TAT Technologies Ltd (TATT) Posts Stronger Q1 Results; Receives Noncompliance Letter from Nasdaq

May 19, 2011 7:24 AM EDT
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TAT Technologies Ltd (Nasdaq: TATT) reported Q1 EPS of $0.17, versus $0.08 reported last year. Revenue for the quarter came in at $21.4 million, versus $18.37 million reported last year.

Additionally, "on May 13, 2011, TAT notified the staff of the NASDAQ that due to the resignation of Ms. Daniela Yaron-Zollen on April 4, 2011, the Company no longer complied with NASDAQ's Audit Committee requirements set forth in Listing Rule 5605.

On May 16, 2011, the Company received a letter from the staff of the NASDAQ advising that as a result of such resignation, the Company does not meet the criteria of Listing Rule 5810(b). The letter further provided that the NASDAQ will provide the Company with a cure period to regain compliance. Such cure period terminates on October 11, 2011.

TAT expects to regain compliance prior to May 31, 2011 by electing a new independent director who will qualify as a member of the Audit Committee."

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