GEDERA, Israel, Aug. 13, 2017 /PRNewswire/ — TAT Technologies Ltd. (NASDAQ: TATT – News) (“TAT” or a “Company”), a heading provider of products and services to a blurb and troops aerospace and belligerent invulnerability industries, reported currently a unaudited formula for a 3 month and 6 month durations finished 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 poignant improvement, both quarter-over-quarter and initial half-over-first half:
- Adjusted EBITDA for Q2 2017 increasing to $2.4 million compared with $1.2 million in Q2 2016, an boost of 100%. Adjusted EBITDA for H1 2017 increasing to $5.3 million compared with $2.3 million in H1 2016, an boost of 130%.
- The Company achieved GAAP net income of $0.6 million, or $0.07 per diluted share in Q2 2017, compared with a detriment 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 detriment of $(0.1) million, or $(0.01) per diluted share in Q2 2016.
- Last Twelve Months (“LTM”) formula for a duration finished June 30, 2017 softened with revenues of $102.3 million compared to $90.8 million in a LTM duration finished June 30, 2016, a expansion of 12.7%. Adjusted EBITDA for a LTM duration finished June 30, 2017 was $10.9 million compared to $2.5 million in a LTM duration finished June 30, 2016, a expansion of 336%.
Mr. Igal Zamir, CEO and President of TAT Technologies stated, “Our second entertain formula simulate a continued doing of a Company’s devise to urge efficiencies and cost reduction. This is a fourth uninterrupted entertain in that we denote unchanging and poignant alleviation ensuing from streamlining operations, leveraging additional synergies between a several business activities and carrying certain new selling processes. In addition, we are evenly focusing on tenders that pledge benefaction profitability compared to those that characterized a past activities, as reflected in a change of a product mix.”
Mr. Zamir added, “The aviation attention is benefiting from an boost in swift sizes as good as newcomer trade on a one palm and low fuel prices on a other; we are operative to precedence these trends in sequence to strengthen a business and rival position. We are anxious that a 14% sales expansion was achieved parallel with a diminution in handling expenses, ensuing in Adjusted EBITDA doubling in a initial 6 months of 2017 compared to a allied duration in 2016. The Adjusted EBITDA ratio also grew to some-more than 9% of sum revenues during this period. We trust that a prolonged tenure plan will capacitate TAT to improved implement business opportunities and say a expansion momentum.”
Non-GAAP Financial Measures
To addition a combined financial statements presented in suitability with GAAP, a Company also presents a Non-GAAP display of Net Income and Adjusted EBITDA.Â The adjustments to a Company’s GAAP formula are done with a vigilant of providing both government and investors a some-more finish bargain of a Company’s underlying operational results, trends and performance.Â Non-GAAP Net Income excludes changes, income or losses, as applicable, associated to one or some-more of a following: (1) share-based remuneration waste and/or (2) certain taxation impact and/or (3) merger associated waste and/or (4) share in formula of equity investment of dependent companies. Adjusted EBITDA is distributed as net income before a Company’s share in formula and sale of equity investment of dependent companies, share-based compensation, taxes on income, financial (expenses) income, net, and debasement and amortization.Â Non-GAAP Net Income and Adjusted EBITDA, however, should not be deliberate as alternatives to net income and handling income for a duration and might not be demonstrative of a ancestral handling formula of a Company; nor they are meant to be predictive of intensity destiny results.Â Non-GAAP Net Income and Adjusted EBITDA are not measures of financial opening underneath generally supposed accounting beliefs and might not be allied to other likewise patrician measures for other companies. See settlement 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 heading provider of services and products to a blurb and troops aerospace and belligerent invulnerability industries. TAT operates underneath 4 segments: (i) Original apparatus production (“OEM”) of feverishness send solutions and aviation accessories by a Gedera facility; (ii) MRO services for feverishness send components and OEM of feverishness send solutions by a Limco subsidiary; (iii) MRO services for aviation components by a Piedmont subsidiary; and (iv) Overhaul and cloaking of jet engine components by a Turbochrome subsidiary. TAT determining shareholders is a FIMI Private Equity Fund.
TAT’s activities in a area of OEM of feverishness send solutions and aviation accessories essentially embody a design, growth and make of (i) extended operation of feverishness send solutions, such as pre-coolers feverishness exchangers and oil/fuel hydraulic feverishness exchangers, used in automatic and electronic systems on house commercial, troops and business aircraft; (ii) environmental control and energy wiring cooling systems commissioned on house aircraft in and belligerent applications; and (iii) a accumulation of other automatic aircraft accessories and systems such as pumps, valves, and turbine energy units.
TAT’s activities in a area of MRO Services for feverishness send components and OEM of feverishness send solutions essentially embody a MRO of feverishness send components and to a obtuse extent, a production of certain feverishness send solutions. TAT’s Limco auxiliary operates an FAA-certified correct station, that provides feverishness send MRO services for airlines, atmosphere load carriers, upkeep use centers and a military.
TAT’s activities in a area of MRO services for aviation components embody a MRO of APUs, alighting gears and other aircraft components. TAT’s Piedmont auxiliary operates an FAA-certified correct station, that provides aircraft member MRO services for airlines, atmosphere load carriers, upkeep use centers and a military.
TAT’s activities in a area of renovate and cloaking of jet engine components includes a renovate and cloaking of jet engine components, including turbine vanes and blades, fan blades, non-static estuary beam vanes and afterburner flaps.
For some-more information of TAT Technologies Ltd., greatfully revisit a web-site: www.tat-technologies.com
Guy Nathanzon, CFO
TAT Technologies Ltd.
Safe Harbor for Forward-Looking Statements
This press recover contains forward-looking statements that include, though limitation, statements per probable or insincere destiny operation results. These statements are hereby identified as “forward-looking statements” for functions of a protected bay supposing by a Private Securities Litigation Reform Act of 1995. These forward-looking statements engage risks and uncertainties that could means a formula to differ materially from management’s stream expectations. Actual formula and opening can also be shabby by other risks that we face in using a operations including, though are not singular to, ubiquitous business conditions in a airline industry, changes in direct for a services and products, a timing and volume or termination of orders, a cost and smoothness of supply of member tools used in a operations, a change of control that will start on a sale by a receiver of a Company’s shares hold by a formerly determining stockholders, and other risks minute from time to time in a Company’s filings with a Securities Exchange Commission, including, a annual news on form 20-F and a periodic reports on form 6-K. These papers enclose and brand other critical factors that could means tangible formula to differ materially from those contained in a projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue faith on these forward-looking statements, that pronounce usually as of a date on that they are made. We commence no requirement to refurbish publicly or correct any forward-looking statement.
(1)Â Â During a second entertain of 2016 a Company distributed division from a unfamiliar subsidiaries earnings. As a result, a association accrued deferred taxation guilt due to tangible placement of benefit from unfamiliar subsidiaries of a Company and due to a probability of destiny placement of benefit from such unfamiliar subsidiaries.
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months finished
Six months finished
CASH FLOWS FROM OPERATING
Â Â Â ACTIVITIES:
Net income (loss) attributable to TAT
Â Â Â Technologies Ltd. shareholders
$ Â 611
$ Â Â (2,453)
$ Â 1,812
$ Â (2,408)
$ Â Â Â 62
Adjustments to determine net income to net money
Â Â Â supposing by handling activities:
Depreciation and amortization
Loss on sale ofÂ property, plant and equipment
Interest from short-term bank deposits and
Â Â Â limited deposits
Loss (gain) from change in satisfactory value of
Â Â Â derivatives
Provision for puzzled accounts
Share in formula and sale of equity investment of
Â Â Â dependent CompanyÂ
Share formed remuneration
Liability in honour of worker rights on
Â Â Â retirement
Deferred income taxes, net
Changes in handling resources and liabilities:
Â Â Â Increase in trade accounts receivable
Â Â Decrease (increase) in other stream resources and
Â Â Â prepaid expenses
Decrease (increase) in inventory
Â Â Â Increase (decrease) in trade accounts payable
Â Â Â Increase (decrease) inÂ accrued expenses
Â Â Â Increase (decrease) in other long-term liabilities
Net money supposing by (used in) handling
Â Â Â activities
$ Â (209)
$ Â Â (1,318)
$ Â 2,914
$ Â (1,497)
$ Â Â 5,521
CASH FLOWS FROM INVESTING
Â Â Â ACTIVITIES:
Investment in dependent company
Funds in honour of worker rights on
Â Â Â retirement
Proceeds from sale of skill and equipment
Purchase of skill and apparatus
Maturities of short-term deposits
Cash flows supposing by (used in) investing
Â Â Â activities
$ Â (508)
$ Â (2,811)
$ Â (1,251)
$ Â (1,618)
$ Â Â Â 594
CASH FLOWS FROM FINANCING ACTIVITIES:
Realization of contingency
Payment of money dividend
Â Exercise of options
Cash flows Â provided by (used in) financing
Â Â Â activities
$ Â (3,000)
$ Â Â Â Â Â –
$ Â Â 130
$ Â (3,370)
Net boost (decrease) in money and money
Â Â Â equivalents
Cash and money equivalents during commencement of
Â Â Â duration
Cash and money equivalents during finish of duration
$ Â 20,096
$ Â 15,703
$ Â 20,096
$ Â 15,703
$ Â 21,433
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SOURCE TAT Technologies Ltd