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TAT Technologies Reports Year 2012 First Quarter Results

Stocks in this article: TATT

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.

Financial Highlights:

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
                           2012                     2011            Periods
                  Revenues        % of     Revenues        % of
                     in          Total        in          Total
                  Thousands     Revenues   Thousands     Revenues
                        Unaudited                Unaudited
    OEM of Heat
    Solutions       $ 7,684        37.2%     $ 7,640        35.7%      0.6%
    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
    Systems           1,802         8.7%       3,570        16.7%   (49.5)%
    Eliminations      (595)       (2.9)%     (1,074)       (5.0)%   (44.6)%
    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.

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