GEDERA, Israel, March 27, 2018 /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 fourth quarter and year ended December
31, 2017.
Key Financial Highlights:
- Record revenues of $106.5 million
for the year ended December 31, 2017,
compared with $95.8 million in the
year ended December 31, 2016, an 11%
growth. Revenues for the fourth quarter were $26.3 million compared with $25.0 million in the comparable quarter last
year, a 5% growth.
- Adjusted EBITDA for the year ended December 31, 2017 increased to $9.4 million compared with $7.9 million in the year ended December 31, 2016, an increase of 19%. 2017
adjusted EBITDA is the highest recorded adjusted EBITDA since 2009.
Adjusted EBITDA for fourth quarter was $1.6
million compared with $3.1
million in the comparable quarter last year.
- GAAP net income reached $2.4
million, or $0.27 per diluted
share in the year ended December 31,
2017, compared with a net income of $0.1 million, or $0.01 per diluted share in the year ended
December 31, 2016. GAAP net loss for
the fourth quarter was $0.3 million,
or $0.03 per diluted share compared
with GAAP net income of $1.6 million,
or $0.18 per diluted share in fourth
quarter of 2016.
- Non-GAAP net income totaled $2.8
million, or $0.31 per diluted
share in the year ended December 31,
2017, compared with non-GAAP net income of $2.8 million, or $0.32 per diluted share in the year ended
December 31, 2016, and non-GAAP net
loss of $0.2 million, or $0.02 per diluted share in the fourth quarter of
2017 compared with non-GAAP net income of $1.8 million, or $0.20 per diluted share in the fourth quarter of
2016.
Mr. Igal Zamir, CEO and President
of TAT Technologies stated, "2017 was a record year for TAT
Technologies. Our revenues which grew 11% year over year, reached a
record high, while adjusted EBITDA grew 19%, the highest recorded
adjusted EBITDA since 2009. These strong record results serve
as yet another proof point of our successful growth strategy and
effective operational improvement plan. We are well
positioned in our markets and have a strong balance sheet which
together serve as the foundation for our long-term growth. We
continue to pursue new growth initiatives, both organic and
strategic, which we expect will drive our growth in 2018 and
beyond."
Mr. Zamir added, "I would like to take this opportunity to thank
all of TAT's employees around the world. Their talent, hard work
and dedication are key to our ability to successfully implement our
growth strategy and create long term value for our
shareholders."
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 (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.
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)
|
|
|
December
31,
|
|
December
31,
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
17,514
|
|
$
21,433
|
Short-term bank
deposits
|
470
|
|
964
|
Accounts receivable,
net
|
25,744
|
|
21,572
|
Other current assets
and prepaid expenses
|
2,363
|
|
1,687
|
Inventory,
net
|
38,630
|
|
39,269
|
|
|
|
|
Total current
assets
|
84,721
|
|
84,925
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
Investment in
affiliates
|
1,192
|
|
1,019
|
Funds in respect of
employee rights upon retirement
|
2,779
|
|
2,660
|
Deferred income
taxes
|
937
|
|
896
|
Intangible assets,
net
|
1,045
|
|
1,179
|
Property, plant and
equipment, net
|
21,321
|
|
21,298
|
|
|
|
|
Total non-current
assets
|
27,274
|
|
27,052
|
|
|
|
|
Total
assets
|
$
111,995
|
|
$
111,977
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
9,348
|
|
8,406
|
Accrued
expenses
|
8,331
|
|
9,836
|
|
|
|
|
Total current
liabilities
|
17,679
|
|
18,242
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
Other
long-term liabilities
|
146
|
|
151
|
Liability in respect
of employee rights upon retirement
|
3,235
|
|
2,994
|
Deferred income
taxes
|
2,361
|
|
1,938
|
|
|
|
|
Total
non-current liabilities
|
5,742
|
|
5,083
|
|
|
|
|
Total
liabilities
|
23,421
|
|
23,325
|
|
|
|
|
EQUITY:
|
|
|
|
Share
capital
|
2,802
|
|
2,797
|
Additional paid-in
capital
|
65,073
|
|
64,760
|
Treasury stock at
cost
|
(2,088)
|
|
(2,088)
|
Accumulated other
comprehensive loss
|
135
|
|
(73)
|
Retained
earnings
|
22,652
|
|
23,256
|
Total shareholders'
equity
|
88,574
|
|
88,652
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
111,995
|
|
$
111,977
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(In thousands, except
share and per share data)
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Products
|
$
8,149
|
|
$
7,481
|
|
$
36,053
|
|
$
30,431
|
|
Services
|
18,148
|
|
17,504
|
|
70,474
|
|
65,363
|
|
|
26,297
|
|
24,985
|
|
106,527
|
|
95,794
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods:
|
|
|
|
|
|
|
|
|
Products
|
6,096
|
|
5,609
|
|
28,096
|
|
23,788
|
|
Services
|
15,451
|
|
13,562
|
|
57,987
|
|
52,969
|
|
|
21,547
|
|
19,171
|
|
86,083
|
|
76,757
|
|
Gross
Profit
|
4,750
|
|
5,814
|
|
20,444
|
|
19,037
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development, net
|
111
|
|
189
|
|
731
|
|
1,140
|
|
Selling and
marketing
|
1,331
|
|
1,008
|
|
4,974
|
|
3,876
|
|
General and
administrative
|
2,721
|
|
2,631
|
|
9,409
|
|
10,023
|
|
Other loss
(income)
|
26
|
|
(117)
|
|
53
|
|
(138)
|
|
|
4,189
|
|
3,711
|
|
15,167
|
|
14,901
|
|
Operating
income
|
561
|
|
2,103
|
|
5,277
|
|
4,136
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(87)
|
|
(62)
|
|
(338)
|
|
(154)
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
474
|
|
2,041
|
|
4,939
|
|
3,982
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
677
|
|
420
|
|
2,333
|
|
3,865
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
equity investment
|
(203)
|
|
1,621
|
|
2,606
|
|
117
|
|
|
|
|
|
|
|
|
|
|
Share in results of
affiliated companies
|
(54)
|
|
(4)
|
|
(210)
|
|
(55)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(257)
|
|
$
1,617
|
|
$
2,396
|
|
$
62
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share (basic and
diluted)
|
$
(0.03)
|
|
$
0.18
|
|
$
0.27
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares
outstanding
|
|
|
|
|
|
|
|
|
Basic
|
8,848,028
|
|
8,828,444
|
|
8,848,028
|
|
8,828,444
|
|
Diluted
|
8,926,023
|
|
8,833,226
|
|
8,919,912
|
|
8,830,764
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
(In
thousands)
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(257)
|
|
$
1,617
|
|
$
2,396
|
|
$
62
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) from derivatives
|
(141)
|
|
(199)
|
|
(686)
|
|
174
|
|
Reclassification adjustments for gains
included in net income and
inventory
|
134
|
|
(29)
|
|
894
|
|
(243)
|
|
Total other
comprehensive income (loss)
|
$
(264)
|
|
$
1,389
|
|
$
2,604
|
|
$
(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
|
Twelve months
ended
|
|
December
31,
|
|
2017
|
2016
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income
(loss) on GAAP basis
|
$
(257)
|
$
1,617
|
$
2,396
|
|
$
62
|
Adjustments:
|
|
|
|
|
|
Tax adjustments re
non-GAAP
adjustments (1)
|
-
|
198
|
-
|
|
2,685
|
Other expenses
(Acquisition related
expenses)
|
-
|
(105)
|
-
|
|
(105)
|
Share in results of
equity investment of
affiliated company
|
54
|
4
|
210
|
|
55
|
Share based
compensation
|
23
|
41
|
174
|
|
105
|
Non-GAAP net income
(loss)
|
$
(180)
|
$
1,755
|
$
2,780
|
|
$
2,802
|
|
|
|
|
|
|
Non-GAAP net income
(loss) per share
(basic and diluted)
|
$
(0.02)
|
$
0.20
|
$
0.31
|
|
$
0.32
|
|
|
|
|
|
|
Weighted average
number of shares
outstanding
|
|
|
|
|
|
Basic
|
8,848,028
|
8,828,444
|
8,848,028
|
|
8,828,444
|
Diluted
|
8,926,023
|
8,833,226
|
8,919,912
|
|
8,830,764
|
(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
YEAR ENDED DECEMBER 31, 2017 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
-
|
|
-
|
|
-
|
|
208
|
|
-
|
|
2,396
|
|
2,604
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
174
|
|
-
|
|
-
|
|
-
|
|
174
|
|
Exercise of
options
|
|
19,584
|
|
5
|
|
139
|
|
-
|
|
-
|
|
-
|
|
144
|
|
Dividend
distributed
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
BALANCE AT
DECEMBER 31, 2017 (unaudited):
|
|
9,122,501
|
|
$
2,802
|
|
$
65,073
|
|
$
135
|
|
$
(2,088)
|
|
$
22,652
|
|
$
88,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
2016
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to TAT
Technologies Ltd.
shareholders
|
|
$
(257)
|
|
$
1,617
|
|
$
2,396
|
$
62
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,005
|
|
976
|
|
3,941
|
3,636
|
|
Loss on sale of
property, plant and equipment
|
|
26
|
|
30
|
|
54
|
12
|
|
Interest from
short-term bank deposits and
restricted deposits
|
|
(6)
|
|
(13)
|
|
(6)
|
(24)
|
|
Loss (gain)
from change in fair value of
derivatives
|
|
(387)
|
|
18
|
|
(490)
|
(152)
|
|
Provision for doubtful
accounts
|
|
283
|
|
(82)
|
|
321
|
(29)
|
|
Share in results of
equity investment of affiliated
Company
|
|
54
|
|
4
|
|
210
|
55
|
|
Share based
compensation
|
|
23
|
|
41
|
|
174
|
105
|
|
Liability in respect of
employee rights upon
retirement
|
|
(119)
|
|
63
|
|
241
|
123
|
|
Deferred income taxes,
net
|
|
325
|
|
(143)
|
|
382
|
1,670
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease
(increase) in trade accounts receivable
|
|
(23)
|
|
1,149
|
|
(4,493)
|
(2,392)
|
|
Decrease
in other current assets and prepaid
expenses
|
|
1,626
|
|
1,456
|
|
488
|
1,487
|
|
Decrease (increase) in
inventory
|
|
(1,109)
|
|
(1,340)
|
|
210
|
(2,707)
|
|
Increase (decrease) in trade accounts payable
|
|
(857)
|
|
(187)
|
|
578
|
1,192
|
|
Increase (decrease) in accrued expenses
|
|
(421)
|
|
1,163
|
|
(1,505)
|
2,521
|
|
Increase (decrease) in other long-term liabilities
|
|
(17)
|
|
85
|
|
(5)
|
(38)
|
|
Net cash provided by
operating activities
|
|
$
146
|
|
$
4,837
|
|
$
2,496
|
$
5,521
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
Investment in
affiliated company
|
|
-
|
|
(516)
|
|
(383)
|
(905)
|
|
Funds in respect of
employee rights upon
retirement
|
|
(59)
|
|
(73)
|
|
(156)
|
2
|
|
Proceeds from sale of
property and equipment
|
|
-
|
|
(1)
|
|
-
|
17
|
|
Purchase of property
and equipment
|
|
(888)
|
|
(1,041)
|
|
(3,520)
|
(5,702)
|
|
Maturities of
short-term deposits
|
|
-
|
|
-
|
|
500
|
7,182
|
|
Cash flows provided
by (used in) investing
activities
|
|
$
(947)
|
|
$
(1,631)
|
|
$
(3,559)
|
$
594
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
Realization of
contingency
|
|
-
|
|
-
|
|
-
|
(500)
|
|
Payment of cash
dividend
|
|
-
|
|
-
|
|
(3,000)
|
(3,000)
|
|
Exercise of
options
|
|
-
|
|
-
|
|
144
|
130
|
|
Cash flows used in
financing activities
|
|
$
-
|
|
$
-
|
|
$
(2,856)
|
$
(3,370)
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash
equivalents
|
|
(801)
|
|
3,206
|
|
(3,919)
|
2,745
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of
period
|
|
18,315
|
|
18,227
|
|
21,433
|
18,688
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
17,514
|
|
$
21,433
|
|
$
17,514
|
$
21,433
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA (NON-GAAP)
|
|
(UNAUDITED)
|
|
(In
thousands)
|
|
|
|
|
Three months
ended
|
Twelve months
ended
|
|
|
|
December
31,
|
|
|
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(257)
|
$
1,617
|
$
2,396
|
$
62
|
|
Adjustments:
|
|
|
|
|
|
Share in results of
equity investment
of affiliated companies
|
54
|
4
|
210
|
55
|
|
Taxes on
income
|
677
|
420
|
2,333
|
3,865
|
|
Financial expenses,
net
|
87
|
62
|
338
|
154
|
|
Depreciation and
amortization
|
1,005
|
976
|
3,941
|
3,636
|
|
Share based
compensation
|
23
|
41
|
174
|
105
|
|
Adjusted
EBITDA
|
$
1,589
|
$
3,120
|
$
9,392
|
$
7,877
|
|
|
|
|
|
|
|
For more information of TAT Technologies Ltd., please visit our
web-site:
www.tat-technologies.com
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-record-results-for-fiscal-year-2017-300620530.html
SOURCE TAT Technologies Ltd