TAT Technologies Reports Second Quarter 2008 Results
August 15 2008 - 1:21PM
PR Newswire (US)
GEDERA, Israel, Aug. 15 /PRNewswire-FirstCall/ -- TAT Technologies
Limited (NASDAQ:TATTF), which is engaged in the manufacture, repair
and overhaul of heat transfer equipment and other various
accessories mainly in aircraft, reported today net income of
$1,404,143 on revenues of $23,199,622 for the three months ended
June 30, 2008 compared to net income of $1,923,020 on revenues of
$23,064,471 for the three months ended June 30, 2007. For the six
months ended June 30, 2008 the Company reports net income of
$2,903,101 derived from revenues of $45,442,969 compared to net
income of $4,508,262 and revenues of $48,091,458 for the same
period ended June 30, 2007. The Company's $23,199,622 revenues for
the three months ended June 30, 2008 are slightly higher compared
to the $23,064,071 revenues for the three months ended June 30,
2007. The 27% decrease in net income to $1,404,143 for the three
months ended June 30, 2008 from $1,923,020 in net income for the
three months ended June 30, 2007 was caused by: (i) the decrease in
the net profit of our main subsidiary, Limco-Piedmont, from
$1,565,000 last year (fully owned) to $624,000 this year (for our
62% ownership) which is due in part to an adjustment to inventory
and a decrease in revenues which was primarily attributable to
slower than anticipated parts sales which was offset by growth in
MRO revenues, and (ii) a one time compensation charge of $460,000
arising from the previously announced retirement of certain
managers. The quarterly results also reflect the positive addition
to our net profit for the quarter of $434,000 of net income
attributable to our new 37% owned subsidiary, Bental Industries
Ltd. About TAT Technologies Ltd. TAT Technologies is principally
engaged in the manufacture, repair and overhaul of heat transfer
equipment, such as heat exchangers, pre-coolers and oil/fuel
hydraulic coolers used in aircraft, defense systems, electronic
equipment and other applications. In addition, the Company
manufactures aircraft accessories and systems such as pumps,
valves, power systems and turbines, and overhauls aircraft
auxiliary power units (APUs), landing gear and propellers. Safe
Harbor for Forward-Looking Statements This press release contains
forward-looking statements that are subject to risks and
uncertainties. Factors that could cause actual results to differ
materially from these forward-looking statements include, but are
not limited to, general business conditions in the airline
industry, changes in demand for our services and products, the
timing and amount or cancellation of orders, the price and
continuity of supply of component parts used in our operations, and
other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission. These documents
contain and identify other important factors that could cause
actual results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and other
readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly
or revise any forward-looking statement. TAT TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands U.S.
dollars) (Unaudited) Three months ended Six months ended June 30,
June 30, 2007 2008 2007 2008 Revenues 23,064 23,200 48,091 45,443
Gross profit 7,300 4,934 13,901 10,775 Income from operations
before income taxes 3,197 1,379 6,271 3,650 Income taxes 1,274 168
1,763 557 Minority interest -- 240 -- 624 Net income 1,923 1,404
4,508 2,903 Basic income per share 0.29 0.21 0.7 0.44 Diluted
income per share 0.29 0.21 0.69 0.44 Weighed average number of
6,542,671 6,542,671 6,403,782 6,542,671 basic shares outstanding
Weighed average number of diluted shares outstanding 6,558,689
6,596,116 6,516,413 6,596,116 DATASOURCE: TAT Technologies Limited
CONTACT: Mr. Israel Ofen, Executive Vice-President and Chief
Financial Officer, +011-972-8-859-5411 Web site:
http://www.tat.co.il/default.asp
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