The Company reported sales of US$893m in the quarter compared with US$828m in the corresponding quarter of last year (a 7.9% increase) and a net loss of US$94m. The loss arises from a provision of US$162m for early retirement expenses for about 800 employees in the context of the growth agreement signed with the employee union on August 25, 2016. Gross profit in the quarter totaled US$135m compared with US$86m in the corresponding quarter of 2015. Operating income less early retirement expenses (adjusted operating income) in the quarter amounted to US$30m compared with a loss of US$5m in the third quarter of 2015. EBITDA less early retirement expenses (adjusted) totaled US$58m compared with US$22m in the corresponding quarter of last year. Net income less early retirement expenses in respect of the growth agreement signed by the Company (adjusted net income) amounted to US$28m. IAI holds an order backlog of US$8.2bn, representing about 2.3 years of operation. The Company’s cash balances amount to approximately US$1.2bn, alongside positive cash flows from operating activities in the third quarter amounting to US$72m.
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IAI issues consolidated financial statements for the quarter ended September 30, 2016.
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