GEDERA, Israel, Dec. 12 /PRNewswire-FirstCall/ -- TAT Technologies
Limited (NASDAQ:TATTF), reported today reissued its results for the
three and six month periods ended June 30, 2008 to include its
consolidated balance sheets as of June 30, 2008 in order to comply
with NASDAQ requirements. TAT Technologies Limited (TAT), directly
and through its subsidiaries, provides a variety of services and
products to the aerospace industry, such as the manufacture,
maintenance and repair 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; other environmental
control and cooling systems and a variety of other electronic and
mechanical aircraft accessories. TAT announced 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
$23,064,071 for the three months ended June 30, 2007. For the six
months ended June 30, 2008 TAT announced net income of $2,903,101
on 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.
Revenues from the company's three principal lines of business for
the three and six month periods ended June 30, 2008 and 2007 were
as follows: Three Months Ended June 30, 2008 2007 Revenues % of
Total Revenues % of Total Revenues Revenues In Thousands Revenues:
MRO Services $13,225 57.0% $12,606 54.7% OEM products 6,936 29.9%
5,918 25.7% Parts Services 4,452 19.2% 5,436 23.5% Elimination
(1,413) (6.1%) (896) (3.9%) Total Revenues 23,200 100.0% 23,064
100.0% Six Months Ended June 30, 2008 2007 Revenues % of Total
Revenues % of Total Revenues Revenues In Thousands Revenues: MRO
Services $26,210 57.7% $25,046 51.9% OEM products 13,446 29.6%
12,018 24.9% Parts Services 8,587 18.9% 13,209 27.7% Elimination
(2,800) (6.2%) (2,182) (4.5%) Total Revenues 45,443 100.0% 48,091
100.0% Revenues did not vary significantly during the three month
period ended June 30, 2008 compared with the three month period
ended June 30, 2007, whereas we experienced a 5.5% decrease in
revenues for the six month period ended June 30, 2008 compared with
the six month period ended June 30, 2007 resulted from a decrease
in the Parts segment during the reported periods compared with
those of year 2007, primarily attributed to a one-time transaction
the Part segment experienced during the first half of 2007. The
decrease in net income for both the three and six month periods
ended June 30, 2008 compared with those of June 30, 2007, is
primarily attributable to the decreased revenues of the Part
segment. Also impacting net income was Limco-Piedmont initial
offering from July 2007, following which (i) our holdings reduced
from 100% to 62%, hence our results for the reported periods
included minority interest that effectively decreased our net
profit compared to first half of 2007; and (ii) the decrease in the
net profit of Limco-Piedmont from $1.9 million in the six months
ended June 30, 2007 to $0.9 million in the six months ended June
30, 2008, mainly attributed to increased materials labor costs
associated with cost of revenues. About TAT Technologies Ltd. TAT
Technologies Limited provides a variety of services and products to
the aerospace industry under three operational segments: (i) OEM
products (ii) MRO services and (iii) parts, each with the following
characteristics: Our OEM activities primarily relate to the
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. We also manufacture and
sell other environmental control and cooling systems and a variety
of other electronic and mechanical aircraft accessories and systems
such as pumps, valves, power systems and turbines. Our MRO services
include the remanufacture, overhaul and repair of heat transfer
equipment and other aircraft components, APUs, propellers and
landing gear. Our Limco-Piedmont subsidiary operates four FAA
certified repair stations, which provide aircraft component MRO
services for airlines, air cargo carriers, maintenance service
centers and the military. Our parts segment focuses on the sale of
APU parts propellers and landing gear. We offer parts services for
commercial, regional and charter airlines and business aircraft
owners. 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 AND
SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands, except per share data) June 30, December 31, 2008 2007
ASSETS Current Assets: Cash and cash equivalents $17,273 $15,114
Short-term investments 21,632 28,806 Accounts receivable (net of
allowance for doubtful accounts of $220 and $155 at June 30, 2008
and December 31, 2007, respectively) 16,526 14,679 Inventories
33,997 28,189 Other accounts receivable and prepaid expenses 4,828
4,047 Total current assets 94,256 90,835 Funds in respect of
employee right upon retirement 4,685 4,156 Investment in affiliated
company 5,590 -- Property, plant and equipment, net 12,737 11,927
Intangible assets, net 1,491 1,709 Goodwill 4,814 4,780 Total
assets $123,573 $113,407 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities: Accounts payables $8,519 $7,067 Other accounts
payable and accrued expenses 3,912 4,310 Total current liabilities
12,431 11,377 LONG-TERM LIABILITIES: Long-term loans 5,000 --
Liability in respect of employee rights upon retirement 4,853 4,175
Long-term deferred tax liability 564 581 10,417 4,756 Minority
interest 24,975 24,481 SHAREHOLDERS' EQUITY: Share capital Ordinary
shares of NIS 0.9 par value - Authorized: 10,000,000 shares at June
30, 2008 and December 31, 2007; Issued and outstanding: 6,547,671
shares and 6,542,671 shares at June 30, 2008 and December 31, 2007,
respectively 2,202 2,201 Additional paid-in capital 39,397 39,308
Accumulated other comprehensive loss (36) -- Retained earnings
34,187 31,284 SHAREHOLDERS' EQUITY: 75,750 72,793 Total liabilities
and shareholders' equity $123,573 $113,407 TAT TECHNOLOGIES AND
SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data) Three months ended Six months
ended June 30, June 30, 2008 2007 2008 2007 Revenues MRO services
$13,225 $12,606 $26,210 $25,046 OEM products 5,523 5,022 10,646
9,836 Parts services 4,452 5,436 8,587 13,209 $23,200 $23,064
$45,443 $48,091 Cost of revenues MRO services 11,130 8,519 20,754
16,877 OEM products 3,548 3,442 7,021 6,486 Parts services 3,588
3,790 6,894 10,814 18,266 15,751 34,669 34,177 Gross profit 4,934
7,313 10,774 13,914 Selling and marketing 1,028 977 2,060 1,851
General and administrative 2,886 3,052 5,712 5,688 Operating income
1,020 3,284 3,002 6,375 Financial income (expense), net 359 (92)
649 (109) Other income, net - 5 - 5 Income before income taxes and
minority interest 1,379 3,197 3,651 6,271 Provision for income
taxes 168 1,274 557 1,763 Income before minority interest 1,211
1,923 3,094 4,508 Share in result of affiliated company prior to
its consolidation 434 - 434 - Minority interest income (241) -
(625) - Net income $1,404 $1,923 $2,903 $4,508 Basic net income per
share $0.21 $0.29 $0.44 $0.70 Diluted net income per share $0.21
$0.29 $0.44 $0.69 Weighted average number of shares - basic
6,542,671 6,542,671 6,542,671 6,403,782 Weighted average number of
shares - diluted 6,556,606 6,558,689 6,556,847 6,516,413
DATASOURCE: TAT Technologies Limited CONTACT: Yaron Shalem, Chief
Financial Officer, TAT Technologies Ltd., +972-8-8595400
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