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Small Cap Continues To Receive Significant Orders
By: AllPennyStocks.com News
August 28, 2009
Lucrative government contracts are out there for the taking – and not just for staggering financial and automotive companies – provided that companies seeking such money can, to borrow an old saw, get the job done.
New York State-based electronics concern Orbit International Corporation (Nasdaq:ORBT) proved that point in the last week of August when it announced that the continuing series of retrofit orders it’s received over the year from the U.S. Naval Inventory Control Point (NAVICP) has now totaled $540,000. These awards are for the manufacture of the agency’s Color Plasma Entry Panels (Color PEP), designed to replace older Orbit Plasma Entry Panels currently supporting UYQ-21 Naval console requirements.
These Color PEPs will continue to support an ongoing replacement program to remove hardware too costly to repair, refurbish, or in some instances, for older components no longer procurable, making the Plasma Entry Panel obsolete to manufacture. Deliveries under this contract should be made in the next quarter and be completed by the first quarter of next year.
This latest contract comes a week after ORBT’s Behlman Electronics subsidiary won an order for more than $730,000 worth of Commercial off-the-Shelf (COTS) power unit equipment to support the upgrade of a computer system on a major ongoing missile defense program. Deliveries under this contract are also expected to commence in the October-December quarter and continue through the second quarter of 2010.
ORBT makes 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 division manufactures and sells high-quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and associated analytical equipment.
Since its founding in 1957, at the height of the Cold War, Orbit has built, qualified and supported a number of programs that include: Console Intercommunications Units (CIUs), Command Display Units (CDUs), Digital Transponder (IFF) Units, Secure Voice Systems (SVS), and Global Positioning Systems (GPS) Controller Units, which are all current industry standards for harsh terrain battlefield applications.
Early in August, the company came out with its latest quarterly results, which showed net sales up 4% over the comparable quarter of 2008, to $6.1 million, and net income of $6,000, compared to a net loss the year before of $306,000. Over the first half of the year, net loss was $347,000 compared to net loss of $295,000 the first six months of 2008.
The stock’s price for ORBT is comfortably in the middle of a 52-week range that peaked last Labor Day around $5.18, before diving into a puddle at $1.12 last November. The news of the last couple of weeks found the price at $3.30.
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