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17.05.2017 22:19:00

TAT Technologies Reports First Quarter 2017 Results and Declares a $3 Million Cash Dividend

GEDERA, Israel, May 17, 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 period ended March 31, 2017. The Company also declared a cash dividend of $3 million payable on June 21, 2017 to shareholders of record on June 7, 2017.

Financial highlights for the first quarter of 2017 (unaudited):

Total Revenue: $27.1 million compared to $23.6 million in the first quarter of 2016, growth of 14.8% in revenues compared to the first quarter of 2016.

Adjusted EBITDA: $2.9 million compared to adjusted EBITDA of $1.1 million in the first quarter of 2016.

Net income: $1.2 million compared to $0.04 million in the first quarter of 2016.

Net income (Non-GAAP):$1.3 million compared to $0.1 million in the first quarter of 2016. 

Earnings per share basic and diluted: $0.14 per share compared to $0.01 per share in the first quarter of 2016.

Earnings per share basic and diluted (Non-GAAP):$0.14 per share compared to $0.01 in the first quarter of 2016.

Net cash provided by (used in) operating activities: $3.1 million compared to $ (0.2) million in the first quarter of 2016.

Long-Term Projects: Following a periodic assessment of its long-term projects, the Company updated its estimates of profits expected to be earned from certain long-term contract. This assessment resulted in a decrease in revenues for the first quarter of 2017 in an amount of $0.5 million and a decrease of $0.4 million in net income.

Declaration of dividend

: The Board of Directors approved a distribution of cash dividend in the total amount of $3 million (approximately NIS 10.8 million), or $0.33981 per share (approximately NIS 1.22672 per share), for all of the shareholders of TAT Technologies. The dividend will be paid to shareholders of record on June 7, 2017. TAT Technologies will pay the dividend on June 21, 2017.  

Mr. Igal Zamir, TAT's CEO and President commented on the results: "We had a strong first quarter with sales growing 14.8% compared to the first quarter of 2016, mainly due to strong results in our heat exchangers, landing gear and jet engine blades businesses. In addition, our efficiency and cost reduction measures continue to bear fruit. We are also working to improve cash flow and during the quarter our cash and short term bank deposits have increased by $2.4 million. All this enabled us to declare a $3 million dividend and return value to 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) 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 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'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)



March 31,


December 31,

2017


2016


(unaudited)


(audited)

ASSETS




CURRENT ASSETS:




Cash and cash equivalents

$                23,813


$                21,433

Short-term bank deposits

964


964

Accounts receivable, net

21,019


21,572

Other current assets and prepaid expenses

3,109


1,687

Inventory, net

37,944


39,269





Total current assets

86,849


84,925





NON-CURRENT ASSETS:




 Investment in affiliates

1,086


1,019

Funds in respect of employee rights upon retirement

2,732


2,660

 Deferred income taxes

1,032


896

Intangible assets, net

1,146


1,179

Property, plant and equipment, net

20,927


21,298





Total non-current assets

26,923


27,052





Total assets

$              113,772


$              111,977





LIABILITIES AND EQUITY








CURRENT LIABILITIES:




Accounts payable

6,941


8,406

Accrued expenses

11,066


9,836





Total current liabilities

18,007


18,242





NON CURRENT LIABILITIES:




   Other long-term liabilities

187


151

Liability in respect of employee rights upon retirement

3,096


2,994

Deferred income taxes

2,132


1,938





 Total non-current liabilities

5,415


5,083





Total liabilities

23,422


23,325





EQUITY:




Share capital

2,797


2,797

Additional paid-in capital

64,817


64,760

Treasury stock at cost

(2,088)


(2,088)

Accumulated other comprehensive loss

367


(73)

Retained earnings

24,457


23,256

Total shareholders' equity

90,350


88,652





Total liabilities and shareholders' equity

$              113,772


$               111,977





 

 

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES





CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)






Three months ended


Year ended


March 31,


December 31,


2017


2016


2016


(Unaudited)


(Unaudited)


(Audited)







Revenues:






Products

$     9,550


$       8,069


$      30,431

Services

17,531


15,565


65,363


27,081


23,634


95,794







Cost of goods:






Products

6,911


6,691


23,788

Services

14,613


13,008


52,969


21,524


19,699


76,757

Gross Profit

5,557


3,935


19,037







Operating expenses:






Research and development, net

229


264


1,140

Selling and marketing

1,142


1,010


3,876

General and administrative

2,267


2,410


10,023

Other loss (income)

28


1


(138)


3,666


3,685


14,901

Operating income

1,891


250


4,136







Financial expenses, net

(172)


(19)


(154)







Income before taxes on income

1,719


231


3,982







Taxes on income

498


186


3,865







Income before equity investment

1,221


45


117







Share in results of affiliated companies

(20)


-


(55)







Net income

$          1,201


$            45


$      62







Basic and diluted income per share












Net income per share

$           0.14


$          0.01


$    0.01







Weighted average number of shares outstanding






Basic

8,828,444


8,828,444


8,828,444

Diluted

8,865,808


8,828,444


8,830,764

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)






Three months ended


Year ended


March 31,


December 31,


2017


2016


2016


(Unaudited)


(Unaudited)


(Audited)







Net income

$        1,201


$                45


$                62

Other comprehensive income






Net unrealized gains (losses) from derivatives

(97)


365


174

Reclassification adjustments for gains included in net income and inventory

537


(47)


(243)

 Total other comprehensive income (loss)

$          1,641


$              363


$                 (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


Year ended



March 31,


December 31,



2017


2016


2016
















Reported net income on GAAP basis

$         1,201


$                45


$          62


Adjustments:







Tax adjustments re non-GAAP adjustments (1)

-


-


2,685


Other expenses (Acquisition related expenses) 

-


-


(105)


Share in results of equity investment of affiliated company

20


-


55


Share based compensation

57


14


105


       Non-GAAP net income

$       1,278


$                59


$      2,802









       Non-GAAP net income per share

$         0.14


$             0.01


$        0.32









Weighted average number of shares outstanding







 Basic

8,828,444


8,828,444


8,828,444


 Diluted

8,865,808


8,828,444


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 (unaudited):
















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 THREE MONTHS ENDED MARCH 31, 2017 (unaudited):
















Comprehensive income








440




1,201


1,641


 Share based compensation expenses






57








57


BALANCE AT MARCH 31, 2017 (unaudited)


9,102,917


$            2,797


$        64,817


$                    367


$        (2,088)


$         24,457


$        90,350



















 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES






CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)








Three months ended


Year ended



March 31,


December 31,



2017


2016


2016



(Unaudited)


(Unaudited)


(audited)








CASH FLOWS FROM OPERATING ACTIVITIES:







Net income


$         1,201


$            45


$      62








Adjustments to reconcile net income to net cash provided by operating activities:














Depreciation and amortization


969


851


3,636

Loss on sale of property, plant and equipment


28


1


12

Interest from short-term bank deposits and restricted deposits




(11)


(24)

Gain from change in fair value of derivatives


(16)


(53)


(152)

Provision for doubtful accounts


18


43


(29)

Share in results of affiliated Company 


20


-


55

Share based compensation


57


14


105

Liability in respect of employee rights upon retirement


102


18


123

Deferred income taxes, net


58


(118)


1,670

Changes in operating assets and liabilities:







     Decrease (increase) in trade accounts receivable


535


(1,437)


(2,392)

   Decrease (increase) in other current assets and prepaid expenses


(942)


(536)


1,487

Decrease (increase) in inventory


1,265


172


(2,707)

    Increase (decrease) in trade accounts payable


(1,438)


427


1,192

    Increase in accrued expenses


1,230


552


2,521

    Increase (decrease) in other long-term liabilities


36


(147)


(38)

Net cash provided by operating activities


$      3,123


$        (179)


$      5,521















CASH FLOWS FROM INVESTING ACTIVITIES:







Investment in affiliated company


(87)


-


(905)

Funds in respect of employee rights upon retirement


(36)


(140)


2

Proceeds from sale of property and equipment




1


17

Purchase of property and equipment


(620)


(668)


(5,702)

 Maturities of short-term deposits




2,000


7,182

Cash flows provided by (used in) investing activities


$        (743)


$      1,193


$         594








CASH FLOWS FROM FINANCING ACTIVITIES:







Realization of contingency


-


-


(500)

Payment of cash dividend


-


-


(3,000)

 Exercise of options


-


130


130

Cash flows provided by (used in) financing activities  


$              -


$         130


$   (3,370)








Net increase (decrease) in cash and cash equivalents


2,380


1,144


2,745








Cash and cash equivalents at beginning of period


21,433


18,688


18,688








Cash and cash equivalents at end of period


$    23,813


$    19,832


$    21,433








 

 

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES







RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP)


(UNAUDITED)


(In thousands)








Three months ended


Year ended



March 31,


December 31,



2017


2016


2016
















Net income

$        1,201


$               45


$             62


Adjustments:







Share in results and sale of equity investment of affiliated companies

20




55


Taxes on income

498


186


3,865


Financial expenses, net

172


19


154


Depreciation and amortization

969


851


3,636


Share based compensation

57


14


105


Adjusted EBITDA

$      2,917


$        1,115


$        7,877









To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tat-technologies-reports-first-quarter-2017-results-and-declares-a-3-million-cash-dividend-300459590.html

SOURCE TAT Technologies Ltd

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