INVENTORIES, NET

12 Months Ended

Dec. 31, 2013

NOTE 7 -

INVENTORIES, NET

Inventories are composed of the following:

	December 31,
	2013 (*)		2012

Raw materials and components	$	9,648	$	12,321
Work in process		14,044		16,145
Spare parts		4,742		3,897
Finished goods		961		668

	$	29,395	$	33,031

(*) Excluding held for sale assets at December 31, 2013

Inventories are net of reserve for slow moving.

Write down of inventory (as mentioned below) is in the amount of $1,147 and $1,430 at December 31, 2013 and 2012, respectively.

During the year ended December 31, 2011, the Company recorded a write down of inventory in the amount of $2,500 attributable to inventory of the MRO services for aviation components segment. The write down was due to management's estimation of the continued decline in future forecasted sales levels and decline in profitability margins in certain product lines in this operating segment, which were lower than previously anticipated, resulting from the weakness in these areas of business, and was recorded under cost of revenues.

In 2013, 2012 and 2011, approximately $350, $1,892 and $1,501, respectively, of inventory previously written-down were used or sold in the course of providing MRO services.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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