-Shelf and Non-Developmental Items components, which also are designed to meet the most stringent U.S. Navy operational systems requirements. The MK 110 SDC is to be deployed on DDG 51-78 as part of the AEGIS Modernization Program and is operationally integrated with the 5"/54 MK-45 Gun Mount systems.
Julie McDearman, ICS's Director of Engineering and Logistics commented, "We greatly appreciate the continued trust shown by the U.S. Navy in our experienced team of engineers and logisticians. The MK 110 SDC is the AEGIS Modernization Program's version of the MK 119 GCSC that ICS has been supplying to the U.S. Navy since 2001. This order demonstrates our continued partnership with the customer."
Mitchell Binder, President and CEO of Orbit International commented, "We are pleased that our Electronics Group continues to receive orders not only for its legacy hardware but for new equipment as well. Our backlog at March 31, 2012 was in excess of $21.1 million and this MK 110 SDC order should further increase backlog at April 30, 2012. This new order well positions ICS and our Company as a whole for continued strong operating performance in 2012."
Orbit International Corp. is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and COTS power solutions.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit's operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE: Orbit International Corp.
 | Orbit International Corp. Mitchell Binder, 631-435-8300 President & Chief Executive Officer or Investor Relations Counsel The Equity Group Inc. Lena Cati, 212-836-9611 Linda Latman, 212-836-9609 | | |
