Orbit International's Electronics Group Receives New Order Valued at Approximately $1.2 M
Orbit International Corp. (NASDAQ: ORBT) today announced that its Orbit Instrument Division, which is part of its Electronics Group, received an order for Remote Control Units (RCU) valued at approximately $1,158,000. Deliveries are expected to commence in the third quarter and be completed before 2013 year-end.
This RCU order, which is part of a Memorandum of Agreement (MoA) signed in August 2011, brings total orders received under this MoA to over $2 million. As per the terms of this MoA, the Company should receive additional follow-on orders throughout 2013 to fulfill requirements for the U.S. Navy and U.S. Army.
Military Electro Optical Infra-Red (EO/IR) Systems Market Forecast 2014-2024
Orbit is the key U.S. producer of the RCU, a sophisticated controller used by the pilot or other on-board personnel to control the IFF (Identity Friend or Foe) transponder. The RCU allows the user to select numerous modes of operation and then determine if the aircraft in question is a friendly aircraft or not. Because of the importance placed by the users on the on-board IFF System, the controller must be very accurate and highly reliable.
Orbit has been participating in the RCU program since 2000. During this time, the Company has generated significant ongoing revenues via the receipt of multiple follow-on orders for various configurations and the delivery of more than 4,000 units to its customer. Orbit’s prominence in this marketplace is due to the high performance rating and reliability of its product.
Separately, the Company reported that its Tulip Development Laboratory (TDL) subsidiary completed negotiations on the recently announced Letter Subcontract to manufacture displays for a major helicopter program. The Letter Subcontract had a not-to-exceed value of $1,180,000; the negotiated purchase order for this program was finalized at $1,143,000.
Mitchell Binder, President and CEO of Orbit International, added, “We are pleased that following two months of bookings in November and December totaling in excess of $3 million, our Electronics Group has started 2013 on a very strong note with this RCU order for our Orbit Instrument Division. Furthermore, our Electronics Group is expecting additional follow-on orders on certain other legacy programs during the current quarter.”
Your company’s press release on ASDNews and to thousands of other journalists and editors? Use our ASDWire press release distribution service.
Source : Orbit International Corp.
Sep 2 - 3, 2015 - Singapore, Singapore