GEDERA, Israel, Aug. 13, 2017 /PRNewswire/ -- TAT Technologies
Ltd. (NASDAQ: TATT - News) ("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 six month periods ended
June 30, 2017.
Key Financial Highlights:
- Revenues for Q2 2017 were $26.6
million compared with $23.5
million in Q2 2016, a 13.2% growth. Revenues for H1 2017
were $53.6 million compared with
$47.2 million in H1 2016, a 13.6%
growth.
- Profitability showed significant improvement, both
quarter-over-quarter and first half-over-first half:
-
- Adjusted EBITDA for Q2 2017 increased to $2.4 million compared with $1.2 million in Q2 2016, an increase of 100%.
Adjusted EBITDA for H1 2017 increased to $5.3 million compared with $2.3 million in H1 2016, an increase of
130%.
- The Company achieved GAAP net income of $0.6 million, or $0.07 per diluted share in Q2 2017, compared with
a loss of $(2.5) million, or
$(0.28) per diluted share, in Q2
2016.
- Non-GAAP net income reached $0.8
million, or $0.09 per diluted
share in Q2 2017, compared with a loss of $(0.1) million, or $(0.01) per diluted share in Q2 2016.
- Last Twelve Months ("LTM") results for the period ended
June 30, 2017 improved with revenues
of $102.3 million compared to
$90.8 million in the LTM period ended
June 30, 2016, a growth of 12.7%.
Adjusted EBITDA for the LTM period ended June 30, 2017 was $10.9
million compared to $2.5
million in the LTM period ended June
30, 2016, a growth of 336%.
Mr. Igal Zamir, CEO and President
of TAT Technologies stated, "Our second quarter results reflect the
continued implementation of the Company's plan to improve
efficiencies and cost reduction. This is the fourth consecutive
quarter in which we demonstrate consistent and significant
improvement resulting from streamlining operations, leveraging
additional synergies between our various business activities and
having certain new marketing processes. In addition, we are
systematically focusing on tenders that guarantee present
profitability compared to those that characterized our past
activities, as reflected in the change of our product mix."
Mr. Zamir added, "The aviation industry is benefiting from an
increase in fleet sizes as well as passenger traffic on the one
hand and low fuel prices on the other; we are working to leverage
these trends in order to strengthen our business and competitive
position. We are thrilled that the 14% sales growth was achieved
concurrently with a decrease in operating expenses, resulting in
Adjusted EBITDA doubling in the first six months of 2017 compared
to the comparable period in 2016. The Adjusted EBITDA ratio also
grew to more than 9% of total revenues during this period. We
believe that our long term strategy will enable TAT to better
utilize business opportunities and maintain our growth
momentum."
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, 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 7 and 11
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
Guy Nathanzon, CFO
TAT Technologies Ltd.
Tel: +972-8-862-8500
guyn@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)
|
|
|
June
30,
|
|
December
31,
|
2017
|
|
2016
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
20,096
|
|
$
21,433
|
Short-term bank
deposits
|
464
|
|
964
|
Accounts
receivable, net
|
22,819
|
|
21,572
|
Other current
assets and prepaid expenses
|
3,020
|
|
1,687
|
Inventory,
net
|
36,406
|
|
39,269
|
|
|
|
|
Total current
assets
|
82,805
|
|
84,925
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
Investment in
affiliates
|
1,164
|
|
1,019
|
Funds in respect of
employee rights upon retirement
|
2,816
|
|
2,660
|
Deferred
income taxes
|
1,032
|
|
896
|
Intangible assets,
net
|
1,112
|
|
1,179
|
Property, plant and
equipment, net
|
20,902
|
|
21,298
|
|
|
|
|
Total non-current
assets
|
27,026
|
|
27,052
|
|
|
|
|
Total
assets
|
$
109,831
|
|
$
111,977
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
7,120
|
|
8,406
|
Accrued
expenses
|
9,453
|
|
9,836
|
|
|
|
|
Total current
liabilities
|
16,573
|
|
18,242
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
Other long-term
liabilities
|
176
|
|
151
|
Liability in respect
of employee rights upon retirement
|
3,164
|
|
2,994
|
Deferred income
taxes
|
1,790
|
|
1,938
|
|
|
|
|
Total
non-current liabilities
|
5,130
|
|
5,083
|
|
|
|
|
Total
liabilities
|
21,703
|
|
23,325
|
|
|
|
|
EQUITY:
|
|
|
|
Share
capital
|
2,797
|
|
2,797
|
Additional paid-in capital
|
64,875
|
|
64,760
|
Treasury
stock at cost
|
(2,088)
|
|
(2,088)
|
Accumulated other comprehensive loss
|
476
|
|
(73)
|
Retained
earnings
|
22,068
|
|
23,256
|
Total shareholders'
equity
|
88,128
|
|
88,652
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
109,831
|
|
$
111,977
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In thousands, except
share and per share data)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
June
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
$
9,369
|
|
$
7,941
|
|
$ 18,919
|
|
$
16,010
|
|
$
30,431
|
Services
|
17,199
|
|
15,589
|
|
34,730
|
|
31,154
|
|
65,363
|
|
26,568
|
|
23,530
|
|
53,649
|
|
47,164
|
|
95,794
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods:
|
|
|
|
|
|
|
|
|
|
Products
|
7,532
|
|
6,341
|
|
14,443
|
|
13,032
|
|
23,788
|
Services
|
13,993
|
|
12,794
|
|
28,606
|
|
25,802
|
|
52,969
|
|
21,525
|
|
19,135
|
|
43,049
|
|
38,834
|
|
76,757
|
Gross
Profit
|
5,043
|
|
4,395
|
|
10,600
|
|
8,330
|
|
19,037
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
176
|
|
474
|
|
405
|
|
738
|
|
1,140
|
Selling and
marketing
|
1,296
|
|
947
|
|
2,438
|
|
1,957
|
|
3,876
|
General and
administrative
|
2,239
|
|
2,682
|
|
4,506
|
|
5,092
|
|
10,023
|
Other loss
(income)
|
-
|
|
(4)
|
|
28
|
|
(3)
|
|
(138)
|
|
3,711
|
|
4,099
|
|
7,377
|
|
7,784
|
|
14,901
|
Operating
income
|
1,332
|
|
296
|
|
3,223
|
|
546
|
|
4,136
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(100)
|
|
(13)
|
|
(272)
|
|
(32)
|
|
(154)
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
on income
|
1,232
|
|
283
|
|
2,951
|
|
514
|
|
3,982
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
535
|
|
2,722
|
|
1,033
|
|
2,908
|
|
3,865
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
equity investment
|
697
|
|
(2,439)
|
|
1,918
|
|
(2,394)
|
|
117
|
|
|
|
|
|
|
|
|
|
|
Share in results of
affiliated companies
|
(86)
|
|
(14)
|
|
(106)
|
|
(14)
|
|
(55)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
611
|
|
$
(2,453)
|
|
$
1,812
|
|
$
(2,408)
|
|
$
62
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
$
0.07
|
|
$
(0.28)
|
|
$
0.21
|
|
$
(0.27)
|
|
$
0.01
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares
outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
8,828,444
|
|
8,828,444
|
|
8,828,444
|
|
8,828,444
|
|
8,828,444
|
Diluted
|
8,832,080
|
|
8,828,444
|
|
8,892,756
|
|
8,828,444
|
|
8,830,764
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
(In
thousands)
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
June
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
611
|
|
$
(2,453)
|
|
$
1,812
|
|
$
(2,408)
|
|
$
62
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) from derivatives
|
(227)
|
|
(173)
|
|
(324)
|
|
192
|
|
174
|
Reclassification
adjustments for gains included in net income and
inventory
|
336
|
|
(74)
|
|
873
|
|
(121)
|
|
(243)
|
Total other
comprehensive income (loss)
|
$
720
|
|
$
(2,700)
|
|
$
2,361
|
|
$
(2,337)
|
|
$
(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
|
|
June
30,
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Reported net income
(loss) on GAAP basis
|
$
611
|
|
$
(2,453)
|
Adjustments:
|
|
|
|
Tax adjustments re
non-GAAP
adjustments (1)
|
-
|
|
2,360
|
Share in results of
equity investment of
affiliated company
|
86
|
|
14
|
Share
based compensation
|
58
|
|
13
|
Non-GAAP net income
(loss)
|
$
755
|
|
$
(66)
|
|
|
|
|
Non-GAAP net income
per share (loss)
|
$
0.09
|
|
$
(0.01)
|
|
|
|
|
Weighted average
number of shares
outstanding
|
|
|
|
Basic
|
8,828,444
|
|
8,828,444
|
Diluted
|
8,832,080
|
|
8,828,444
|
|
|
|
|
(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
option
|
|
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 SIX MONTHS ENDED JUNE 30, 2017
(unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
-
|
|
-
|
|
-
|
|
549
|
|
-
|
|
1,812
|
|
2,361
|
|
Dividend
distributed
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
115
|
|
-
|
|
-
|
|
-
|
|
115
|
|
BALANCE AT JUNE
30, 2017 (unaudited)
|
|
9,102,917
|
|
$
2,797
|
|
$
64,875
|
|
$
476
|
|
$
(2,088)
|
|
$
22,068
|
|
$
88,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
|
June
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
|
|
$ 611
|
|
$
(2,453)
|
|
$
1,812
|
$
(2,408)
|
|
$
62
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
980
|
|
880
|
|
1,949
|
1,731
|
|
3,636
|
Loss on sale of
property, plant and equipment
|
|
-
|
|
-
|
|
28
|
1
|
|
12
|
Interest from
short-term bank deposits and
restricted deposits
|
|
-
|
|
-
|
|
|
(11)
|
|
(24)
|
Loss (gain) from change
in fair value of
derivatives
|
|
(43)
|
|
5
|
|
(60)
|
(48)
|
|
(152)
|
Provision for doubtful
accounts
|
|
19
|
|
-
|
|
38
|
43
|
|
(29)
|
Share in results and
sale of equity investment of
affiliated Company
|
|
86
|
|
14
|
|
106
|
14
|
|
55
|
Share based
compensation
|
|
58
|
|
13
|
|
115
|
27
|
|
105
|
Liability in respect of
employee rights upon
retirement
|
|
68
|
|
(5)
|
|
170
|
13
|
|
123
|
Deferred income taxes,
net
|
|
(342)
|
|
2,218
|
|
(284)
|
2,100
|
|
1,670
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Increase in trade accounts receivable
|
|
(1,820)
|
|
(2,060)
|
|
(1,285)
|
(3,497)
|
|
(2,392)
|
Decrease
(increase) in other current assets and
prepaid expenses
|
|
324
|
|
1,480
|
|
(618)
|
944
|
|
1,487
|
Decrease (increase) in
inventory
|
|
1,407
|
|
(677)
|
|
2,672
|
(505)
|
|
(2,707)
|
Increase (decrease) in trade accounts payable
|
|
67
|
|
(551)
|
|
(1,371)
|
(124)
|
|
1,192
|
Increase (decrease) in accrued expenses
|
|
(1,613)
|
|
(207)
|
|
(383)
|
345
|
|
2,521
|
Increase (decrease) in other long-term liabilities
|
|
(11)
|
|
25
|
|
25
|
(122)
|
|
(38)
|
Net cash provided by
(used in) operating
activities
|
|
$
(209)
|
|
$
(1,318)
|
|
$
2,914
|
$
(1,497)
|
|
$
5,521
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Investment in
affiliated company
|
|
(164)
|
|
(13)
|
|
(251)
|
(13)
|
|
(905)
|
Funds in respect of
employee rights upon
retirement
|
|
(35)
|
|
117
|
|
(71)
|
(23)
|
|
2
|
Proceeds from sale of
property and equipment
|
|
|
|
|
|
|
1
|
|
17
|
Purchase of property
and equipment
|
|
(809)
|
|
(2,915)
|
|
(1,429)
|
(3,583)
|
|
(5,702)
|
Maturities of
short-term deposits
|
|
500
|
|
-
|
|
500
|
2,000
|
|
7,182
|
Cash flows provided
by (used in) investing
activities
|
|
$
(508)
|
|
$
(2,811)
|
|
$
(1,251)
|
$
(1,618)
|
|
$
594
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Realization of
contingency
|
|
-
|
|
-
|
|
-
|
-
|
|
(500)
|
Payment of cash
dividend
|
|
(3,000)
|
|
-
|
|
(3,000)
|
-
|
|
(3,000)
|
Exercise of
options
|
|
-
|
|
-
|
|
-
|
130
|
|
130
|
Cash flows
provided by (used in) financing
activities
|
|
$
(3,000)
|
|
$
-
|
|
(3,000)
|
$
130
|
|
$
(3,370)
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash
equivalents
|
|
(3,717)
|
|
(4,129)
|
|
(1,337)
|
(2,985)
|
|
2,745
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of
period
|
|
23,813
|
|
19,832
|
|
21,433
|
18,688
|
|
18,688
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
20,096
|
|
$
15,703
|
|
$
20,096
|
$
15,703
|
|
$
21,433
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
RECONCILIATION OF NET INCOME TO ADJUSTED
EBITDA (NON-GAAP) (UNAUDITED)
|
(In
thousands)
|
|
|
Three months
ended
|
Six months
ended
|
Twelve months
ended
|
|
June
30,
|
June
30,
|
June
30,
|
|
2017
|
|
2016
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 611
|
|
$
(2,453)
|
$ 1,812
|
$ (2,408)
|
$
4,282
|
$ 767
|
Adjustments:
|
|
|
|
|
|
|
|
Share in results and
sale of equity
investment of affiliated
companies
|
86
|
|
14
|
106
|
14
|
147
|
268
|
Taxes on
income
|
535
|
|
2,722
|
1,033
|
2,908
|
1,990
|
2,770
|
Financial expenses,
net
|
100
|
|
13
|
272
|
32
|
394
|
132
|
Gain on bargain
purchase
|
-
|
|
-
|
-
|
-
|
-
|
(4,833)
|
Depreciation and
amortization
|
980
|
|
880
|
1,949
|
1,731
|
3,854
|
3,297
|
Share based
compensation
|
58
|
|
13
|
115
|
27
|
193
|
50
|
Adjusted
EBITDA
|
$
2,370
|
|
$
1,189
|
$
5,287
|
$ 2,304
|
$ 10,860
|
$
2,451
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/tat-technologies-reports-continued-improvement-in-profitability-and-revenue-growth-in-q2-2017-300503529.html
SOURCE TAT Technologies Ltd