Orbit International Electronics Group Receives up to $1,180,000 Letter Subcontract for Major Helicopter Program
Deliveries Should Commence in Q2 2013, with Follow-on Orders Expected Through 2016
Orbit International, January 08, 2013 - HAUPPAUGE, N.Y. -- Orbit International Corp. today announced that its Electronics Group has received a Letter Subcontract with a not-to-exceed value of $1,180,000 to manufacture displays for a major helicopter program. Work on this project will be performed at Orbit’s Tulip Development Laboratory (“TDL”) subsidiary located in Quakertown, PA.
The Letter Subcontract authorizes TDL to commence the procurement of long lead-time items while contract negotiations are completed. These negotiations should conclude within 60 days. Deliveries are expected to commence in the second quarter of 2013 and should be completed in the third quarter of 2013. Follow-on orders for TDL’s display are expected through 2016.
The helicopter is part of a family of heavy-lift transport helicopters that are designed to operate in naval environments. One of the most proven heavy-lift systems in the world, this helicopter can carry more than 30,000 pounds of cargo and fly a range of operations that include transporting cargo, artillery, vehicles, and troops. Originally developed for use by the United States Marine Corps, it is also currently in service in Germany, Israel and Mexico.
David Gutman, President of TDL commented, “It is very rewarding to be part of a team responsible for the recapitalization of DOD equipment. Recapitalization programs require the ability to upgrade older designs with the latest technology, ensuring long life and reliability while conforming to form, fit and functionally of the original system. Our upgraded display will be replacing two outdated displays in each helicopter currently in service. Our display system was designed to withstand all the harsh environmental conditions in theater. The system incorporates the latest technology for night vision, daylight visibility, touch screen operations and communication to the host computer system.”
Mitchell Binder, President and CEO of Orbit International added, “Our Electronics Group is well positioned going into 2013; our Orbit Instrument Division ended 2012 on a very strong note with monthly bookings of approximately $1 million in both November and December. In addition to this TDL order, as previously announced, our Electronics Group has several outstanding proposals for equipment on legacy programs. We expect that a number of these proposals will convert to orders in the first quarter of 2013.”
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, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and COTS power solutions.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, 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, 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, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. 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.
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