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.
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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