IAI publishes financial statements for 2nd quarter 2016

Israel Aerospace Industries issued its consolidated financial statements for the quarter ended June 30, 2016. The Company reported sales of US$877m in the second quarter of the year compared to US$928m in Q2 2015, with net income of US$6m compared to net income of approximately US$20m in Q2 2015 and operating income of US$22m compared to US$11m in the 2nd quarter of 2015. IAI holds an order backlog of US$8.5bn, representing about 2.3 years of operation. The Company’s cash balances amount to approximately US$1.1bn against negative cash flows from operating activities in the amount of US$69m, most of which arising from changes in the Company’s working capital, among others due to the prolongation of the presale process and delays in the closing of several “mega contracts”.