Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer,
systems integrator and software solution provider, today announced that
its Power Group, Behlman Electronics, Inc. (“Behlman”) has received two
new contract awards with an aggregate value of approximately $660,000.
The first order of approximately $240,000, supports a commercial power
supply used in flight safety training simulators. This represents a
follow-on order for these units which have been used for this
application for many years. However, this latest production release
represents the largest single order received for this application.
Deliveries under this contract award are expected to commence in the
first quarter of 2009 and be completed by the end of calendar 2009.
The second order of approximately $420,000 is for a COTS power supply
supporting a land based satellite communications system. Again, this
latest award represents a follow-on production requirement for these
power supplies, and is the second order received within the last several
months. Management believes its customer is experiencing greater demand
for its power supply than was originally forecast. This power supply is
part of an ongoing program for which Behlman expects to receive
additional orders in 2009 and beyond. Deliveries under this current
contract are expected to commence in the second quarter of 2009 and
continue through the fourth quarter of 2009.
The Company also announced that through November 30, 2008 Behlman has
already achieved record bookings for the second consecutive year.
Mark Tublisky, President of Behlman Electronics, Inc., stated,
“Behlman’s commitment as a power solutions provider has enabled our
Power Group to establish strong business relationships which have
positioned the Company in a number of long term production programs.
These customer relationships and program requirements have established a
clear path for our business growth, as we continue to introduce our
standard power products and power platforms to drive future business
opportunities.”
Dennis Sunshine, President and Chief Executive Officer of Orbit
International Corp., commented, “Behlman continues its record breaking
activity within the COTS and commercial power marketplace. Behlman’s
number of product platforms combined with its niche power solutions
business has enabled the Power Group to maintain strong sales despite
current economic conditions. This strong base of business has enabled
Behlman to achieve record annual bookings through the first eleven
months of 2008. With its increased backlog of new and follow on orders,
our Behlman management team anticipates a strong sales year for 2009.”
Sunshine continued, “The excellent year from our Power Group has
somewhat mitigated the impact of customer driven shipment delays and
contract timing issues experienced by our Electronics Group. We remain
confident, however, that the issues related to shipment delays will be
resolved in the ensuing months, and that several new production contract
awards that have been on hold, will be released. In addition, management
continues to explore opportunities that would enhance shareholder value.
In that regard, as of November 30, 2008, the Company has repurchased
133,280 shares at an average price of $2.81 under the repurchase program
authorized by our Board of Directors in August 2008.”
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, Quakertown, Pennsylvania and Louisville, Kentucky. Its Behlman
Electronics, Inc. subsidiary manufactures and sells high quality
commercial power units, AC power sources, frequency converters,
uninterruptible power supplies and associated analytical equipment. The
Behlman military division designs, manufactures and sells power units
and electronic products for measurement and display.
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 whether
such proposal or a strategic alternative thereto may be considered or
consummated; 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
including all guidance amounts, 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, annual reports on Form 10-K, current reports on
Form 8-K and its other periodic reports and its registration statement
on Form S-3 containing a final prospectus dated January 11, 2006. 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.