Orbit International's Power Group Receives New Follow-On Orders Totaling in Excess of $1,000,000
Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group, through its Behlman Electronics, Inc. subsidiary ("Behlman"), has received new follow-on orders totaling in excess of $1,000,000.
The first order, valued at approximately $775,000, is for a COTS power supply that is part of a system upgrade for an ongoing program for which Behlman received its initial order in July 2009. This follow-on order brings the total value of related orders to over $2.9 million. Deliveries are scheduled to commence in the second quarter of 2014 and continue through the fourth quarter of 2014. Furthermore, based on indications from its customer, Behlman anticipates additional orders in 2014.
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The second order, valued at approximately $227,000, is a follow-on order for a COTS power supply and a modified COTS AC power supply both used on the RC-135, a U.S. Air Force all-weather airborne reconnaissance aircraft. Over the life of this program, Behlman has received orders for these power supplies valued at over $3 million. Deliveries are scheduled for the second and third quarters of 2014.
Ron Storm, President of Behlman commented, "Behlman's ability to operate in niche markets has been the reason for our continued success. Our commitment to being a total power solutions provider has allowed Behlman to uncover various types of long-term production programs for both commercial and military markets in niche applications."
Mitch Binder, President and Chief Executive Officer of Orbit International Corp. commented, "The ability of our Power Group to operate in both the commercial and military COTS marketplace has enabled its business to remain strong despite uncertain conditions in our industry over the last two years. We continue to expect follow-on awards for both our Power and Electronics Groups on our legacy programs although timing of such awards remains an issue. We also continue to carefully watch our costs and we believe that we will benefit from the cost cutting initiatives that we commenced in 2012 and continued through 2013, which should result in improved operating efficiencies in 2014. Furthermore, we remain encouraged by our bid opportunity pipeline which we hope will lead to new product and program awards."
Source : Orbit International Corp. - view original press release