The 29.4% decrease in net income for the three month period ended March 31, 2009 compared with the three month period ended March 31, 2008, is primarily attributable to the decrease in the net income of our 62% held subsidiary, Limco-Piedmont from $1.0 million in the three month period ended March 31, 2008 to a loss of $0.2 million in the three month period ended March 31, 2009 partially offset by improved results for the Company’s operations in Israel for the three month period ended March 31, 2009 compared with the three month period ended March 31, 2008.

Dr. Shmuel Fledel, TAT’s CEO commented: “The first quarter of year 2009 saw encouraging revenue growth for the TAT group, compared to the same period ended March 31, 2008, in large part due to our acquisition on August 18, 2008 of 70% of Bental Industries Ltd. We have improved our results of operation in Israel while experiencing a decrease in our revenues and gross margins in our operations in the U.S.. We are taking aggressive expense control measures, including the consolidation of our two US based operating entities into one location, in order to further improve the results of operations in the future.”

About TAT Technologies Ltd.

TAT provides a variety of services and products to the military and commercial aerospace and ground defense industries through its Gedera facility in Israel, as well as through its subsidiaries, Bental Industries Ltd., or Bental, in Israel and Limco in the U.S.

TAT operates under four operational segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems (iii) MRO services; and (iv) parts services, each with the following characteristics.

TAT’s activities in the area of OEM of Heat Transfer products primarily relate to the (i) design, development, manufacture and sale of a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; and (ii) manufacture and sale of environmental control and cooling systems and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.

TAT’s activities in the area of OEM of Electric Motion Systems primarily relate to the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems. TAT activities in this segment commenced with the acquisition of Bental in August 2008 and accordingly, the results in this segment for fiscal year 2008 are not compared with the previous years.

TAT’s MRO services include the remanufacture, overhaul and repair of heat transfer equipment and other aircraft components, APUs, propellers and landing gear. TAT’s Limco subsidiary operates FAA certified repair stations, which provide aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s parts segment focuses on inventory management and sale of APU parts, propellers and landing gear. TAT offers parts services for commercial, regional and charter airlines and business aircraft owners.

TAT’s executive offices are located in the Re’em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT’s telephone number is 972-8-862-8500.

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. Shareholders 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.

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TAT TECHNOLOGIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

			March 31, 2009			March 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents			$	21,091		$	17,509
Marketable securities				22,309			22,886
Trade accounts receivable (net of allowance for doubtful
accounts of $176 and $93 at March 31, 2009 and March 31,
2008, respectively)				19,569			17,169
Inventories				34,579			32,607
Other accounts receivable and prepaid expenses				7,127			4,492
Total current assets				104,675			94,663
Funds in respect of employee right upon retirement				3,764			3,997
Property, plant and equipment, net				14,905			12,509
Intangible assets, net				1,946			1,634
Goodwill				5,764			4, 780
Total assets			$	131,054		$	117,583
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term loans				138			-
Trade accounts payables				8,437			9,328
Accounts payables for dividend				4,463			-
Other accounts payable and accrued expenses				5,941			4,418
Total current liabilities				18,979			13,746
LONG-TERM LIABILITIES:
Long-term loans, net of current maturities				6,385			-
Liability in respect of employee rights upon retirement				4,359			4,145
Long-term deferred tax liability				1,024			548
				11,768			4,693
SHAREHOLDERS' EQUITY:
Share capital
Ordinary shares of NIS 0.9 par value - Authorized:
10,000,000 shares at March 31, 2009 and 2008; Issued and
outstanding: 6,548,021 shares and 6,542,671 shares at March
31, 2009 and 2008, respectively				2,204			2,201
Additional paid-in capital				39,667			39,356
Accumulated other comprehensive loss				(1,918	)		-
Treasury stock, at cost, 4,650 shares at March 31, 2009				(26	)		-
Retained earnings				32,614			32,787
Total shareholders equity				72,541			74,344
Noncontrolling interest				27,766			24,800
Total equity:				100,307			99,144
Total liabilities and shareholders' equity			$	131,054		$	117,583

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TAT TECHNOLOGIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)

			Three months ended March 31,
			2009			2008
Revenues
MRO services			$	11,484		$	12,985
OEM - Heat Transfer products				6,686			5,123
OEM - Electric Motion Systems				3,736			-
Parts services				2,637			4,135
				24,543			22,243
Cost and operating expenses
Cost of revenue				18,106			16,406
Research and development costs				165			-
Selling and marketing expenses				879			1,032
General and administrative expenses				2,943			2,826
Operating income				2,450			1,979
Financial (expense) income, net				(295	)		290
Other (expenses) income, net				(209	)		3
Income before income taxes				1,946			2,272
Income taxes				741			389
Net income				1,205			1,883
less: Net income attributable to
noncontrolling interest				(147	)		(384	)
Net income attributable to controlling
interest			$	1,058		$	1,499
Basic net income per share attributable to
controlling interest			$	016		$	0.23
Diluted net income per share attributable
to controlling interest			$	0.16		$	0.23
Weighted average number of shares - basic				6,552,671			6,542,671
Weighted average number of shares - diluted				6,552,671			6,557,090

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TAT TECHNOLOGIES LTD. (Registrant) By: /s/ Yaron Shalem —————————————— Yaron Shalem Chief Financial Officer

Date: May 15, 2009

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