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TAT Technologies Reports Year 2012 Third Quarter Results

Stocks in this article: TATT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, in thousands, except share and per share data)

                                Three months ended        Nine months ended
                                   September 30,            September 30,
                                2012          2011       2012          2011
 
    Revenues:
    OEM of Heat Management
    Solutions                   $ 8,001       $ 7,619   $ 22,721      $ 21,596
    Heat Transfer Services
    and Product                   6,655         6,892     20,542        19,965
    MRO services for Aviation
    Components                    6,027         5,019     16,666        14,803
    OEM of Electric Motion
    Systems                       2,436         2,027      6,915         8,555
    Eliminations                (1,040)         (847)    (1,961)       (2,912)
                                 22,079        20,710     64,883        62,007
 
    Cost and operating
    expenses:
    OEM of Heat Management
    Solutions                     5,859         5,724     16,849        16,390
    Heat Transfer Services
    and Products                  4,697         4,871     14,746        14,372
    MRO services for Aviation
    Components                    5,161         4,769     13,698        12,909
    OEM of Electric Motion
    Systems                       1,580         1,735      5,579         6,864
    Write down of inventory
    and impairment charges of
    long lived assets                 -         5,763          -         5,763
    Eliminations                (1,018)         (815)    (2,069)       (2,757)
                                 16,279        22,047     48,803        53,541
    Gross profit (loss)           5,800       (1,337)     16,080         8,466
 
    Research and development,
    net                             164           180        839           643
    Selling and marketing
    expenses                        783           715      2,596         2,481
    General and
    administrative expenses       2,504         2,985      8,254         8,010
    Other expenses (income)           -         (125)         10         (125)
    Impairment of goodwill            -             -      1,015             -
                                  3,451         3,755     12,714        11,009
    Operating income (loss)       2,349       (5,092)      3,366       (2,543)
 
    Financial expense             (439)         (929)    (1,652)       (1,573)
    Financial income                399           552      1,488         1,527
    Gain from dilution of
    interests in affiliated
    company                           -             -          -           240
 
    Income (loss) before
    income taxes                  2,309       (5,469)      3,202       (2,349)
 
    Taxes on income                 565       (1,948)      1,896         (679)
 
    Net income (loss) after
    income taxes                  1,744       (3,521)      1,306       (1,670)
 
    Share in results of
    affiliated company and
    impairment of share in
    affiliated company              136           167    (3,216)           450
 
    Net income (loss)             1,880       (3,354)    (1,910)       (1,220)
 
    Net loss (income)
    attributable to Non
    controlling interest          (108)            70         66            73
 
    Net income (loss)
    attributable to TAT
    Technologies shareholders   $ 1,772     $ (3,284)  $ (1,844)     $ (1,147)
 
    Earning per share
    Basic and diluted net
    income (loss) per share
    attributable to
    controlling interest         $ 0.20      $ (0.37)   $ (0.21)      $ (0.13)
 
    Weighted average number
    of shares - basic and
    diluted                   8,805,270     8,815,003  8,808,591     8,815,003

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