Orbit International Receives Follow-on Order for U.S. Navy MK 110 Signal Data Converter (SDC) Valued in Excess of $547,000
Published on Tuesday, 22 May 2012 08:50 Written by TradersHuddle StaffHAUPPAUGE, N.Y.-( Business Wire )-
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a new order against an existing contract from a U.S. Navy Procurement Agency for its MK 110 Signal Data Converter (“SDC”). This order, valued in excess of $547,000, was received by the Company’s Integrated Combat Systems, Inc. (“ICS”) subsidiary located in Louisville, Kentucky. 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 15. The MK 110 SDC includes custom fabricated enclosures as well as Commercial-Off-The-Shelf and Non-Developmental Item components that are designed to meet the most stringent U.S. Navy operational systems requirements. This system will be deployed on DDG 51-78 as part of the AEGIS Modernization Program and will be operationally integrated with 5”/54 MK-45 Gun Mount systems.
Julie McDearman, ICS’s Director of Engineering and Logistics commented, “This $547,000 order is part of the base contract award valued in excess of $5,758,000 for which we received a $1,050,000 initial task order in April 2012, and brings the total year-to-date MK 110 SDC orders to approximately $1,597,000. This order is for a First Article Test unit and is consistent with the U.S. Navy’s overall MK 110 SDC contracting strategy. We look forward to demonstrating our design competency as this unit is evaluated against the full range of environmental tests, including MIL-S-901D shock.”
Mitchell Binder, President and CEO of Orbit International commented, “Our ICS subsidiary should receive AS9100 certification during the second quarter of 2012 so that we may proceed with building these units, using AS9100 standards, for delivery beginning in the second half of the year and continuing through next year. This award is consistent with our efforts for continued strong operating performance in 2012, particularly in the second half of the year.”
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.
Orbit International Corp.Mitchell Binder, 631-435-8300President & Chief Executive OfficerorInvestor Relations CounselLena Cati, 212-836-9611Linda Latman, 212-836-9609The Equity Group Inc.
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