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Orbit International Receives Contracts for U.S. Navy MK 119 Gun Computer System Cabinets and MK 437 Gun Mount Control Panels Va

^{Published on 2010-10-07 13:51:45 - Market Wire}
 

HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--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 (aIDIQa) agreements from a U.S. Navy Procurement Agency valued in excess of $2,465,000 for its MK 119 Gun Computer System Cabinet (GCSC) and MK 437 Gun Mount Control Panels (GMCP). These recent awards were received by the Companya™s Integrated Combat Systems, Inc. (aICSa) subsidiary located in Louisville, Kentucky. Total system deliveries under these contract awards are expected to commence in the first quarter of 2011 and continue through the third quarter of 2011.

The MK 119 GCSC is an unmanned, environmentally-isolated shipboard enclosure that houses a standard 19a electronics rack containing processors, electronic devices, cooling and power conditioning equipment that perform 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. The MK 437 GMCP includes custom fabricated enclosures; Commercial-Off-The-Shelf (COTS) and Non-Developmental Items (NDI) components, which are also designed to meet critical operational functionality for U.S. Navy and foreign government requirements.

Both the MK 119 GCSC and the MK 437 GMCP are used on all AEGIS Cruisers and Destroyers, and are operationally integrated with the 5a/54 MK 45 Gun Mount systems.

Ken Ice, President and Chief Operating Officer of ICS commented, aWe are delighted to announce these latest orders placed against our IDIQ contracts. In addition to these awards, we have been informed by our customer that we may expect additional contract awards for the MK 437 Gun Mount during the current fourth quarter which could exceed $1,000,000. We are confident that the ICS business model for growth of custom systems integration combined with logistics support will continue to lead ICS to new business opportunities within our niche marketplace.a

Dennis Sunshine, Orbita™s President and Chief Executive Officer commented, aAlthough these contract awards were received by ICS at the end of the third quarter, ICS commenced the procurement process as well as the labor effort for the MK 119 in the second quarter of 2010. As a result, ICS will be recording revenue in our third quarter under this new MK 119 award since this contract is accounted for under the percentage of completion method.a

Sunshine concluded, aThese critical multi-year U.S. Navy programs are designed and funded to upgrade and modernize the U.S. Navy fleet, together with a number of foreign countries that have procured AEGIS Cruiser and Destroyer Combat System for their naval fleet requirements. ICS continues to be an integral part of this modernization effort and is currently bidding on new programs that should enhance its reputation as a reliable supplier of gun weapon system products.a

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, 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 the Companya™s expectations of its operating plans, deliveries under contracts and strategies generally; statements regarding its expectations of the performance of 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.