GEDERA, Israel, May 15 /PRNewswire-FirstCall/ -- TAT Technologies Limited , a leader in the manufacture, repair and overhaul of heat transfer equipment and other various accessories used in aircraft, today reported revenues of $22,243,347 and net profit of $1,498,958 in the quarter ended March 31, 2008 compared to revenues of $25,026,987 and net profit of $2,585,242 for the same period in 2007.
The Company's revenues of $22,243,347 in the first quarter of 2008 decreased by 11.1% compared to revenues of $25,026,987 in the same period in 2007.
Net profit in the first quarter of 2008 has decreased by 52% to $1,498,958 compared to net profit of $2,585,242 in the same period of 2007. The decrease in revenues and profit is due in part to the reduction in the Company's ownership interest in its U.S. -- based subsidiary, Limco-Piedmont Inc., from 100% to 62% as a result of Limco-Piedmont's IPO in 2007.
About TAT Technologies Ltd.
TAT, together with its subsidiaries, is principally engaged in the manufacture, repair and overhaul of heat transfer equipment, such as heat exchangers, precoolers and oil/fuel hydraulic coolers used in aircraft, defense systems, electronic equipment and other applications. In addition the company manufactures and overhauls aircraft accessories and systems such as pumps, valves, power systems, turbines, etc.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, risks in product and technology development, product demand, the impact of competitive pricing, changing economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission.
TAT TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands U.S. dollars) Three Months Ended March 31, 2007 2008 (unaudited) Revenues $25,027 $22,243 Gross profit 6,601 5,837 Income from operations before Income Taxes 3,074 2,272 Income taxes 489 389 Minority interest -- 384 Net income 2,585 1,499 Basic income per share $0.39 $0.23 Diluted income per share $0.39 $0.23 Weighed average number of basic shares outstanding 6,542,671 6,542,671 Weighed average number of diluted shares outstanding 6,558,689 6,557,089
