Significant Increase in ORBIT/FR Sales and Operating Income for First Half 2010
PARIS, Sept. 14 /PRNewswire-FirstCall/ -- The MICROWAVE VISION Group announces that its U.S. subsidiary ORBIT/FR, Inc. (OTC Bulletin Board: ORFR), in which it owns 61.8% of the Company's outstanding shares, has published first half and second quarter 2010 interim results that are up sharply from the prior year periods.
Compared to the first half of 2009, first half sales of ORBIT/FR were up by 26.9% to $16.5M. The operating income of ORBIT/FR in the first 6 months jumped to $1.09M in 2010, a record, compared to a loss of $0.53M a year earlier.
Validation of Microwave Vision Strategy
These results are the effect of active management of the Microwave Vision Group, which has accomplished, since its first year, the production of numerous synergies with its French subsidiary SATIMO Industries, which is 100% owned by Microwave Vision. The pooling at the Microwave Vision level of managerial, sales, marketing and R&D resources and the internalization of certain subcontracts have strongly contributed to the success of its subsidiary.
Good Perception of this Strategy on our Markets
This strategy has created a dynamic business environment particularly well received by the customers of ORBIT/FR, Inc. As a result, ORBIT/FR, Inc. sales have increased by $2.6M over the first half of 2009 in their core market, the Aerospace and Defense sector. All geographic regions contributed to this growth, with Europe, North America and Asia growing $2.8M, $0.4M and $0.3M respectively, compared to the first six months of 2009.
Good Perception of this Strategy on the NASDAQ Stock-Exchange
On the NASDAQ, the stock price of ORBIT/FR, Inc. has increased 238% from $0.80 to $2.70 between September 1, 2009 and September 1, 2010.
The MICROWAVE VISION Group continues its policy of integration of this dynamic subsidiary and remains confident about its return to profitability and significant growth this year. The integration of the results of this subsidiary into the results of MICROWAVE VISION is underway. The sales and interim results of the Group will be released on September 27.
About MICROWAVE VISION:
MICROWAVE VISION (NYSE-Euronext: ALMIC) is one of the leading world producers of antenna test and measuring systems for the radiocommunication, automotive, defense, and aerospace fields. With the inclusion of the business activities of ORBIT/FR Inc. (OTC Bulletin Board: ORFR), an American company purchased in May 2008, the group is strengthening its position on its markets by offering the most innovative and comprehensive solutions available. The range of solutions offered combines high-precision electronic scanners developed by SATIMO INDUSTRIES using its "microwave vision" technology with ORBIT/FR products developed using high-performance positioner and electromechanical scanner technology. MICROWAVE VISION is present in 8 countries (France, Italy, Germany, Sweden, USA, Israel, China, and Japan) and has 240 employees. The group boasts a clientele of major international accounts. It recorded sales of euro 34.8m for its year ended December 31, 2009. MICROWAVE VISION is OSEO certified "Innovative Enterprise."
Alternext, FR ISIN code 0004058949 http://www.microwavevision.com
SOURCE ORBIT/FR, Inc.
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