Orbit International Receives $480,000 Follow-on Order for the E-2D Advanced Hawkeye Aircraft
30 Outubro 2013 - 10:45AM
Marketwired
Orbit International Receives $480,000 Follow-on Order for the E-2D
Advanced Hawkeye Aircraft
Multi-Year Award of Approximately $2 Million Expected in First
Quarter of 2014
HAUPPAUGE, NY--(Marketwired - Oct 30, 2013) - Orbit
International Corp. (NASDAQ: ORBT), an electronics manufacturer and
software solutions provider, today announced that its Electronics
Group, through its Orbit Instrument Division, received an order to
supply mission control data entry devices for the E-2D
Advanced Hawkeye, the all weather carrier-capable Airborne Early
Warning (AEW) aircraft. The contract is valued in excess of
$480,000, and deliveries are expected to commence in the first
quarter of 2014 and continue through the second quarter of
2014.
Currently in development, the E-2D Advanced Hawkeye is the
newest variant of the E-2 aircraft platform. The E-2D enjoys a
number of upgrades over its predecessor, including completely new
radar, advanced IFF systems, a modernized communications and data
link suite.
The E-2D Advanced Hawkeye uses computerized radar,
Identification Friend or Foe, and electronic surveillance sensors
to provide early warning threat analysis against potentially
hostile air and surface targets. The aircraft also can perform
long-range surveillance, search and rescue, provide
over-the-horizon radio relays, and act as a flying air traffic
control unit in disaster recovery operations.
Mitchell Binder, President and CEO of Orbit, commented, "We have
been involved in the E-2 Hawkeye program since 2000, initially
providing our data entry devices for the E-2C aircraft and since
2011 for its latest version, the E-2D aircraft. The initial
operating testing of two E-2D prototypes was completed earlier this
year and according to Naval Air Systems Command (NAVAIR), the model
is now cleared for full-rate production. Initial plans call
for 75 new E-2D Hawkeye aircraft to enter duty in the near future
and we are currently expecting a multi-year award of approximately
$2 million during the first quarter of 2014 and additional
follow-on awards for several years to come."
Mr. Binder added, "Of note, although the initial order for this
program was awarded to us in early 2011, the release of follow-on
orders for this and other legacy programs was delayed due to budget
concerns. We are encouraged by our recent award activity, as
several of the anticipated orders, including this E2-D project,
were finally awarded to us. We expect other significant orders
for legacy hardware to be released in the near future."
Orbit International Corp., through its Electronics Group, 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. The Power Group, through its
Behlman Electronics, Inc. subsidiary, manufactures and sells high
quality commercial power units, AC power sources, frequency
converters, uninterruptible power supplies and inverters. The
Behlman COTS division designs, manufactures and sells highly
reliable power units for industrial and military applications.
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.
CONTACT Mitchell
Binder President & Chief Executive Officer 631-435-8300
Investor Relations Counsel Lena Cati 212-836-9611 Devin Sullivan
212-836-9608 The Equity Group Inc.
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