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TAT Technologies Reports Fourth Quarter And Full Year 2012 Results

GEDERA, Israel, March 22, 2013 /PRNewswire/ --

TAT Technologies Ltd. (NASDAQ: TATT) ("the Company"), 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 twelve month periods ended December 31, 2012.

Financial Highlights:

TAT announced revenues of $23.0 million and a net income of $ 0. 4 million for the three months ended December 31, 2012 compared to revenues of $23.4 million with a net income of $0.1 million for the three months ended December 31, 2011 - an increase of approximately $0.3million in net income.

During the fourth quarter of 2012, revenues were impacted by (i) the decrease in revenues in the Heat Transfer Services and Products segment; (ii) similar revenues in the OEM of Heat Management Solutions segment; (iii) similar revenues in the OEM of Electric Motion Systems segment; partially offset by (iv) the increase in revenues in the MRO Services for Aviation Components segment.  

Revenue breakdown by the operating segments for the three month and twelve month periods ended December 31, 2012 and 2011 was as follows:

                            Three Months Ended December 31,
                                                                     % of
                                                                    Change
                                                                    Between
                            2012                    2011            Periods
                    Revenues       % of     Revenues       % of
                       in         Total        in         Total
                    Thousands    Revenues   Thousands    Revenues

                                           Unaudited
    Revenues
    OEM of Heat
    Management
    Solutions         $ 8,311       36.1%     $ 8,424       36.0%    (1.3)%
    Heat Transfer
    Services and
    Products            7,167       31.1%       7,638       32.7%    (6.2)%
    MRO services
    for Aviation
    Components          5,776       25.1%       5,343       22.8%      8.1%
    OEM of
    Electric
    Motion Systems      3,092       13.4%       3,103       13.3%    (0.4)%
    Eliminations       (1,307)      (5.7)%     (1,118)      (4.8)%    16.9%
    Total revenues   $ 23,039      100.0%    $ 23,390      100.0%    (1.5)%
                           Twelve Months Ended December 31,
                                                                     % of
                                                                    Change
                                                                    Between
                            2012                    2011            Periods
                    Revenues       % of     Revenues       % of
                       in         Total        in         Total
                    Thousands    Revenues   Thousands    Revenues

                                           Unaudited
    Revenues
    OEM of Heat
    Management
    Solutions        $ 31,032       35.3%    $ 30,020       35.2%      3.4%
    Heat Transfer
    Services and
    Products           27,709       31.5%      27,603       32.3%      0.4%
    MRO services
    for Aviation
    Components         22,442       25.5%      20,146       23.6%     11.4%
    OEM of
    Electric
    Motion Systems     10,007       11.4%      11,658       13.6%   (14.2)%
    Eliminations       (3,268)     (3.7)%      (4,030)     (4.7)%   (18.9)%
    Total revenues   $ 87,922      100.0%    $ 85,397      100.0%      3.0%

For the twelve months ended December 31, 2012, TAT announced revenues of $87.9 million with a net loss of $1.5 million compared to revenues of $85.4 million with net loss of $1.0 million for the same period ended December 31, 2011 - an increase of 3.0% in revenues along with a $0.05 million increase in reported net loss. The net loss reported for the twelve month period ended December 31, 2012 is the result of a $1.0 million impairment charge of goodwill, recorded in the second quarter of 2012, in TAT's OEM for Electric Motion Systems operating segment and a $3.3 million impairment charge, also recorded in the second quarter of 2012, with respect to TAT's investment in FAvS. The net loss reported for the twelve month period ended December 31, 2011 was the result of a $5.76 million (before taxes) write down of inventories and impairment charges of long lived assets ( $3.61 million, net of taxes). Excluding these impairment charges net income for the twelve month period ended December 31, 2012, was $2.8million compared to net income of $2.6 million for twelve month period ended December 31, 2011 - an increase of 10%.

During the twelve months of 2012, revenues were impacted by the increase in revenues in all our significant operating segments - the OEM of Heat Management Solutions segment, the Heat Transfer Services and Products segment and the MRO Services for Aviation Components segment; while revenues in the OEM of Electric Motion Systems operating segment significantly decreased due to growing weakness in the relevant defense markets. This decrease is a continuation of the decrease in revenues this segment had experienced during 2011.

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