GEDERA, Israel, November 12 /PRNewswire-FirstCall/ -- TAT
Technologies Ltd. (NASDAQ:TATTF), reported today its results for
the three month and nine month periods ended September 30, 2009.
TAT Technologies Ltd. ("TAT"), directly and through its
subsidiaries, provides a variety of services and products to the
commercial and military aerospace and ground defense systems
industries. Such products and services primarily include the
design, development, manufacture, maintenance and repair of (i) a
broad range of heat transfer components (such as heat exchangers,
pre-coolers and oil/fuel hydraulic coolers) used in mechanical and
electronic systems on-board commercial, military and business
aircraft; (ii) environmental control and cooling systems on board
aircraft and for ground applications; (iii) a variety of other
electronic and mechanical aircraft accessories and systems such as
pumps, valves, power systems, turbines, APUs, propellers and
landing gear; and (iv) a broad range of electrical motion
applications for airborne and ground systems. Third Quarter
Financial Highlights: TAT announced net income of $1.1 million on
revenues of $18.8 million for the three months ended September 30,
2009 compared to net income of $0.7 million on revenues of $26.7
million for the three months ended September 30, 2008. The 30%
decrease in revenues for the three month period ended September 30,
2009 compared with the three month period last year, reflects lower
revenues in the MRO and Parts operations in the U.S. while OEM
operations in Israel maintained similar levels of revenues compared
to the third quarter of 2008. The 57% increase in net income for
the three month period ended September 30, 2009 compared to the
third quarter last year, is primarily attributable to an income tax
benefit related to a settlement of a tax uncertainty in favor of
our OEM operations in Israel, which resulted in the reduction of a
previously recorded tax provision. Revenue breakdown by the four
principal operational segments for the three-month and nine-month
periods ended September 30, 2009 and 2008, respectively, was as
follows: Three Months Ended September 30. 2009 2008 Revenues % of
Revenues % of in Total in Total Thousands Revenues Thousands
Revenues unaudited Unaudited Revenues MRO services $ 10,909 58.2 %
$ 14,054 52.6 % OEM of Heat Transfer products 6,039 32.2 % 6,067
22.7 % Parts services 788 4.2 % 4,773 17.9 % OEM of Electric Motion
Systems 2,797 14.9 % 3,066 11.5 % Eliminations (1,777) (9.5)%
(1,258) (4.7) % Total revenues $ 18,756 100.00 % $ 26,702 100.00 %
Nine Months Ended September 30. 2009 2008 Revenues % of Revenues %
of in Total in Total Thousands Revenues Thousands Revenues
unaudited unaudited Revenues MRO services $ 34,128 52.7 % $ 40,264
55.8 % OEM of Heat Transfer products 20,737 32.0 % 19,464 27.0 %
Parts services 5,611 8.7 % 13,360 18.5 % OEM of Electric Motion
Systems 8,811 13.6 % 3,066 4.2 % Eliminations (4,557) (7.0)%
(4,009) (5.5) % Total revenues $ 64,730 100.00 % $ 72,145 100.00 %
For the nine months ended September 30, 2009 TAT announced net
income of $2.7 million on revenues of $64.7 million compared to net
income of $3.6 million on revenues of $72.1 million for the same
period ended September 30, 2008. The 10% decrease in revenues for
the nine month period ended September 30, 2009 compared with the
nine month period ended September 30, 2008, reflects lower revenues
in the MRO and Parts operations in the U.S.; off-set by increased
revenues in the OEM operations in Israel due to organic growth in
the OEM of Heat Transfer products segment, as well as revenues in
the OEM of Electric Motion Systems segment derived from the
Company's 70% controlled subsidiary, Bental, acquired by TAT in
August 18, 2008. The 25% decrease in net income for the nine month
period ended September 30, 2009 compared to the same period last
year, is primarily attributable to reduction of income before tax
and as a result of the above mentioned income tax benefit related
to a settlement of a tax uncertainty in favor of our OEM operations
in Israel, which resulted in the reduction of a previously recorded
tax provision. Other Highlights: During the quarter on July 2,
2009, we completed the merger, between a wholly-owned subsidiary of
TAT with and into TAT's US subsidiary Limco-Piedmont Inc.,
("Limco", formerly Nasdaq: LIMC), pursuant to which TAT (which
owned 61.8% of Limco's common stock) acquired all of the shares of
Limco's common stock held by the public. Pursuant to the merger
agreement, each share of Limco common stock held by the public was
converted into one half of an ordinary share of TAT. Upon the
closing of the merger, TAT issued an aggregate of 2,520,372
ordinary shares to the former Limco shareholders representing 27.8%
of the TAT ordinary shares at the merger date and Limco became a
wholly-owned subsidiary of TAT. Dr. Shmuel Fledel, TAT's CEO
commented: "During the third quarter we reached a milestone by
completing the merger with Limco-Piedmont, our U.S. based
subsidiary. This strategic merger resulted in increased synergy
between our operations in the U.S. and Israel and will enable us to
reduce expenses. Our goal is to continue to expand our business
offerings worldwide and to be a leader in MRO and OEM products for
the commercial and military aerospace and ground defense
industries. Our third quarter results reflect similar levels of
revenues with improved operating profitability in our OEM
operations compared to the prior year. Our MRO and Part services
operations experienced a decrease in revenues and gross margins
over the prior year resulting from the weakness in the aviation
sector. We have appointed a new CEO and CMO for our U.S. operations
and we will continue to control and reduce our expenses in order to
increase profitability of our U.S. operations". We were also very
excited to announce the signing of definitive agreements in
connection with the FAvS transaction. This transaction will
position the group as a leading MRO "One- Stop -Shop" for ground
and aviation markets. It will also enhance and support the Parts
operations transferred to FAvS while enabling us to focus on our
core businesses: landing gear, APU, heat exchange and regional
markets. We believe that FAvS' product and service platform to the
aerospace industry worldwide combined with our MRO business will
enable TAT to significantly grow its business as well as expand its
global reach". TAT TECHNOLOGIES AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
September September 30, 2009 30, 2008 ASSETS Current Assets: Cash
and cash equivalents $ 26,098 $23,201 Marketable securities 10,774
21,110 Trade accounts receivable (net of allowance for doubtful
accounts of $138 and $245 at September 30, 2009 and September 30,
2008, respectively) 17,614 21,445 Inventories 37,011 37,736 Other
accounts receivable and prepaid expenses 6,515 5,966 Total current
assets 98,012 109,458 Funds in respect of employee right upon
retirement 2,567 4,424 Long-term deferred tax 160 -- Property,
plant and equipment, net 14,802 15,263 Intangible assets, net 3,729
2,672 Goodwill 5,873 6,075 Total assets $125,143 $137,892
LIABILITIES AND EQUITY Current Liabilities: Current maturities of
long-term loans 424 165 Trade accounts payables 6,888 11,885 Other
accounts payable and accrued expenses 3,577 7,710 Total current
liabilities 10,889 19,760 LONG-TERM LIABILITIES: Fair value of Call
options to minority --- 2,408 Long-term loans, net of current
maturities 7,432 5,247 Liability in respect of employee rights upon
retirement 3,215 5,030 Long-term deferred tax liability 1,264 1,000
11,911 13,685 EQUITY: Share capital Ordinary shares of NIS 0.9 par
value - Authorized: 10,000,000 shares at September 30, 2009 and
2008; issued and outstanding 8,887,566 shares at September 30, 2009
and 6,547,671 shares at September 30, 2008, 2,790 2,202 Additional
paid-in capital 64,371 39,468 Accumulated other comprehensive loss
(934) (347) Treasury stock, at cost, 185,477 shares at September
30, 2009 (1,422) - Retained earnings 34,313 34,538 Total
shareholders equity 99,118 75,861 Noncontrolling interest 3,225
28,586 Total equity: 102,343 104,447 Total liabilities and equity
$125,143 $137,892 TAT TECHNOLOGIES AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and
per share data) Three months ended Nine months ended September 30,
September 30, 2009 2008 2009 2008 Revenues: MRO services $ 10,909
$14,054 $ 34,128 $ 40,264 OEM - Heat Transfer products 6,039 6,067
20,737 19,464 OEM - Electric Motion Systems 2,797 3.066 8,811 3,066
Parts services 788 4,773 5,611 13,360 Eliminations (1,777) (1,258)
(4,557) (4,009) 18,756 26,702 64,730 72,145 Cost and operating
expenses: MRO services 9,222 11,123 29,942 31,877 OEM - Heat
Transfer products 3,831 5,419 13,626 15,145 OEM - Electric Motion
Systems 1,749 1,940 5,572 1,940 Parts services 1,444 3,676 5,351
10,570 Eliminations (1,725) (1,474) (4,542) (4,178) 14,521 20,684
49,949 55,354 Gross Profit 4,235 6,018 14,781 16,791 Research and
development costs 125 -- 497 -- Selling and marketing expenses 804
1,329 2,792 3,468 General and administrative expenses 3,348 3,085
9,053 8,718 Relocation Expenses 20 -- 426 -- Operating income (62)
1,604 2,013 4,605 Financial expense (118) (296) (1,397) (637)
Financial income 205 491 1,349 1,481 Other (expenses) income, net
127 -- 271 -- Income before income taxes 152 1,799 2,236 5,449
Income taxes (1,582) 818 (966) 1,375 Net income 1,734 981 3,202
4,074 Share in results of affiliated company -- 252 -- 686 less:
Net loss (income) attributable to noncontrolling interest (571)
(554) (431) (1,178) Net income attributable to controlling interest
$1,163 $679 $2,771 $3,582 Basic net income per share attributable
to controlling interest $0.13 $0.10 $0.38 $0.55 Diluted net income
per share attributable to controlling interest $0.13 $0.10 $0.38
$0.55 Weighted average number of shares - basic 9,012,767 6,547,671
7,369,603 6,544,338 Weighted average number of shares - diluted
9,021,682 6,557,559 7,379,771 6,559,186 Management's Discussion and
Analysis of Financial Condition and Results of Operations
Background TAT operates under four operational segments: (i)
Original Equipment Manufacturing or "OEM" of Heat Transfer products
(ii) OEM of Electric Motion Systems (iii) Maintenance, Repair and
Overhaul or 'MRO" services; and (iv) parts services, each with the
following characteristics. TAT's activities in the area of OEM of
Heat Transfer products primarily relate to the design, development,
manufacture and sale of (i) a broad range of heat transfer
components (such as heat exchangers, pre-coolers and oil/fuel
hydraulic coolers) used in mechanical and electronic systems
on-board commercial, military and business aircraft; (ii)
environmental control and cooling systems on board aircraft and for
ground applications; and (iii) a variety of other electronic and
mechanical aircraft accessories and systems such as pumps, valves,
power systems and turbines. TAT's activities in the area of OEM of
Electric Motion Systems primarily relate to the design,
development, manufacture and sale of a broad range of electrical
motor applications for airborne and ground systems. TAT activities
in this segment commenced with the acquisition of its 70%
controlled subsidiary Bental in August 2008. TAT's MRO services
include the remanufacture, overhaul and repair of heat transfer
equipment and other aircraft components, APUs, propellers and
landing gear. TAT's Limco subsidiary operates FAA certified repair
stations, which provide aircraft component MRO services for
airlines, air cargo carriers, maintenance service centers and the
military. TAT's parts segment focuses on inventory management and
sale of APU parts, propellers and landing gear. TAT offers parts
services for commercial, regional and charter airlines and business
aircraft owners. TAT has entered into an agreement to sell its
parts segment (See "Subsequent Events"). Three Months ended
September 30, 2009 compared with three months ended September 30,
2008 Revenues. Total revenues decreased to $18.8 million for the
three months ended September 30, 2009 from $26.7 million for the
three months ended September 30, 2008, a decrease of 29.8%. This
reflects decreased revenues in the MRO and Parts services
operations in the U.S. while OEM operations in Israel maintained
revenues in similar levels compared with the third quarter of 2008.
Cost of revenues. Cost of revenues decreased to $14.5 million for
the three months ended September 30, 2009 from $20.7 million for
the three months ended September 30, 2008, a decrease of 29.3%. The
decrease in cost of revenues was primarily attributable to the
decreased revenues in the MRO and Part services operations. Cost of
revenues as a percentage of revenues was 78% in the three months
ended September 30, 2009, similar to 77.5% for the three months
ended September 30, 2008. Research and development. Research and
Development expenses were $0.1 million for the three months ended
September 30, 2009, and are related to new products and
technologies within the OEM operations in Israel. Research and
Development expenses as a percentage of revenues was 0.1% in the
three months ended September 30, 2009. TAT did not incur any
material research and development expenses in the years ended
December 31, 2008 and 2007. TAT does expect to continue to incur
and record research and development expenses in coming years.
Selling and marketing expenses. Selling and marketing expenses
decreased to $0.8 million for the three months ended September 30,
2009, from $1.3 million for the three months ended September 30,
2008, a decrease of 39.5%. The decrease in selling and marketing
expenses was primarily attributable to decreased payroll expenses
in the Israel and U.S.. Selling and marketing expenses as a
percentage of revenues were 4.3% for the three months ended
September 30, 2009, compared to 5.0% for the three months ended
September 30, 2008. General and administrative expenses. General
and administrative expenses increased to $3.4 million for the three
months ended September 30, 2009, from $3.1 million for the three
months ended September 30, 2008, an increase of 8.5%. The increase
in general and administrative expenses was primarily attributable
to one time expenses associated with the merger of a wholly-owned
subsidiary of TAT and Limco mentioned above and to increased
expenses in the OEM operations as a result of the addition of
Bental operations commencing August 18, 2008. General and
administrative expenses as a percentage of revenues increased to
17.8% for the three months ended September 30, 2009 from 11.6% for
the three months ended September 30, 2008. Relocation Expenses. On
July 28, 2009 the Company had determined not to go forward with the
planned relocation of the operations of Limco's Tulsa, Oklahoma
based subsidiary to the location of Limco's Piedmont Aviation
Component Services, Inc. subsidiary in Kernersville, North
Carolina. As a result, relocation expenses were immaterial for the
three months ended September 30, 2009, Operating income (loss). For
the three months ended September 30, 2009 TAT reported an operating
loss of $0.06 million compared to an operating income of $1.6
million for the three months ended September 30, 2008. The loss is
attributable to decreased revenues, gross and operational margins
in the MRO and in the Parts services segments compared to the third
quarter in 2008; off-set by product mix with higher margin sold in
the OEM of Heat Transfer Products segment, as well as operational
income in the OEM of Electric Motion Systems segment derived from
the company's 70% controlled subsidiary, Bental Industries Ltd.
commencing August 2008. Financial expenses. Financial expense for
the three months ended September 30, 2009 was $0.1 million,
compared to $0.3 million for the three months ended September 30,
2008. Financial expense during the quarter primarily resulted from
changes in the exchange rate between the U.S. dollar and the
Israeli Shekel, as well as interest payments on long-term loans.
Financial expense during the previous year's quarter primarily
resulted from changes in the exchange rate between the U.S. dollar
and the Israeli Shekel. Financial income. Financial income for the
three months ended September 30, 2009 was $0.2 million compared to
$0.5 million for the three months ended September 30, 2008. In both
periods financial income was primarily attributable to hedging
activities related to exchange rate between the U.S. dollar and the
Israeli Shekel and interest received for short-term investments.
Other Income. TAT had other income of $0.1 million for the three
months ended September 30, 2009 compared to insignificant other
income for the three months ended September 30, 2008. Other income
for the three months ended September 30, 2009 primarily resulted
from a change in the fair value of unrealized forward transactions
gains as of September 30, 2009. Net income attributable to
noncontrolling interest. TAT recognized a net income attributable
to noncontrolling interest of $ 0.6 million for the three months
ended September 30, 2009 compared to $0.55 million for the three
months ended September 30, 2008. Taxes. Total tax income for the
three months ended September 30, 2009 amounted to $1.6 million,
compared to tax expense of $0.8 million for the three months ended
September 30, 2008. Tax income for the three months ended September
30, 2009 is primarily attributable to reduction of income before
tax as explained above, and as a result of an income tax benefit
attributable to a settlement of a tax uncertainty in favor of our
OEM operations in Israel, which resulted in the reduction of a
previously recorded tax provision of approximately $1.6 million.
Net income to controlling interest. For the three months ended
September 30, 2009, net income increased 56.6% to $1.2 million,
from net income of $0.7 million for the three months ended
September 30, 2008. Nine Months ended September 30, 2009 compared
with Nine months ended September 30, 2008 Revenues. Total revenues
decreased to $64.7 million for the nine months ended September 30,
2009 from $72.1 million for the nine months ended September 30,
2008, a decrease of 10.3%. This reflects decreased revenues in the
MRO and Parts services operations in the U.S.; off-set by increased
revenues in the OEM operations in Israel due to organic growth in
the OEM of Heat Transfer products segment, as well as revenues in
the OEM of Electric Motion Systems segment derived from the
Company's 70% controlled subsidiary, Bental, commencing August 18,
2008. Cost of revenues. Cost of revenues decreased to $50.0 million
for the nine months ended September 30, 2009 from $55.4 million for
the nine months ended September 30, 2008, a decrease of 9.6%. The
decrease in cost of revenues was primarily attributable to the
decreased revenues in the MRO and Part services segments and to
product mix with higher margin sold during the period in the OEM of
Heat Transfer Products segment. Cost of revenues as a percentage of
revenues was 77% in the nine months ended September 30, 2009, a
slight increase compared to 76% in the nine months ended September
30, 2008, primarily as a result of product mix with lower margin
products sold during the nine months ended September 30, 2009, as
well as to additional cost in the MRO segment, related to Repair
Center and Storefront agreements affected retroactively . Research
and development. Research and Development expenses were $0.5
million for the nine months ended September 30, 2009, and are
related to new products and technologies within the OEM operations
in Israel. Research and Development expenses as a percentage of
revenues in this segment were 1% in the nine months ended September
30, 2009. TAT did not incur any material research and development
expenses in the years ended December 31, 2008 and 2007. TAT does
expect to continue to incur and record research and development
expenses in coming years. Selling and marketing expenses. Selling
and marketing expenses decreased to $2.8 million for the nine
months ended September 30, 2009, from $3.5 million for the nine
months ended September 30, 2008, a decrease of 19.5%. The decrease
in selling and marketing expenses was primarily attributable to
decreased payroll expenses in Israel and the U.S.. Selling and
marketing expenses as a percentage of revenues were 4.3% for the
nine months ended September 30, 2009, compared to 4.8% for the nine
months ended September 30, 2008. General and administrative
expenses. General and administrative expenses increased to $9.1
million for the nine months ended September 30, 2009, from $8.7
million for the nine months ended September 30, 2008, an increase
of 3.8%. The increase in general and administrative expenses was
primarily attributable to one time expenses associated with the
merger of a wholly-owned subsidiary of TAT and Limco mentioned
above and to increased expenses in the OEM operations as a result
of the consolidation of Bental operations commencing August 18,
2008 off-set by one-time expenses in 2008 associated with the
retirement of certain management members. General and
administrative expenses as a percentage of revenues increased to
14% for the nine months ended September 30, 2009 from 12% for the
nine months ended September 30, 2008. Relocation Expenses. On July
28, 2009 the Company had determined not to go forward with the
planned relocation of the operations of Limco's Tulsa, Oklahoma
based subsidiary to the location of Limco's Piedmont Aviation
Component Services, Inc. subsidiary in Kernersville, North
Carolina. Relocation expenses were $0.4 million for the nine months
ended September 30, 2009, compared to none during the nine months
ended September 30, 2008. TAT expects not to incur additional
material costs related to that item. Operating income. Operating
income decreased to $2.0 million for the nine months ended
September 30, 2009 from $4.6 million for the nine months ended
September 30, 2008, a decrease of 58%. The decrease in operating
income reflects decreased gross and operational margins in the MRO
and in the Parts services segments in 2009 compared to 2008; offset
by increased gross and operational margins in the OEM operations
due to improved margins in the OEM of Heat Transfer products
segment, as well as operational income in the OEM of Electric
Motion Systems segment derived from the company's 70% controlled
subsidiary, Bental Industries Ltd. commencing August 18, 2008.
Financial expenses. Financial expense for the nine months ended
September 30, 2009 was $1.4 million, compared to $0.6 million for
the nine months ended September 30, 2008. In the first nine months
of 2009 financial expense primarily resulted from changes in the
exchange rate between the U.S. dollar and the Israeli Shekel, as
well as interest payments on long-term loans. In the first nine
months of 2008 financial expense primarily resulted from changes in
the exchange rate between the U.S. dollar and the Israeli Shekel.
Financial income. Financial income for the nine months ended
September 30, 2009 was $1.3 million, compared to $1.5 million for
the nine months ended September 30, 2008 and was primarily
attributable to hedging activities related to exchange rate between
the U.S. dollar and the Israeli Shekel and to interest received for
short-term investments. Other Income (expenses). TAT had other
income of $0.3 million for the nine months ended September 30, 2009
compared to insignificant other income for the nine months ended
September 30, 2008. Other income for the nine months ended
September 30, 2009 primarily resulted from a change in the fair
value of unrealized forward transactions gains as of September 30,
2009. Net income attributable to noncontrolling interest. TAT
recognized a net income attributable to noncontrolling interest of
$0.4 million for the nine months ended September 30, 2009 compared
with a net income attributable to noncontrolling interest of $1.2
million for the nine months ended September 30, 2008. Taxes. Total
tax income for the nine months ended September 30, 2009 amounted to
$1.0 million, compared to tax expense of $1.4 million for the nine
months ended September 30, 2008. Tax income for the nine months
ended September 30, 2009 is primarily attributable to reduction of
income before tax as explained above, and as a result of an income
tax benefit attributable to a settlement of a tax uncertainty in
favor of our OEM operations in Israel, which resulted in the
reduction of a previously recorded tax provision of approximately
$1.6 million. Net income to controlling interest. For the nine
months ended September 30, 2009, net income was $2.8 million,
compared with net income of $3.6 million for the nine months ended
September 30, 2008. Liquidity and Capital Resources During the
three months ended September 30, 2009, TAT received a $1.3 million
loan from Bank Leumi to finance Bental's working capital. As of
September 30, 2009 TAT had cash and cash equivalents and short-term
deposits of $26.1, in addition to marketable securities of $10.8
million, as compared with cash and cash equivalents and short-term
deposits of $23.2 million, in addition to marketable securities of
$21.1 million, as of September 30, 2008. On July 15, 2009 Limco
entered into a credit facility with a U.S. bank providing for
borrowings of up to $15 million under certain conditions. As of
September 30, 2009, this credit facility had not been utilized.
Seasonality TAT believes that the growth of its business over the
last three years has masked a historical seasonal trend in the MRO
services sector. Historically, TAT has seen many airlines decrease
their maintenance requirements in the peak air travel summer months
and increase its maintenance requirements in the winter months when
air travel is lower. Subsequent Event On August 13, 2009, TAT's
Board of Directors approved a stock repurchase plan under Rule
10b5-1 of the Securities Exchange Act of 1934. The plan will be in
effect for a period of six months (subject to extension) and will
provide for the purchase of shares in an aggregate amount of up to
2 million U.S. dollars. As of the date of this report, 208,700
shares had been purchased for a total amount of $1.626 million
(average of $7.77 per share) constituting 2.3% of TAT's issued
shares. On November 12, 2009, subsequent to the balance sheet date,
TAT's Board declared a cash dividend in the total amount of NIS 10
million (approximately $2.66 million), or NIS 1.123 per share
(approximately $0.30 per share), for all of the shareholders of
TAT. The dividend will be paid to shareholders of record on
November 23, 2009. TAT will pay the dividend on December 7, 2009.
On November 9, 2009 TAT has entered into a Stock Purchase Agreement
with First Aviation Services Holdings, Inc. ("FAvS") pursuant to
which, among other things, TAT's US subsidiary, Piedmont, will
acquire 37% of FAvS common stock and $750,000 of its preferred
stock, in exchange for the contribution of Piedmont's parts and
propeller businesses. FAvS is a leading supplier of products and
services to the aerospace industry worldwide, including the
provisioning or aircraft parts and components, and supply chain
management services. FAvS also performs overhaul and repair
services for wheels, brakes and starter/generators, and builds
custom hose assemblies. Simultaneously, the parties announced that
FAvS has entered into an agreement to acquire all of the assets of
Kelly Aerospace Turbine Rotables ("KATR"). KATR is a provider of
overhaul and repair services for landing gear, safety equipment,
hydraulic and electrical components, brakes and hose assemblies for
corporate, regional and military aircraft. Piedmont has agreed to
provide a 2 year guaranty up to $7 million for the debt being
incurred by FAvS in connection with the KATR acquisition. In
addition, FAvS and TAT will sign mutual marketing agreements as
part of the transaction. The transaction is subject to certain
conditions and its closing is anticipated before the year end.
TAT's executive offices are located in the Re'em Industrial Park,
Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's
telephone number is 972-8-862-8500. For more information of TAT
Technologies, please visit our web-site: http://www.tat.co.il/ Safe
Harbor for Forward-Looking Statements This press release contains
forward-looking statements which include, without limitation,
statements regarding possible or assumed future operation results,
synergies, customer benefits, growth opportunities, financial
improvements, expected expense savings and other benefits
anticipated from the merger. These statements are hereby identified
as "forward-looking statements" for purposes of the safe harbor
provided by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve risks and uncertainties
that could cause our results to differ materially from management's
current expectations. Actual results and performance can also be
influenced by other risks that we face in running our operations
including, but are not limited to, general business conditions in
the airline industry, changes in demand for our services and
products, the timing and amount or cancellation of orders, the
price and continuity of supply of component parts used in our
operations, and other risks detailed from time to time in the
company's filings with the Securities Exchange Commission,
including its registration statement on form F-4, its annual report
on form 20-F and its periodic reports on form 6-K. These documents
contain and identify other important factors that could cause
actual results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and other
readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly
or revise any forward-looking statement. Contact: Miri
Segal-Scharia Yaron Shalem - CFO MS-IR LLC TAT Technologies Ltd.
Tel: +1-917-607-8654 Tel: +972-8-862-8500 DATASOURCE: TAT
Technologies Ltd CONTACT: Contact: Miri Segal-Scharia, MS-IR LLC,
Tel: +1-917-607-8654, ; Yaron Shalem - CFO, TAT Technologies Ltd.,
Tel: +972-8-862-8500,
Copyright
Tat Technologies (NASDAQ:TATTF)
Historical Stock Chart
From Apr 2024 to May 2024
Tat Technologies (NASDAQ:TATTF)
Historical Stock Chart
From May 2023 to May 2024