INVESTMENT IN AN AFFILIATED COMPANY

12 Months Ended

Dec. 31, 2014

INVESTMENT IN AN AFFILIATED COMPANY [Abstract]

INVESTMENT IN AN AFFILIATED COMPANY

NOTE 3 -INVESTMENT IN AN AFFILIATED COMPANY

a.   FAvS 

As of December 31, 2014 and 2013, the company has 28.08% and 29.36% of First Aviation Services, a provider of repair and overhaul, rotables management and related engineering services to the aviation industry worldwide.

b.    Financial information

       Condensed financial information from FAvS consolidated balance sheets as of December 31, 2014 and 2013:

	December 31,
	2014		2013
Current assets	$	10,596	$	10,179
Long-term assets		8,927		8,954
Total assets		19,523		19,133
Current liabilities		5,964		6,522
Long-term liabilities		4,624		4,471
Total liabilities	$	10,588	$	10,993

      Condensed financial information from FAvS consolidated statements of operations for each of the three years in the period ended December 31, 2014:

	Year ended December 31,
	2014		2013			2012
Net sales	$	24,442	$	23,445		$	21,579
Gross profit		7,342		6,182			9,202
Income (loss) from continuing operations		827		(341	)		(1,476	)
Net income (loss)		727		3,158			(12,979	)
Income (loss) attributable to common stockholders	$	336	$	2,821		$	(13,271	)

      A reconciliation of the share in results of affiliated company and impairment of share in affiliated company for each of the years ended December 31, 2014, 2013 and 2012:

	Year ended December 31,
	2014		2013		2012
Share in income (loss) related to common stockholders	$	49	$	838	$	(653	)
Share in income related to preferred stock		218		187		197
Impairment in affiliated company		-		-		(3,300	)
Net income (loss)	$	267	$	1,025	$	(3,756	)