Orbit International Receives $1,183,000 Follow-On Order for Color Programmable Entry Panels
Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group, through its Orbit Instrument Division, received a follow-on award from the U.S. Navy valued at approximately $1,183,000 for the manufacture of Color Programmable Entry Panels (Color PEP). Delivery of the Color PEP units is scheduled to begin in the first quarter of 2014 and will continue through the third quarter of 2014.
Orbit's state-of-the-art Color PEP units support UYQ-21 Naval console requirements and are used with the computer display systems for surface ships. Color PEP units provide U.S. Navy with a low-cost, high-tech solution to upgrade and replace over 3,500 older Orbit Plasma Entry Panels that have been deployed on the U.S. Naval Fleet since 1982.
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Mitchell Binder, President and CEO of Orbit, commented, "The Color PEP replacement program represent a significant long-term opportunity, as a large number of Arleigh Burke class AEGIS destroyers and Ticonderoga class AEGIS cruisers remain in domestic and foreign fleet service. The previous Color PEP order valued at approximately $1.8 million was awarded in February 2012 and we expect additional orders for this program to be received in the future."
Mr. Binder, added, "We continue to receive orders for our legacy products that were expected at earlier dates in 2013, which affirms our belief that our legacy business remains intact. However, we continue to operate in a very difficult business environment due to great uncertainty surrounding budget discussions in Washington. Our financial condition remains very strong and we are operating our business in a prudent manner, tightly managing our costs while not compromising our ability to take advantage of new opportunities in our marketplace."
Source : Orbit International Corp. - view original press release