GEDERA, Israel, Nov. 15, 2017 /PRNewswire/ -- TAT Technologies
Ltd. (NASDAQ: TATT) ("TAT" or the "Company"), a leading provider of
products and services to the commercial and military aerospace and
ground defense industries, reported today its unaudited results for
the three-month and nine-month periods ended September 30, 2017.
Key Financial Highlights:
- Revenues for the nine-month period that ended on September 30, 2017 were $80.2 million compared with $70.8 million in the nine-month period that ended
on September 30, 2016, a 13% growth.
Revenues for Q3/17 were $26.6 million
compared with $23.6 million in Q3/16,
a 12% growth.
- Adjusted EBITDA for the nine-month period that ended on
September 30, 2017 increased to
$7.8 million compared with
$4.8 million in the nine-month period
that ended on September 30, 2016, an
increase of 64%. Adjusted EBITDA for Q3/17 was $2.5 million compared with $2.5 million in Q3/16.
- The Company achieved GAAP net income of $2.7 million, or $0.30 per diluted share in the nine-month period
that ended on September 30, 2017
compared with a net loss of $1.6
million, or a loss of $0.18
per diluted share in the nine-month period that ended on
September 30, 2016. GAAP net
income for Q3/17 was $0.8 million, or
$0.10 per diluted share compared with
GAAP net income of $0.9 million, or
$0.10 per diluted share in
Q3/16.
- Non-GAAP net income reached $3.0
million, or $0.33 per diluted
share in the nine-month period that ended on September 30, 2017, compared with non-GAAP net
income of $0.9 million, or
$0.10 per diluted share in the
nine-month period that ended on September
30, 2016, and non-GAAP net income of $0.9 million, or $0.10 per diluted share in Q3/17 and in
Q3/16.
Mr. Igal Zamir, CEO
and President of TAT Technologies stated, "We continue to see
consistent improvement in the company's financial performance.
Revenues continue to grow organically due to the company's sales
and marketing efforts, its strong position in its markets and the
continued strength in the Aerospace industry. The company is
expected to start deliveries related to the recently awarded APU
MRO contract during Q4/17. Operational improvements that have been
implemented resulted in solid and stable profitability. The company
continues to pursue growth initiatives, both organic and strategic
and further improve its profitability."
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with GAAP, the Company also presents a Non-GAAP
presentation of Net Income and Adjusted EBITDA. The
adjustments to the Company's GAAP results are made with the intent
of providing both management and investors a more complete
understanding of the Company's underlying operational results,
trends and performance. Non-GAAP Net Income excludes changes,
income or losses, as applicable, related to one or more of the
following: (1) share-based compensation expenses and/or (2) certain
tax impact and/or and/or (3) share in results of equity investment
of affiliated companies. Adjusted EBITDA is calculated as net
income excluding the impact of: the Company's share in results of
affiliated companies, share-based compensation, taxes on income,
financial (expenses) income, net, and depreciation and
amortization. Non-GAAP Net Income and Adjusted EBITDA,
however, should not be considered as alternatives to net income and
operating income for the period and may not be indicative of the
historic operating results of the Company; nor they are meant to be
predictive of potential future results. Non-GAAP Net Income
and Adjusted EBITDA are not measures of financial performance under
generally accepted accounting principles and may not be comparable
to other similarly titled measures for other companies. See
reconciliation of GAAP Net Income to Non-GAAP Net Income and
Adjusted EBITDA in pages 9 and 13 below.
About TAT Technologies LTD
TAT Technologies Ltd. is a leading provider of services and
products to the commercial and military aerospace and ground
defense industries. TAT operates under four segments: (i) Original
equipment manufacturing ("OEM") of heat transfer solutions and
aviation accessories through its Gedera facility; (ii) MRO services
for heat transfer components and OEM of heat transfer solutions
through its Limco subsidiary; (iii) MRO services for aviation
components through its Piedmont subsidiary; and (iv) Overhaul and
coating of jet engine components through its Turbochrome
subsidiary. TAT controlling shareholders is the FIMI Private Equity
Fund.
TAT's activities in the area of OEM of heat transfer solutions
and aviation accessories primarily include the design, development
and manufacture of (i) broad range of heat transfer solutions, such
as pre-coolers heat exchangers and oil/fuel hydraulic heat
exchangers, used in mechanical and electronic systems on board
commercial, military and business aircraft; (ii) environmental
control and power electronics cooling systems installed on board
aircraft in and ground applications; and (iii) a variety of other
mechanical aircraft accessories and systems such as pumps, valves,
and turbine power units.
TAT's activities in the area of MRO Services for heat transfer
components and OEM of heat transfer solutions primarily include the
MRO of heat transfer components and to a lesser extent, the
manufacturing of certain heat transfer solutions. TAT's Limco
subsidiary operates an FAA-certified repair station, which provides
heat transfer MRO services for airlines, air cargo carriers,
maintenance service centers and the military.
TAT's activities in the area of MRO services for aviation
components include the MRO of APUs, landing gears and other
aircraft components. TAT's Piedmont subsidiary operates an
FAA-certified repair station, which provides aircraft component MRO
services for airlines, air cargo carriers, maintenance service
centers and the military.
TAT's activities in the area of overhaul and coating of jet
engine components includes the overhaul and coating of jet engine
components, including turbine vanes and blades, fan blades,
variable inlet guide vanes and afterburner flaps.
For more information of TAT Technologies Ltd., please visit our
web-site:
www.tat-technologies.com
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. 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, the change of control that will occur on the
sale by the receiver of the Company's shares held by our previously
controlling stockholders, and other risks detailed from time to
time in the Company's filings with the Securities Exchange
Commission, including, 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.
TAT
TECHNOLOGIES AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
|
September
30,
|
|
December
31,
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
18,315
|
|
$
21,433
|
Short-term bank
deposits
|
464
|
|
964
|
Accounts receivable,
net
|
26,004
|
|
21,572
|
Other current assets
and prepaid expenses
|
3,336
|
|
1,687
|
Inventory,
net
|
37,623
|
|
39,269
|
|
|
|
|
Total current
assets
|
85,742
|
|
84,925
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
Investment in
affiliates
|
1,247
|
|
1,019
|
Funds in respect of
employee rights upon retirement
|
2,889
|
|
2,660
|
Deferred income
taxes
|
916
|
|
896
|
Intangible assets,
net
|
1,079
|
|
1,179
|
Property, plant and
equipment, net
|
21,108
|
|
21,298
|
|
|
|
|
Total non-current
assets
|
27,239
|
|
27,052
|
|
|
|
|
Total
assets
|
$
112,981
|
|
$
111,977
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
9,882
|
|
8,406
|
Accrued
expenses
|
8,752
|
|
9,836
|
|
|
|
|
Total current
liabilities
|
18,634
|
|
18,242
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
Other
long-term liabilities
|
163
|
|
151
|
Liability in respect
of employee rights upon retirement
|
3,354
|
|
2,994
|
Deferred income
taxes
|
2,015
|
|
1,938
|
|
|
|
|
Total
non-current liabilities
|
5,532
|
|
5,083
|
|
|
|
|
Total
liabilities
|
24,166
|
|
23,325
|
|
|
|
|
EQUITY:
|
|
|
|
Share
capital
|
2,802
|
|
2,797
|
Additional paid-in
capital
|
65,050
|
|
64,760
|
Treasury stock at
cost
|
(2,088)
|
|
(2,088)
|
Accumulated other
comprehensive loss
|
142
|
|
(73)
|
Retained
earnings
|
22,909
|
|
23,256
|
Total shareholders'
equity
|
88,815
|
|
88,652
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
112,981
|
|
$
111,977
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In thousands, except
share and per share data)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
Year
ended
|
|
September
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
$
8,985
|
|
$
6,940
|
|
$
27,904
|
|
$
22,950
|
|
$
30,431
|
Services
|
17,596
|
|
16,705
|
|
52,326
|
|
47,859
|
|
65,363
|
|
26,581
|
|
23,645
|
|
80,230
|
|
70,809
|
|
95,794
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods:
|
|
|
|
|
|
|
|
|
|
Products
|
7,557
|
|
5,147
|
|
22,000
|
|
18,179
|
|
23,788
|
Services
|
13,930
|
|
13,605
|
|
42,536
|
|
39,407
|
|
52,969
|
|
21,487
|
|
18,752
|
|
64,536
|
|
57,586
|
|
76,757
|
Gross
Profit
|
5,094
|
|
4,893
|
|
15,694
|
|
13,223
|
|
19,037
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
215
|
|
213
|
|
620
|
|
951
|
|
1,140
|
Selling and
marketing
|
1,205
|
|
911
|
|
3,643
|
|
2,868
|
|
3,876
|
General and
administrative
|
2,182
|
|
2,300
|
|
6,688
|
|
7,392
|
|
10,023
|
Other loss
(income)
|
(1)
|
|
(18)
|
|
27
|
|
(21)
|
|
(138)
|
|
3,601
|
|
3,406
|
|
10,978
|
|
11,190
|
|
14,901
|
Operating
income
|
1,493
|
|
1,487
|
|
4,716
|
|
2,033
|
|
4,136
|
|
|
|
|
|
|
|
|
|
|
Financial income
(expenses), net
|
21
|
|
(60)
|
|
(251)
|
|
(92)
|
|
(154)
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
1,514
|
|
1,427
|
|
4,465
|
|
1,941
|
|
3,982
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
623
|
|
537
|
|
1,656
|
|
3,445
|
|
3,865
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
equity investment
|
891
|
|
890
|
|
2,809
|
|
(1,504)
|
|
117
|
|
|
|
|
|
|
|
|
|
|
Share in results of
affiliated companies
|
(50)
|
|
(37)
|
|
(156)
|
|
(51)
|
|
(55)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
841
|
|
$
853
|
|
$
2,653
|
|
$
(1,555)
|
|
$
62
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (basic and diluted)
|
$
0.10
|
|
$
0.10
|
|
$
0.30
|
|
$
(0.18)
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
8,848,028
|
|
8,828,444
|
|
8,848,028
|
|
8,828,444
|
|
8,828,444
|
Diluted
|
8,924,358
|
|
8,837,714
|
|
8,920,054
|
|
8,829,894
|
|
8,830,764
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(In
thousands)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
Year
ended
|
|
September
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
841
|
|
$
853
|
|
$
2,653
|
|
$
(1,555)
|
|
$
62
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) from derivatives
|
(221)
|
|
181
|
|
(545)
|
|
373
|
|
174
|
Reclassification
adjustments for gains included in net
income and inventory
|
(113)
|
|
(93)
|
|
760
|
|
(214)
|
|
(243)
|
Total other
comprehensive income (loss)
|
$
507
|
|
$
941
|
|
$
2,868
|
|
$
(1,396)
|
|
$
(7)
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS (UNAUDITED)
|
(In thousands, except
share and per share data)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
2017
|
2016
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income
(loss) on GAAP basis
|
$
841
|
$
853
|
$
2,653
|
|
$
(1,555)
|
Adjustments:
|
|
|
|
|
|
Tax adjustments re
non-GAAP adjustments (1)
|
-
|
-
|
-
|
|
2,360
|
Share in results of
equity investment of affiliated company
|
50
|
37
|
156
|
|
51
|
Share based
compensation
|
36
|
37
|
151
|
|
64
|
Non-GAAP net
income
|
$
927
|
$
927
|
$
2,960
|
|
$
920
|
|
|
|
|
|
|
Non-GAAP net
income per share (basic and diluted)
|
$
0.10
|
$
0.10
|
$
0.33
|
|
$
0.10
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
Basic
|
8,848,028
|
8,828,444
|
8,848,028
|
|
8,828,444
|
Diluted
|
8,924,358
|
8,837,714
|
8,920,054
|
|
8,829,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the second quarter of 2016 the Company
distributed dividend from its foreign subsidiaries earnings. As a
result, the company accrued deferred tax liability due to actual
distribution of earnings from foreign subsidiaries of the Company
and due to the possibility of future distribution of earnings from
such foreign subsidiaries.
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
(In thousands, except
share data)
|
|
|
|
TAT Technologies
Ltd. Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
Number of
shares issued
|
|
|
Amount
|
|
Additional paid-in
capital
|
|
other
comprehensive income (loss)
|
|
Treasury
shares
|
|
Retained
earnings
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT DECEMBER
31, 2014 (audited)
|
|
9,082,817
|
|
$
2,793
|
|
$
64,491
|
|
$
-
|
|
$
(2,088)
|
|
$
20,345
|
|
$
85,541
|
|
CHANGES DURING THE
YEAR ENDED
DECEMBER 31, 2015 (audited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
-
|
|
5,849
|
|
5,845
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
38
|
|
-
|
|
-
|
|
-
|
|
38
|
|
BALANCE AT
DECEMBER 31, 2015 (audited)
|
|
9,082,817
|
|
2,793
|
|
64,529
|
|
(4)
|
|
(2,088)
|
|
26,194
|
|
91,424
|
|
CHANGES DURING THE
YEAR ENDED
DECEMBER 31, 2016 (audited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
-
|
|
-
|
|
-
|
|
(69)
|
|
-
|
|
62
|
|
(7)
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
105
|
|
-
|
|
-
|
|
-
|
|
105
|
|
Exercise of
options
|
|
20,100
|
|
4
|
|
126
|
|
-
|
|
-
|
|
-
|
|
130
|
|
Dividend
distributed
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
BALANCE AT
DECEMBER 31, 2016 (audited)
|
|
9,102,917
|
|
2,797
|
|
64,760
|
|
(73)
|
|
(2,088)
|
|
23,256
|
|
88,652
|
|
CHANGES DURING
THE NINE MONTHS ENDED
SEPTEMBER 30, 2017 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
-
|
|
-
|
|
-
|
|
215
|
|
-
|
|
2,653
|
|
2,868
|
|
Exercise of
options
|
|
19,584
|
|
5
|
|
139
|
|
-
|
|
-
|
|
-
|
|
144
|
|
Dividend
distributed
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
151
|
|
-
|
|
-
|
|
-
|
|
151
|
|
BALANCE AT
SEPTEMBER 30, 2017 (unaudited):
|
|
9,122,501
|
|
$
2,802
|
|
$
65,050
|
|
$
142
|
|
$
(2,088)
|
|
$
22,909
|
|
$
88,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
Year
ended
|
|
|
September
30,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
2016
|
|
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to TAT Technologies Ltd. shareholders
|
|
$
841
|
|
$
853
|
|
$
2,653
|
$
(1,555)
|
|
$
62
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
987
|
|
929
|
|
2,936
|
2,660
|
|
3,636
|
Loss (gain) on sale
of property, plant and equipment
|
|
-
|
|
(19)
|
|
28
|
(18)
|
|
12
|
Interest from
short-term bank deposits and restricted deposits
|
|
-
|
|
-
|
|
-
|
(11)
|
|
(24)
|
Gain from
change in fair value of derivatives
|
|
(40)
|
|
(122)
|
|
(100)
|
(170)
|
|
(152)
|
Provision for doubtful
accounts
|
|
-
|
|
10
|
|
38
|
53
|
|
(29)
|
Share in results of
equity investment of affiliated Company
|
|
50
|
|
37
|
|
156
|
51
|
|
55
|
Share based
compensation
|
|
36
|
|
37
|
|
151
|
64
|
|
105
|
Liability in respect of
employee rights upon retirement
|
|
190
|
|
47
|
|
360
|
60
|
|
123
|
Deferred income taxes,
net
|
|
341
|
|
(287)
|
|
57
|
1,813
|
|
1,670
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Increase in trade accounts receivable
|
|
(3,185)
|
|
(44)
|
|
(4,470)
|
(3,541)
|
|
(2,392)
|
Decrease
(increase) in other current assets and prepaid expenses
|
|
(521)
|
|
(913)
|
|
(1,138)
|
31
|
|
1,487
|
Decrease (increase) in
inventory
|
|
(1,353)
|
|
(862)
|
|
1,319
|
(1,367)
|
|
(2,707)
|
Increase in trade accounts payable
|
|
2,805
|
|
1,503
|
|
1,433
|
1,379
|
|
1,192
|
Increase (decrease) in accrued expenses
|
|
(701)
|
|
1,013
|
|
(1,084)
|
1,358
|
|
2,521
|
Increase (decrease) in other long-term liabilities
|
|
(13)
|
|
(1)
|
|
12
|
(123)
|
|
(38)
|
Net cash provided by
(used in) operating activities
|
|
$
(563)
|
|
$
2,181
|
|
$
2,351
|
$ 684
|
|
$
5,521
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Investment in
affiliated company
|
|
(133)
|
|
(376)
|
|
(384)
|
(389)
|
|
(905)
|
Funds in respect of
employee rights upon retirement
|
|
(26)
|
|
98
|
|
(97)
|
75
|
|
2
|
Proceeds from sale of
property and equipment
|
|
-
|
|
17
|
|
-
|
18
|
|
17
|
Purchase of property
and equipment
|
|
(1,203)
|
|
(1,078)
|
|
(2,632)
|
(4,661)
|
|
(5,702)
|
Maturities of
short-term deposits
|
|
-
|
|
5,182
|
|
500
|
7,182
|
|
7,182
|
Cash flows provided
by (used in) investing activities
|
|
$
(1,362)
|
|
$
3,843
|
|
$
(2,613)
|
$
2,225
|
|
$
594
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Realization of
contingency
|
|
-
|
|
(500)
|
|
-
|
(500)
|
|
(500)
|
Payment of cash
dividend
|
|
-
|
|
(3,000)
|
|
(3,000)
|
(3,000)
|
|
(3,000)
|
Exercise of
options
|
|
144
|
|
|
|
144
|
130
|
|
130
|
Cash flows
provided by (used in) financing activities
|
|
$ 144
|
|
$
(3,500)
|
|
$
(2,856)
|
$
(3,370)
|
|
$
(3,370)
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(1,781)
|
|
2,524
|
|
(3,118)
|
(461)
|
|
2,745
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
20,096
|
|
15,703
|
|
21,433
|
18,688
|
|
18,688
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
18,315
|
|
$
18,227
|
|
$
18,315
|
$
18,227
|
|
$
21,433
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
RECONCILIATION OF NET INCOME TO ADJUSTED
EBITDA (NON-GAAP) (UNAUDITED)
|
(In
thousands)
|
|
|
Three months
ended
|
Nine months
ended
|
|
September
30,
|
September
30,
|
|
2017
|
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
841
|
|
$
853
|
$
2,653
|
$
(1,555)
|
Adjustments:
|
|
|
|
|
|
Share in results of
equity investment of affiliated companies
|
50
|
|
37
|
156
|
51
|
Taxes on
income
|
623
|
|
537
|
1,656
|
3,445
|
Financial expenses
(income), net
|
(21)
|
|
60
|
251
|
92
|
Depreciation and
amortization
|
987
|
|
929
|
2,936
|
2,660
|
Share based
compensation
|
36
|
|
37
|
151
|
64
|
Adjusted
EBITDA
|
$
2,516
|
|
$
2,453
|
$
7,803
|
$
4,757
|
|
|
|
|
|
|
Guy Nathanzon, CFO
TAT Technologies Ltd.
Tel: 972-8-862-8500
guyn@tat-technologies.com
View original
content:http://www.prnewswire.com/news-releases/tat-technologies-reports-continued-improvement-in-q3-2017-300557146.html
SOURCE TAT Technologies Ltd