GEDERA, Israel, May 22, 2012 /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 period ended March 31, 2012.
TAT announced revenues of $20.7 million and a net income of $0.6 million for the three months ended March 31, 2012, compared to revenues of $21.4 million with net income of $1.5 million for the three months ended March 31, 2011.During the first quarter of 2012, revenues were impacted by (i) the increase in revenues in the Heat Transfer Services and Products operating segment and the MRO Services for Aviation Components operating segment; and (ii) the significant decrease in revenues in the OEM of Electric Motion Systems due to growing weakness in the relevant markets. This decrease is a continuation of the decrease in revenues this segment had experienced during 2011. Revenue breakdown by the operating segments for the three months period ended March 31, 2012 and 2011, respectively, was as follows:
Three Months Ended March 31, % of Change Between 2012 2011 Periods Revenues % of Revenues % of in Total in Total Thousands Revenues Thousands Revenues Unaudited Unaudited Revenues OEM of Heat Management Solutions $ 7,684 37.2% $ 7,640 35.7% 0.6% Heat Transfer Services and Products 6,783 32.8% 6,467 30.2% 4.9% MRO services for Aviation Components 5,003 24.2% 4,799 22.4% 4.3% OEM of Electric Motion Systems 1,802 8.7% 3,570 16.7% (49.5)% Eliminations (595) (2.9)% (1,074) (5.0)% (44.6)% Total revenues $ 20,677 100.0% $ 21,402 100.0% (3.4)%Mr. Itsik Maaravi, TAT's CEO commented: "The results of 2012 first quarter reflect the continuation of the improving trend in our dominant operating segments - the OEM of Heat Management Solutions and Heat Transfer Services and Products, as well as in our MRO for Aviation Components operating segment. In each of these segments we continued to increase revenues compared to the first quarter of 2011. These improvements are attributed to the increase in our marketing and sales activities during 2010 and 2011 as well as to our rigorous and continuing activity to improve our production flow and yields.