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TAT Technologies Reports Year 2012 Third Quarter Results

The increasing fuel costs continue to impact the Commercial Airlines business environment by reducing airlines' profitability and offsetting the positive impact of growing air traffic. As a result, airlines defer MRO activities and utilizing existing stock (destocking) rather than maintaining inventory levels. On the other hand, we continue to witness positive indications from commercial OEMs in the aerospace industry that increase backlog of new airplanes and/or airborne platforms/systems. The defense market however shows growing weakness and is impacted by budget constraints.

We are encouraged by our ability to maintain a steady growth in our key businesses while all of the above impacts our businesses. The weakness in the defense market which is mostly relevant to the OEM of Electric Motion Systems operating segment, resulted in a decrease of our revenues in this segment compared to 2011.

We continue to focus on our core capabilities and believe that our efforts will sustain the trend of improved performance for the remainder of 2012 and in 2013.

We are continuing to preserve a strong balance sheet with limited liabilities, strong working capital and sufficient financial assets to support the growth of our operations".

TAT TECHNOLOGIES  AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED    BALANCE SHEETS

(Unaudited, in thousands, except share data)

                                               September
                                                  30,       September 30,
                                                  2012          2011
                     ASSETS
    Current Assets:
    Cash and cash equivalents                     $ 15,250       $ 28,452
    Short-term bank deposits                        10,100              -
    Marketable securities at fair value              1,800          2,469
    Short-term restricted deposits                   2,907          4,485
    Trade accounts receivable (net of
    allowance for doubtful accounts of $346
    and $ 2,447 as of September 30, 2012 and
    2011, respectively)                             19,076         17,180
    Other accounts receivable and prepaid
    expenses                                         4,719          7,814
    Inventories, net                                33,835         33,436
 
    Total current assets                            87,687         93,836
 
    Long-term assets:
    Investment in affiliated company                 1,804          5,139
    Funds in respect of employee right upon
    retirement                                       3,092          2,879
    Long-term deferred tax                           3,076          2,094
    Property, plant and equipment, net              12,637         12,745
    Goodwill, net                                        -          1,073
 
    Total Long-term assets                          20,609         23,930
 
    Total assets                                 $ 108,296      $ 117,766
 
             LIABILITIES AND EQUITY
 
    Current Liabilities:
    Current maturities of long-term loans            4,168          6,371
    Trade accounts payables                          7,210          6,465
    Other accounts payable and accrued
    expenses                                         6,139          5,656
 
    Total current liabilities                       17,517         18,492
 
    Long-term liabilities:
    Long-term loans, net of current
    maturities                                       1,176          5,240
    Other accounts payable                              85            115
    Liability in respect of employee rights
    upon retirement                                  3,599          3,481
    Long-term deferred tax liability                 1,428          1,011
 
    Total long-term liabilities                      6,288          9,847
 
    EQUITY:
    Share capital
    Ordinary shares of NIS 0.9 par value -
    Authorized: 10,000,000 shares at
    September 30, 2012 and 2011; Issued:
    9,073,043 shares at September 30, 2012
    and 2011; Outstanding: 8,805,270 and
    8,815,003 shares at September 30, 2012
    and 2011, respectively                           2,790          2,790
    Additional paid-in capital                      64,402         64,460
    Treasury stock, at cost, 267,773 and
    258,040 shares at September 30 2012 and
    2011, respectively                             (2,059)        (2,018)
    Accumulated other comprehensive loss           (1,196)          (768)
    Retained earnings                               17,888         22,110
    Total TAT Technologies shareholders'
    equity                                          81,825         86,574
    Non controlling interest                         2,666          2,853
 
    Total equity:                                   84,491         89,427
 
    Total liabilities and equity                 $ 108,296      $ 117,766
 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

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