TAT POSTS $5.1 MILLION NET LOSS IN Q3

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By TESTCustomwebLP TESTCustomwebLP November 29, 2010 20:51

TAT POSTS $5.1 MILLION NET LOSS IN Q3

TAT Technologies, unit of KMN Holdings (Mendelson Group) that provides services and products to the commercial and military aerospace and ground defense industries, reported a net loss of $ 5.1 million for the three months ended September 30, 2010. Revenue for the three month period was $18.9 million compared to revenues of $18.8 million in the same period last year. The net loss reported is the result of one time impairment charges of goodwill and intangible assets and write down of inventories in its maintenance, repair and overhaul (MRO) operating segment.

TAT results for the third quarter of 2009 included its MRO business, which were sold to First Aviation Services (FAvS), in which TAT owns a 37% stake. TAT also set aside $700,000 for reimbursement sought by a customer of former TAT subsidiary Piedmont Aviation Component Services (which was merged with FAvS). The company has not yet been found guilty of any liability and the issue is at a very early stage.

Parent company KMN Holdings recently announced its shareholders’ equity will be reduced by NIS 100 million (approx. $27million) because of the write-down by TAT, which gives KMN’s bondholders the right to demand immediate repayment of the company’s NIS 55 million bond debt.

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By TESTCustomwebLP TESTCustomwebLP November 29, 2010 20:51
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