Three Months Ended September 30, 2012 2011 % of Revenues % of Revenues % of Change in Total in Total Between Thousands Revenues Thousands Revenues Periods Unaudited Unaudited Revenues OEM of Heat Management Solutions $ 8,001 36.3% $ 7,619 36.8% 5.0% Heat Transfer Services and Products 6,655 30.1% 6,892 33.3% (3.4)% MRO services for Aviation Components 6,027 27.3% 5,019 24.2% 20.1% OEM of Electric Motion Systems 2,436 11.0% 2,027 9.8% 20.2% Eliminations (1,040) (4.7)% (847) (4.1)% 22.8% Total revenues $ 22,079 100.0% $ 20,710 100.0% 6.6%
Nine Months Ended September 30, % 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 $ 22,721 35.0% $ 21,596 34.8% 5.2% Heat Transfer Services and Products 20,542 31.7% 19,965 32.2% 2.9% MRO services for Aviation Components 16,666 25.7% 14,803 23.9% 12.6% OEM of Electric Motion Systems 6,915 10.6% 8,555 13.8% (19.2)% Eliminations (1,961) (3.0)% (2,912) (4.7)% (32.7)% Total revenues $ 64,883 100.0% $ 62,007 100.0% 4.6%For the nine months ended September 30, 2012, TAT announced revenues of $64.9 million with a net loss of $1.8 million compared to revenues of $62.0 million with net loss of $1.1 million for the nine months ended September 30, 2011 - an increase of 4.6% in revenues. The net loss reported for the nine month period ended September 30, 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 the $3.3 million impairment charge, also recorded in the second quarter of 2012, with respect to TAT's investment in FAvS (see further below). The net loss reported for the nine month period ended September 30, 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 profit for the nine months ended September 30, 2012, was $2.5 million similar to the net profit for nine months ended September 30, 2011. During the nine months ended September 30, 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 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. Mr. Itsik Maaravi, TAT's CEO commented: "The results of the 2012 third quarter reflect the trend of continuous improvement Year over Year as we continued to increase revenues and gross margins compared to the corresponding periods in 2011. These improvements are attributed to the increase in our marketing and sales efforts during 2011 through 2012 as well as to our rigorous and continuing activity in improving our production flow and yields.