IAI Financial Report Shows Continued Growth

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    IAI’s 2010 second quarter and half-year financial report released today reflects continued improvement in the company’s business performance, despite perceived slowdown in global defense market and slow recovery in commercial aviation market. IAI has reported today sales of US$840 million, an increase of 26% over the second quarter of 2009 and about 9% increase over the first quarter of 2010. In total, IAI’s sales in the first half of 2010 amount to $1.6 billion, $0.2 billion over the performance in the first half of 2009. The company’s backlog has increased from the beginning of the year by $1.3 billion, reaching $9.1 billion. “This backlog is sufficient to support our operations for about three years, adding to the near term and long term stability and growth of IAI” said IAI’s President and CEO Yitzhak Nissan.

    The net profit in the 2nd quarter was $36 million, representing an increase of 72% over the 2nd quarter of 2009. The net profit reported in the two quarters of 2010 ads up to $55 million, reflecting 49% increase over the first half of last year. IAI continued its research and development, investing $64 million since the beginning of 2010 (14% increase over 2009). Notable areas of such company funded investments were the G250 business jet and Heron TP unmanned aerial system.

    IAI’s Chairman of the Board Yair Shamir expressed his satisfaction from the results, noting that both defense and commercial activities represented significant growth. Defense contracts, being the majority of the company’s sales have increased by 17% ($645 million) in the reported period. Orders for commercial aviation and other civilian programs totaled $195 million in the 2nd quarter of 2010, an of 71% over the second quarter of 2009.