TAT Technologies Lost Profits Aviation Industry Weakness

Aviation supplier and defense contractor TAT Technologies Ltd. said Monday it lost $1 million in the fourth quarter because of general weakness in the aviation industry.

The loss, which amounts to 12 cents per share, compares with a net income of $700,000, or 12 cents per share, a year earlier. TAT, based in Israel, said its revenue dropped 41 percent to $18.4 million.

For the full year, TAT reported net income of $1.8 million, or 22 cents per share, down from profit of $4.3 million, or 65 cents per share, in 2008. Its full-year revenue fell 20 percent to $83.1 million.

TAT said its profit fell because of weakness in aviation during the global economic downturn, and because its work in electric motion systems returned to normal levels in 2009 after it finished a major project for Israel in 2008.

CEO Shmuel Fledel said TAT reorganized and made strategic acquisitions. In December, subsidiary Piedmont Aviation Component Services LLC acquired 37 percent of the shares of First Aviation Services Inc., an aerospace parts supplier and repair company.

TAT also announced that Dan Topaz was unanimously elected to its board of directors on Sunday, replacing Eran Saar, who resigned. Topaz is CEO of Isal Amlat, TAT’s controlling shareholder.

TAT shares fell 42 cents, or 4 percent, to close at $9.50 Monday.