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TAT Technologies Reports Year 2011 Second Quarter Results

GEDERA, Israel, August 16, 2011 /PRNewswire/ --

TAT Technologies Ltd. (NASDAQ: TATT - News), a leading provider of services and products to the commercial and military aerospace and ground defense industries, reported today its results for the three month and six month periods ended June 30, 2011.

Financial Highlights:

TAT announced revenues of $19.9 million and a net income of $0.64 million for the three months ended June 30, 2011, compared to revenues of $18.6 million with net income of $0.02 million for the three months ended June 30, 2010 an increase of 6.7% in revenues and of 3,342% in net income.

During the Second quarter of 2011, revenues were impacted by (i) the increase in revenues in the OEM of Heat Management Solutions segment; (ii) the increase in revenues in the Heat Transfer Services and Products segment; (iii) the increase in revenues in the MRO Services for Aviation Components segment; (iv) partially offset by the decrease in revenues in the OEM of Electric Motion Systems segment.  

Revenue breakdown by the principal operational segments for the three-month period ended June 30, 2011 and 2010, respectively, was as follows:
                               Three Months Ended June 30.
                            2011                      2010             % of 
                   Revenues       % of       Revenues       % of      Change
                      in         Total          in         Total     Between
                  Thousands     Revenues    Thousands     Revenues   Periods
                         Unaudited                 Unaudited
    Revenues
    OEM of Heat
    Management
    Solutions      $  6,337       31.8 %     $  5,293       28.3 %    19.7 %
    Heat
    Transfer
    Services and
    Products *        6,606       33.2 %        6,039       32.4 %     9.4 %
    MRO services
    of Aviation
    Components *      4,985       25.1 %        3,826       20.5 %    30.3 %
    OEM of
    Electric
    Motion
    Systems           2,958       14.9 %        3,672       19.7 %  (19.4) %
    Eliminations       (992)        (5)%         (181)      (0.9)%   447.9 %
      Total
      revenues     $ 19,894     100.00 %     $ 18,649     100.00 %     6.7 %
                                Six Months Ended June 30.
                            2011                      2010             % of
                   Revenues       % of       Revenues       % of      Change
                      in         Total          in         Total     Between
                  Thousands     Revenues    Thousands     Revenues   Periods
                         Unaudited                 Unaudited
    Revenues
    OEM of Heat
    Management
    Solutions      $ 13,977       33.8 %     $ 14,193       38.3 %    (1.5)%
    Heat
    Transfer
    Services and
    Products *       13,073       31.7 %       11,209       30.3 %    16.6 %
    MRO services
    of Aviation
    Components *      9,784       23.7 %        7,610       20.5 %    28.6 %
    OEM of
    Electric
    Motion
    Systems           6,528       15.8 %        5,617       15.2 %    16.2 %
    Eliminations     (2,065)        (5)%       (1,613)      (4.3)%    28.0 %
    Total
    revenues       $ 41,297     100.00 %     $ 37,016     100.00 %    11.6 %

*  As of January 1, 2011,  TAT  began reporting its operations based on four operating segments , after dividing its MRO Services operating segment into two separate segments: Heat Transfer  Services and  Products ;  and MRO services for Aviation Components. Accordingly, the revenues and costs reported for the three months  and six months periods  ended  June 30,  2010 for MRO Services operating segment were divided between these two new operating segments.  Additionally, the operating segment name of  ' OEM of Heat Transfer Products '  was changed to OEM of Heat Management Solutions.

Dr. Shmuel Fledel, TAT's CEO, commented:  

"The second quarter of year 2011 is the continuation of TAT's consistent improvement trend in our dominant operating segments - the OEM of Heat Management Solutions, Heat Transfer Services and Products, and MRO Services of Aviation Components, during which we increased our revenues and improved our margins, compared to the same period in 2010.  This improvement is attributable to the efforts we made during the year 2010 in expanding our marketing and sales activities as well as in working rigorously to improve our production flow and yields. During the second quarter we also experienced a decrease in revenues and margins in the OEM of Electric Motion Systems compared to the same period in 2010, resulting from growing weakness in this segment, however on a 'Year to Date' basis, revenues were improved significantly compared to the same period in 2010.

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