Israel Aerospace Industries (IAI)'s profit before reorganization expenses for the third quarter (3rd Q) of 2006 reached approximately $42 million, as compared to $16 million for the same period in 2005, an increase of 263 percent.
The company's profit before reorganization expenses for the first nine (9) months of 2006 reached approximately $115 million, as compared to $47 million for the same period in 2005, an increase of 247 percent.
Sales for the third quarter of 2006 totaled $681 million, compared to $624 million in the same period last year, an increase of 9 percent.
Sales for the first nine (9) months of 2006 totaled $2.00 billion, compared to $1.75 billion during the same period in 2005, representing an increase of 14 percent.
IAI's backlog of orders reached $6.9 billion by September 30, 2006, compared to $5.8 billion on September 30, 2005, an increase of 19 percent.
At IAI's Board of Directors meeting during which the company's financial statements for the first nine months of 2006 were authorized, IAI's Chairman of the Board of Directors, Yair Shamir, said: "Israel Aerospace Industries continues to show improvement in its financial statements and achieved a net profit of $71 million for the first nine months of the year (after allocating funds for employee's voluntary retirement plan). This ongoing improvement is reflected by both profitability and other business measures. A continuation in this direction will facilitate the issuing of bonds, which will be based on the financial statements for the year ending December 2006."
IAI's President & CEO, Itzhak Nissan, said that: "All IAI's groups have improved their business results from the beginning of FY 2006. We will continue our policy of increasing profitability and improving the financial strength of the company."
IAI's Corporate Vice President Finance, Mr. Menashe Sagiv, said: "As of September 30, 2006, IAI's equity totaled $495 million, as compared to $438 million at the same period last year, an increase of 13 percent. This increase stemmed from growth in profit."
Israel Aerospace Industries, Ltd. (IAI), formerly known as Israel Aircraft Industries, is Israel's largest industrial exporter and a globally recognized leader for the defense and commercial markets. IAI provides unique and cost-effective technological solutions for a broad spectrum of needs in space, air, land, sea and homeland defense, including: maintenance and conversion of commercial aircraft, unmanned air and ground vehicles, radars, secure communications, AEW, EW, ELINT/ESM, SIGINT and COMINT/COMJAM, air-to-air refueling, upgrading of military aircraft and helicopters, Anti-Tactical Ballistic Missiles (ATBM), optronic payloads, navigation, smart weapons, missiles, commercial satellites and launchers, mine detection, clearing and breaching systems and many other core technologies, products and services.
For further information, please contact:
Doron Suslik
Deputy Corporate Vice President for Communications
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
Email: hpaz@iai.co.il