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Orbit International to Consolidate Certain of Its Operations within Its Electronics Group
By: Business Wire
Nov. 8, 2012 08:45 AM
Orbit International Corp. (NASDAQ:ORBT) today announced the consolidation of production and administrative related functions involving its Integrated Combat Systems (“ICS”) and Tulip Development Laboratory (“TDL”) facilities.
Beginning November 15, 2012 most of the production and administrative functions currently performed at the ICS facility in Louisville, KY will be transferred to Orbit’s 50,000 square foot TDL facility in Quakertown, PA. Operations consolidation should be completed before 2012 year-end.
Mitchell Binder, President and CEO of Orbit International commented, “Orbit is committed to both maximizing profitability and shareholder value. After careful analysis, we concluded that this course of action was both necessary and appropriate. Going forward, the ICS facility will be refocused on logistics and business development initiatives while preserving select production efforts. The annualized salary savings from this operational change are expected to be in excess of $550,000.”
Mr. Binder continued, “ICS currently leases approximately 23,000 square feet, approximately half of which is currently being subleased to a third party. The ICS lease is up for renewal in early 2014, at which time we plan to relocate ICS operations into a smaller, more suitable facility, thereby creating additional savings in occupancy related costs.”
Mr. Binder concluded, “We do not anticipate requiring additional employees at our TDL facility to support the ICS production effort. Our TDL facility is not currently operating at full capacity and this consolidation of operations with ICS is expected to improve the facility’s utilization for 2013.”
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, 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.
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