Orbit International's Power Group Receives New Orders for Power Supplies Exceeding $1 Million for Use in Oil and Gas Exploration
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer, systems integrator and software solution provider, today announced that its Power Group, Behlman Electronics, Inc. ("Behlman") has received several new orders totaling over $1,000,000 for power supplies used in oil and gas exploration. Deliveries under these orders are expected to commence in the third quarter of 2008 and continue through the fourth quarter of 2009.
The first order is in excess of $800,000, for a power supply that Behlman has been supplying its customer since 1995. To date, over 1,500 units of this power supply have been delivered to the customer. Behlman also received an order for a power supply that it has been supplying to a second customer since 2000. These two existing products have provided a solid base of commercial business for Behlman over the past decade.
Behlman also received a third order for a new application in oil and gas exploration totaling over $100,000. Upon delivery of the preproduction unit and completion of field testing, its customer has projected placing additional orders in 2008 totaling approximately $250,000.
Mark Tublisky, President of Behlman Electronics, Inc., stated, "With these new orders, Behlman has a backlog of oil and gas services business that will provide consistent revenue through the end of 2009. In addition, we believe that present conditions in this marketplace should lead to additional orders and strong revenue from this product line."
Dennis Sunshine, President and Chief Executive Officer of Orbit
International Corp., commented, "We are very encouraged with the sales growth resulting from the strong business activity in the oil and gas industry. Behlman's business continues to have tremendous momentum after its milestone 2007 booking performance, from both its custom and commercial divisions. Behlman's commitment as a solutions provider, combined with its reputation for delivering quality products in a timely manner, has enabled Behlman to establish itself as a premier provider of power solutions to this unique and growing market."
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, Quakertown, Pennsylvania and 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 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 including all guidance amounts, 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, annual reports on Form 10-K, current reports on Form 8-K and its other periodic reports and its registration statement on Form S-3 containing a final prospectus dated January 11, 2006. 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.