Israel Aerospace Industries releases financial figures for Q1 2013

IAI’ sales in the first quarter of 2013 amounted to US$849m, compared to US$893m in the corresponding period last year. Export sales accounted for 79% of total sales, amounting to US$673m. Sales to the military market accounted for 72% of total sales. Gross income in the first quarter of 2013 amounted to US$122m (14.4% of sales), compared to US$138m (15.4% of sales) in the corresponding period last year – an 11% decrease due to decline in operations of Bedek Aviation Group and due to the impact of the stronger NIS. Operating income in the first quarter of 2013 amounted to US$20m (2.3% of sales), compared to US$30m (3.4% of sales) in the corresponding period last year. The decrease in income is due to lower gross margin. Net income in the current quarter amounted to US$19m (2.2% of sales), compared to net income of US$54m (6.1% of sales) in the corresponding period last year. The order backlog at the end of the current quarter amounted to US$9.8bn, compared to US$9.7bn at the end of 2012. Cash flow from current operations amounted to US$268m, compared to US$52m in the corresponding period last year.