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Earnings Tumble Despite Sales Increase For IAI In Fourth Quarter

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Israel Aerospace Industries (IAI) yesterday reported a steep decline in fourth quarter profits despite strong growth in sales. Net income in the quarter fell 66 percent to $19 million from $56 million a year ago largely due to a revaluation of Israeli Shekels in terms of United States dollars, a 4 percent dip in gross operating margins and higher research and development and other expenses. Sales in the quarter increased 13 percent to $916 million from $813 million a year…

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