Orbit International Receives Contracts for U.S. Navy MK 119 Gun Computer System Cabinets and MK 437 Gun Mount Control Panels Valued in Excess of $4,447,000
HAUPPAUGE, N.Y., Oct 01, 2009 (BUSINESS WIRE) --
Company: Orbit International Corp. (ORBT)
--Additional Releases Against the IDIQ Agreement Anticipated Through 2010
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received several awards released against multi-year Indefinite Delivery/Indefinite Quantity ("IDIQ") agreements from a U.S. Navy Procurement Agency valued in excess of $4,447,000 for its MK 119 Gun Computer System Cabinet (GCSC) and MK 437 Gun Mount Control Panels (GMCP). These most recent awards were received by the Company's Integrated Combat Systems, Inc. ("ICS") subsidiary located in Louisville, Kentucky. Total system deliveries under these contract awards are expected to commence in the fourth quarter of 2009 and continue through the second quarter of 2010.
The MK 119 GCSC is an unmanned, environmentally-isolated shipboard enclosure that houses a standard 19 inch electronics rack containing processors, electronic devices, cooling and power conditioning equipment that performs processing, interfacing and data extraction functions designed to meet the most stringent U.S. Navy operational systems requirements.
The MK 437 GMCP is a significant sub-system component that supports the Naval MK 160 Gun Computer System (GCS). The MK 437 GMCP includes custom fabricated enclosures; Commercial-Off-The-Shelf (COTS) and Non-Developmental Items (NDI) components, which also are designed to meet the most stringent U.S. Navy operational systems requirements.
Both the MK 119 GCSC and the MK 437 GMCP control panels are used on all AEGIS Cruisers and Destroyers, and are operationally integrated with the 5"/54 MK-45 Gun Mount (GM) systems.
Ken Ice, President and Chief Operating Officer of ICS commented, "We are delighted to announce these latest orders placed against the multi-year IDIQ agreements in place for the MK 119 GCSC and MK 437 GMCP requirements. I believe the ICS business model for continued growth of custom systems integration and logistics support complements the Orbit International Corp. business model for expanded business opportunities in the marketplace."
Dennis Sunshine, Orbit's President and Chief Executive Officer commented, "These contract awards for the MK 119 and MK 437 were received by ICS significantly later than initially expected. However, as previously announced, ICS commenced the procurement process as well as the labor effort for the MK 119 in the second quarter of 2009. As a result, these cabinets are well into the work in process ("WIP") cycle and the Company is working diligently to meet projected delivery dates on eight of the cabinets by year-end. These latest releases against the MK 119 and MK 437 multi-year IDIQ contracts validate our expectation of significantly improved operating performance for the third and fourth quarters of 2009, when compared to the first two quarters of the year."
Sunshine concluded, "These critical multi-year U.S. Navy programs are designated and funded to upgrade and modernize the current U.S. Navy fleet. ICS continues to provide an integral part of this modernization program. The ICS capabilities will provide hardware and software solutions that will enhance the U.S. Navy fleet's current relevance in the areas of air dominance, land attack and anti-submarine warfare, and will provide force protection in the littoral warfare mission."
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 associated analytical equipment. The Behlman military division designs, manufactures and sells power units and electronic products for measurement and display.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, but not limited to, statements regarding any acquisition proposal and/or the potential sale of the Company and whether such proposal or a strategic alternative thereto may be considered or consummated; 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.
SOURCE: Orbit International Corp.
Orbit International Corp. Mitchell Binder, 631-435-8300 Executive Vice President or Investor Relations Counsel The Equity Group Inc. Linda Latman, 212-836-9609 Lena Cati, 212-836-9611
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Company: Orbit International Corp. (ORBT)
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