Anticipates Follow-On Orders in 2010 and Future Years Defense News ~ HAUPPAUGE, N.Y.--January 26, 2010, (BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT - News), a defense and industrial electronics manufacturer, systems integrator and software solution provider, today announced that its Power Group, Behlman Electronics, Inc. (“Behlman”), has received an initial production order for a power supply used in the oil and gas services industry valued at approximately $152,000. Deliveries are expected in the first and second quarters of 2010.
The Company received an initial prototype order in May 2008 for the design of four (4) power supplies that were used by its customer to perform functions such as perforating, logging and cement and corrosion evaluation for the cased hole services tractor system. These units were subjected to extensive field testing, which was successfully completed and resulted in this initial production order. This new contract also includes additional engineering support to add CE Marking which will further increase the sales potential of these units to the European Community and other international markets. An additional $250,000 in orders are expected in the first half of 2010 and it is anticipated that this power supply has the potential of several years of additional revenue.
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, “The significance of this order is not in its dollar value; rather it provides a new product that enables us to further penetrate the oil and gas services industry. Behlman has had a successful history of supporting several other large customers in the oil and gas services industry. With this initial production contract, Behlman is now supplying state-of-the-art power units for two of the largest global oil and gas service companies. With increased market share in this industry, Behlman should be in a position to capitalize on additional opportunities within this sector. Behlman’s ability to provide complete power solutions has once again opened up new market opportunities.”
Sunshine continued, “Our Power Group had a record year of revenue in 2009 and a strong year of bookings despite a decrease in sales from its commercial division due to weak economic conditions during the year and its effect on capital spending. Although the overall marketplace was soft, bookings for our commercial division did significantly improve in the fourth quarter. Along with a strong year of bookings from its COTS division, our Power Group appears well positioned for revenue and profitability growth in 2010.”
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, but not limited to, statements regarding any acquisition proposal and/or the potential sale of the Company and whether such proposal or a strategic alternative thereto may be considered or consummated; statements regarding the Company’s expectations of its operating plans, deliveries under contracts and strategies generally; statements regarding its expectations of the performance of 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.
The Company received an initial prototype order in May 2008 for the design of four (4) power supplies that were used by its customer to perform functions such as perforating, logging and cement and corrosion evaluation for the cased hole services tractor system. These units were subjected to extensive field testing, which was successfully completed and resulted in this initial production order. This new contract also includes additional engineering support to add CE Marking which will further increase the sales potential of these units to the European Community and other international markets. An additional $250,000 in orders are expected in the first half of 2010 and it is anticipated that this power supply has the potential of several years of additional revenue.
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, “The significance of this order is not in its dollar value; rather it provides a new product that enables us to further penetrate the oil and gas services industry. Behlman has had a successful history of supporting several other large customers in the oil and gas services industry. With this initial production contract, Behlman is now supplying state-of-the-art power units for two of the largest global oil and gas service companies. With increased market share in this industry, Behlman should be in a position to capitalize on additional opportunities within this sector. Behlman’s ability to provide complete power solutions has once again opened up new market opportunities.”
Sunshine continued, “Our Power Group had a record year of revenue in 2009 and a strong year of bookings despite a decrease in sales from its commercial division due to weak economic conditions during the year and its effect on capital spending. Although the overall marketplace was soft, bookings for our commercial division did significantly improve in the fourth quarter. Along with a strong year of bookings from its COTS division, our Power Group appears well positioned for revenue and profitability growth in 2010.”
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, but not limited to, statements regarding any acquisition proposal and/or the potential sale of the Company and whether such proposal or a strategic alternative thereto may be considered or consummated; statements regarding the Company’s expectations of its operating plans, deliveries under contracts and strategies generally; statements regarding its expectations of the performance of 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.
Contact:
Orbit International Corp.
Mitchell Binder, 631-435-8300
Executive Vice President
or
Investor Relations Counsel
The Equity Group Inc.
Lena Cati, 212-836-9611
Linda Latman, 212-836-9609
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