GEDERA, Israel, March 30, 2021 /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 audited results for
the twelve months ended December
31, 2020.
Key Financial Highlights (*):
- Total revenues for the twelve months ended December 31, 2020 were $75.3 million compared to $97.4 million for the twelve months ended
December 31, 2019, a decrease of
22.7% The decrease in revenues was the
result of the COVID-19 pandemic outbreak which has
significant effect on the commercial aviation industry.
- Gross profit for the twelve months ended December 31, 2020 were $8.4 million (11.2% of revenues) compared to
$15.3 million (15.7% of revenues) for
the twelve months ended December 31,
2019, a decrease of 44.8%. The decline in gross profit was
mainly due to decrease in revenues and fixed charges on the
COGS.
- Adjusted EBITDA for the twelve months ended December 31, 2020 was $1.1
million compared to $7.1
million for the twelve months ended December 31, 2019.
- GAAP net loss from continued operations for the twelve months
ended December 31, 2020 was
$3.5 million compared to GAAP net
income of $1.5 million for the twelve
months ended December 31, 2019. GAAP
net income from continued operations for the twelve months ended
December 31, 2020 included one-time
expenses of approximately $0.8
million.
- Cash net of debt for December 31,
2020 was $16.2 million
compared to $16.0 million for
December 31, 2019. During 2020, the
Company made significant capital investments related to the two
large agreements with Honeywell. Nevertheless, the improvement in
cash was mainly due to improved working capital management.
* Financial results for fiscal year 2019 reclassified due to
discontinued operation.
Mr. Igal Zamir, CEO and President
of TAT Technologies stated, "2020 was a unique and challenging year
for the aerospace industry and for TAT. TAT has reacted quickly in
early 2020 to the changing environment and adjusted its cost
structure to the new environment. We managed to conclude 2020 with
positive EBITDA and slight increase in our net cash balance after
making some meaningful investments related to the two new strategic
agreements with Honeywell. These investments are reflected in the
inventory and property, plant and equipment line items in our
balance sheet. During 2020, we signed two strategic agreements with
Honeywell that are related to MRO services to APU 331-200 and APU
331-500. We believe that such agreements position TAT (through its
Piedmont subsidiary) as a global premier MRO services provider. We
also believe that the Company would generate significant business
and revenues from these two agreements. In addition, TAT has been
working on other operational rationalization activities that are
expected to yield significant cost savings starting from late 2021.
We expect to enjoy the full impact of our above mentioned
activities when the industry starts recovering from the COVID 19
crisis.
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) acquisition related expenses and/or (4) share in results
of equity investment of affiliated companies. Adjusted EBITDA is
calculated as net income before the Company's share in results and
sale of equity investment of affiliated companies, share-based
compensation, taxes on income, financial (expenses) income, net,
depreciation and amortization, inventory impairment from exit and
dismissal activity and customers relationship write off. 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 page 11.
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 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 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.
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
|
|
December
31,
|
|
|
|
2020
|
|
2019
(*)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and
cash equivalents
|
|
|
$
24,128
|
|
$
15,959
|
Accounts
receivable, net of allowance for credit losses of $306
thousands as of December 31, 2020
|
|
|
11,355
|
|
20,311
|
Inventory,
net
|
|
|
41,223
|
|
43,327
|
Other
current assets and prepaid expenses
|
|
|
2,737
|
|
2,605
|
Assets
belong to discontinued operation
|
|
|
-
|
|
1,401
|
|
|
|
|
|
|
Total
current assets
|
|
|
79,443
|
|
83,603
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
Restricted
deposit
|
|
|
176
|
|
-
|
Investment
in affiliates
|
|
|
771
|
|
956
|
Funds in
respect of employee rights upon retirement
|
|
|
1,186
|
|
1,404
|
Deferred
income taxes
|
|
|
566
|
|
228
|
Property, plant and
equipment, net
|
|
|
25,737
|
|
20,605
|
Operating lease right
of use assets
|
|
|
6,767
|
|
6,664
|
Intangible assets,
net
|
|
|
1,475
|
|
389
|
Assets belong to
discontinued operation
|
|
|
-
|
|
826
|
Total non-current assets
|
|
|
36,678
|
|
31,072
|
|
|
|
|
|
|
Total
assets
|
|
|
$
116,121
|
|
$
114,675
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
2020
|
|
2019(*)
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Current
maturities of long-term loans
|
|
|
$
1,477
|
|
$
-
|
|
Credit line from
bank
|
|
|
3,000
|
|
-
|
|
Accounts
payable
|
|
|
12,222
|
|
11,823
|
|
Accrued
expenses
|
|
|
6,691
|
|
7,393
|
|
Operating lease liabilities
|
|
|
1,614
|
|
1,330
|
|
Liabilities belong to discontinued operation
|
|
|
179
|
|
158
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
|
25,183
|
|
20,704
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Long-term loans
|
|
|
3,489
|
|
-
|
|
Other
long-term liabilities
|
|
|
-
|
|
62
|
|
Liability in respect of employee rights upon retirement
|
|
|
1,410
|
|
1,751
|
|
Deferred
income taxes
|
|
|
-
|
|
1,100
|
|
Operating lease liabilities
|
|
|
5,758
|
|
5,688
|
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
10,657
|
|
8,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENT LIABILITIES (NOTE 13)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
35,840
|
|
29,305
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
Ordinary shares of NIS
0.9 par value:
Authorized: 13,000,000
shares at December 31, 2020 and at
December 31, 2019; Issued: 9,854,696 shares at December 31,
2020
and at December 31, 2019; Outstanding: 8,874,696 shares
at
December 31, 2020 and at December 31, 2019
|
|
|
2,809
|
|
2,809
|
|
Additional paid-in
capital
|
|
|
65,711
|
|
65,573
|
|
Treasury shares, at
cost, 274,473 shares at December 31, 2020 and 2019
|
|
|
(2,088)
|
|
(2,088)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
128
|
|
26
|
|
Retained
earnings
|
|
|
13,721
|
|
19,050
|
|
Total shareholders'
equity
|
|
|
80,281
|
|
85,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
|
$
116,121
|
|
$
114,675
|
|
*Reclassified due to discontinued operation
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In thousands, except
share and per share data)
|
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
2019(*)
|
|
2018(*)
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Products
|
|
|
$
22,739
|
|
$
25,019
|
|
$
23,151
|
|
Services
|
|
|
52,620
|
|
72,460
|
|
64,570
|
|
|
|
|
75,359
|
|
97,479
|
|
87,721
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Products
|
|
|
20,751
|
|
21,557
|
|
23,807
|
|
Services
|
|
|
46,173
|
|
60,622
|
|
55,969
|
|
|
|
|
66,924
|
|
82,179
|
|
79,776
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
8,435
|
|
15,300
|
|
7,945
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
|
185
|
|
113
|
|
458
|
|
Selling and
marketing
|
|
|
4,369
|
|
4,929
|
|
4,754
|
|
General and
administrative
|
|
|
7,612
|
|
7,654
|
|
7,901
|
|
Other expense
(income)
|
|
|
315
|
|
-
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,481
|
|
12,696
|
|
13,109
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(4,046)
|
|
2,604
|
|
(5,164)
|
|
|
|
|
|
|
|
|
|
|
Financial
expenses
|
|
|
(999)
|
|
(1,270)
|
|
(1,555)
|
|
Financial
income
|
|
|
229
|
|
848
|
|
1,467
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes on income (tax benefit)
|
|
|
(4,816)
|
|
2,182
|
|
(5,252)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
|
|
(1,517)
|
|
589
|
|
(1,464)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
share of equity investment
|
|
|
(3,299)
|
|
1,593
|
|
(3,788)
|
|
|
|
|
|
|
|
|
|
|
Share in results of
equity investment of affiliated companies
|
|
|
(185)
|
|
(132)
|
|
(140)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continued operation
|
|
|
$
(3,484)
|
|
$
1,461
|
|
$
(3,928)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Reclassified due to
discontinued operation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31,
|
|
|
|
2020
|
|
2019(*)
|
|
2018(*)
|
|
|
|
|
|
|
|
|
Net loss from
discontinued operation
|
|
|
$
(1,845)
|
|
$
(655)
|
|
$
(480)
|
Net income
(loss)
|
|
|
$
(5,329)
|
|
$
806
|
|
$
(4,408)
|
|
|
|
|
|
|
|
|
Net income (loss) per
share basic and diluted from continued operation
|
|
|
$
(0.39)
|
|
$
0.17
|
|
$
(0.45)
|
Net loss per share
basic and diluted from discontinued operation
|
|
|
$
(0.21)
|
|
$ (0.07)
|
|
$
(0.05)
|
Net income (loss) per
share basic and diluted
|
|
|
$
(0.6)
|
|
$
0.1
|
|
$
(0.5)
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
8,874,696
|
|
8,874,696
|
|
8,864,885
|
Diluted
|
|
|
8,874,696
|
|
8,874,696
|
|
8,864,885
|
*Reclassified due to
discontinued operation.
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(In
thousands)
|
|
|
|
|
Year ended
December 31,
|
|
|
|
|
2020
|
|
2019(*)
|
|
2018(*)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
(5,329)
|
|
$
806
|
|
$
(4,408)
|
|
Other comprehensive
income (loss), net
|
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) from derivatives
|
|
|
232
|
|
372
|
|
(672)
|
|
Reclassification
adjustments for gains from
derivatives included in net income
|
|
|
(130)
|
|
(140)
|
|
331
|
|
Total other
comprehensive income (loss)
|
|
|
$
102
|
|
$
232
|
|
$
(341)
|
|
Total comprehensive
income (loss)
|
|
|
$
(5,227)
|
|
$
1,038
|
|
$
(4,749)
|
|
*Reclassified due to
discontinued operation.
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
(In thousands, except
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares issued
|
|
|
Amount
|
|
Additional paid-in
capital
|
|
Accumulated other
comprehensive
income (loss)
|
|
Treasury
shares
|
|
Retained
earnings
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT
DECEMBER 31, 2017
|
|
9,102,917
|
|
$
2,802
|
|
$
65,073
|
|
$
135
|
|
$
(2,088)
|
|
$
22,652
|
|
$
88,574
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
-
|
|
-
|
|
-
|
|
(341)
|
|
-
|
|
(4,408)
|
|
(4,749)
|
|
Share based
compensation
|
|
-
|
|
-
|
|
272
|
|
-
|
|
-
|
|
-
|
|
272
|
|
Exercise of
options
|
|
19,584
|
|
7
|
|
190
|
|
-
|
|
-
|
|
-
|
|
197
|
|
BALANCE AT DECEMBER
31, 2018
|
|
9,122,501
|
|
$
2,809
|
|
$
65,535
|
|
$
(206)
|
|
$
(2,088)
|
|
$
18,244
|
|
$
84,294
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
-
|
|
-
|
|
-
|
|
232
|
|
-
|
|
806
|
|
1,038
|
|
Share based
compensation
|
|
-
|
|
-
|
|
38
|
|
-
|
|
-
|
|
-
|
|
38
|
|
BALANCE AT DECEMBER
31, 2019
|
|
9,149,169
|
|
$
2,809
|
|
$
65,573
|
|
$
26
|
|
$
(2,088)
|
|
$
19,050
|
|
$
85,370
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
-
|
|
-
|
|
-
|
|
102
|
|
-
|
|
(5,329)
|
|
(5,227)
|
|
Share based
compensation
|
|
-
|
|
-
|
|
138
|
|
-
|
|
-
|
|
-
|
|
138
|
|
BALANCE AT
DECEMBER 31, 2020
|
|
9,149,169
|
|
$
2,809
|
|
$
65,711
|
|
$
128
|
|
$
(2,088)
|
|
13,721
|
|
$
80,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
Year ended
December 31,
|
|
|
2020
|
|
2019(*)
|
|
2018(*)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(5,329)
|
|
$
806
|
|
$
(4,408)
|
Net income (loss) from
continued operations
|
|
(3,484)
|
|
1,461
|
|
(3,928)
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,065
|
|
4,292
|
|
4,065
|
Loss on sale of
property, plant and equipment
|
|
-
|
|
-
|
|
-
|
Loss (gain) from change
in fair value of derivatives
|
|
(34)
|
|
(311)
|
|
382
|
Non cash finance
expense
|
|
566
|
|
354
|
|
-
|
Change in provision for
doubtful accounts
|
|
(8)
|
|
38
|
|
(347)
|
Share in results of
affiliated companies
|
|
185
|
|
132
|
|
140
|
Share based
compensation
|
|
138
|
|
38
|
|
272
|
Liability in respect of
employee rights upon retirement
|
|
(341)
|
|
(897)
|
|
(587)
|
Impairment of
intangible assets
|
|
298
|
|
-
|
|
-
|
Deferred income taxes,
net
|
|
(1,438)
|
|
(450)
|
|
(102)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Decrease (increase) in trade accounts receivable
|
|
9,472
|
|
(2,037)
|
|
6,477
|
Decrease (increase) in
other current assets and prepaid expenses
|
|
310
|
|
2,500
|
|
(1,575)
|
Decrease (increase) in inventory
|
|
1,868
|
|
(5,740)
|
|
381
|
Increase (decrease) in trade accounts payable
|
|
(5,336)
|
|
3,349
|
|
(1,137)
|
Increase (decrease) in accrued expenses
|
|
(252)
|
|
982
|
|
(1,920)
|
Increase (decrease) in other long-term liabilities
|
|
(62)
|
|
(118)
|
|
34
|
Net cash provided by
operating activities from continued operation
|
|
$
5,947
|
|
$
3,593
|
|
$
2,155
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Investment in
affiliated company
|
|
-
|
|
(10)
|
|
(26)
|
Funds in respect of
employee rights upon retirement
|
|
-
|
|
-
|
|
(22)
|
Proceeds from sale of
property and equipment
|
|
-
|
|
-
|
|
7
|
Purchase of property
and equipment
|
|
(3,894)
|
|
(3,269)
|
|
(4,270)
|
Purchase of intangible
assets
|
|
(1,513)
|
|
-
|
|
-
|
Maturities of
deposits
|
|
-
|
|
-
|
|
470
|
Net cash used in
continued investing activities
|
|
$
(5,407)
|
|
$
(3,279)
|
|
$
(3,841)
|
|
|
Year ended December
31,
|
|
|
|
2020
|
|
2019(*)
|
|
2018(*)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Short-term credit
received from banks
|
|
3,960
|
|
-
|
|
-
|
|
Proceeds from long-term
loans received
|
|
3,692
|
|
|
|
|
|
Exercise of
options
|
|
-
|
|
-
|
|
197
|
|
Net cash provided by
continued financing activities
|
|
7,652
|
|
-
|
|
197
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
DISCONTINUED ACTIVITIES:
|
|
|
|
|
|
|
|
Net loss from
discontinued operation
|
|
(1,845)
|
|
$
(655)
|
|
$
(480)
|
|
Net cash provided by
operating activities
|
|
1,998
|
|
484
|
|
405
|
|
Net cash used in
investing activities
|
|
-
|
|
(134)
|
|
-
|
|
Net cash provided by
(used in) discontinued activities
|
|
153
|
|
$
(305)
|
|
(75)
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH
|
|
8,345
|
|
9
|
|
(1,564)
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR
|
|
15,959
|
|
15,950
|
|
17,514
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR
|
|
24,304
|
|
15,959
|
|
15,950
|
|
SUPPLEMENTARY
INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH
FLOW:
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment on credit
|
|
$
6,575
|
|
|
$
942
|
|
$
523
|
|
Additions of operating
lease right-of-use assets and operating lease
liabilities
|
|
$
1,756
|
|
|
$
648
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
|
|
|
|
Interest
paid
|
|
$
(3)
|
|
|
$
(28)
|
|
$
(10)
|
|
Income taxes received
(paid), net
|
|
$
(3)
|
|
|
$
673
|
|
$
(1,087)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA (NON-GAAP)
(UNAUDITED)
|
(In
thousands)
|
|
|
December
31,
|
|
December
31,
|
2020
|
|
2019
(*)
|
|
(audited)
|
|
(audited)
|
Net income
(loss)
|
$
(5,329)
|
|
$
806
|
Adjustments:
|
|
|
|
Share in results of
equity investment of affiliated companies
|
185
|
|
132
|
Taxes on income (tax
benefit)
|
(1,517)
|
|
589
|
Financial expenses,
net
|
770
|
|
422
|
Other
expenses
|
315
|
|
-
|
Depreciation and
amortization
|
4,259
|
|
4,394
|
Net loss from
discontinued operation
|
1,845
|
|
655
|
Share base
compensation
|
138
|
|
38
|
Exit and disposal
activity
|
450
|
|
-
|
|
|
|
|
Adjusted
EBITDA
|
1,116
|
|
7,036
|
*Reclassified due to discontinued operation
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.
For more information of TAT Technologies Ltd., please visit our
web-site:
www.tat-technologies.com.
Contact:
Mr. Ehud
Ben-Yair
Chief Financial Officer
Tel: +972-8-862-8503
ehudb@tat-technologies.com
View original
content:http://www.prnewswire.com/news-releases/tat-technologies-reports-2020-results-301259051.html
SOURCE TAT Technologies Ltd