Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received an award released against a multi-year Indefinite Delivery/Indefinite Quantity ("IDIQ") agreement from a U.S. Navy Procurement Agency valued in excess of $1,100,000 for its MK 437 Gun Mount Control Panels ("GMCP"). This recent award was received by the Company's Integrated Combat Systems, Inc. ("ICS") subsidiary located in Louisville, Kentucky. Deliveries under this contract award are expected to commence in the second quarter of 2011 and continue through the fourth quarter of 2011.
The MK 437 GMCP is a significant sub-system component that supports the Naval MK 160 Gun Computer System. The MK 437 GMCP 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 437 GMCP control panel is used on all AEGIS Cruisers and Destroyers, and is operationally integrated with the 5"/54 MK-45 Gun Mount systems.
Julie McDearman, ICS Director of Engineering and Logistics commented, "We greatly appreciate the trust shown by the U.S. Navy in our experienced team of engineers and logisticians in awarding us this order. It is important to note that this order is for the new MK 437 MOD 4 GMCP configuration. In partnership with our Navy customer, we completed the preliminary design work on the MOD 4 GMCP during the fourth quarter of 2010. ICS is well positioned to meet the challenges of full-scale production of the MOD 4 GMCP during 2011."
Mitchell Binder, Acting Chief Executive Officer, stated, "Following strong bookings for our Electronics Group in 2010, the momentum has continued into the new year. We believe these bookings will lead to increased revenue in 2011, which should result in increased profitability due to the operating leverage inherent in our business."
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