The Hauppauge-based defense electronics maker Orbit International Corp. refinanced its debt with a new $4.6-million loan and established a $3-million line of credit, the company said in a Securities and Exchange Commission filing.
Orbit's product line includes a color display system for one of the U.S. military's key battlefield vehicles - the MRAP, or mine-resistant ambush protected vehicle, which is in wide use in Afghanistan and Iraq.
Orbit, a publicly traded company listed on Nasdaq, last week disclosed its 2009 annual earnings. It made $441,000 compared to income of $1 million in 2008, on net sales of $26.5 million compared to $27.3 million in 2008.
Orbit told the SEC it signed the new credit agreement and loan with Capital One on March 10. The company said it will use the new credit agreements for "general working capital needs" and to pay off a previous loan from Merrill Lynch Commercial Finance Corp.
Orbit put "substantially all" its assets up as collateral for the loan and line of credit, the company told the SEC. It agreed to repay the loan in five years at $77,579 per month.
Orbit in February said it has a new contract to supply a 15-inch color display system for the MRAP. The color display screens will be used in a combat vehicle system that "has gained the confidence of a number of vehicle personnel that constantly operate under mission deployments in the harsh terrain of Iraq and Afghanistan," Orbit chief executive Dennis Sunshine said in February.
The display is to be part of a "cockpit-like technology" to turn MRAPs into multimedia hubs, letting soldiers control sensors, weapons and "blue-force tracking" systems from the safety of their armored vehicles. Blue-force systems help soldiers differentiate friendly and enemy forces.