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GEDERA, Israel, November 4, 2021/PRNewswire/ - TAT Technologies Ltd. (NASDAQ: TATT-News) ("TAT" or "Company") is for commercial and military aerospace and military Leading supplier of products and services in the field. Ground Defense Industries today reported unaudited results for the three-month and nine-month period ending September 30, 2021.
Mr. Igal Zamir, CEO and President of TAT Technologies, said: “In the last quarter, we continued to implement the strategic rationalization plan to reduce our main production bases from four to three. We expect to benefit from the combination of heat transfer activities in a superior Center and improve our cost structure. The process is proceeding as planned and is expected to be completed by the second quarter\22. We continue to strengthen our position as Honeywell’s premier partner and provide for Honeywell’s APU mainline These APUs are mainly used for active platforms (including Boeing 737 family and Airbus 320 family). In this regard, we will continue to build the ability to serve new platforms and increase revenue in this segment from 2022." Mr. Zamir continued: "We continue to enjoy US grants to support the US$2.5 million pandemic impact in the third quarter, and as the commercial aviation industry begins to recover from a significant economic slowdown, the number of MRO activities will continue to increase .Pandemic."
To supplement the consolidated financial statements reported under GAAP, the company also reported adjusted EBITDA. The adjustment to the company's GAAP performance is designed to allow management and investors to have a more comprehensive understanding of the company's basic operating performance, trends and performance. Adjusted EBITDA is calculated as net income, excluding the following effects: the company’s share in the performance of related companies, share-based compensation, income taxes, termination of operations, financial (expense) income, net amounts, depreciation and amortization. However, adjusted EBITDA should not be regarded as a substitute for current net income and operating income, and may not represent the company's historical operating performance; nor is it intended to predict future potential results. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles, and may not be comparable with other similarly titled measures of other companies. Please refer to the reconciliation of adjusted EBITDA on page 13 below.
TAT Technologies Ltd. is a leading supplier of services and products for the commercial and military aerospace and ground defense industries. TAT is divided into four parts: (i) original equipment manufacturing ("OEM") for heat transfer solutions and aerospace parts through its Gedera facility; (ii) MRO services for heat transfer components through its Limco subsidiary And heat transfer solutions; (iii) through its Piedmont subsidiary to provide MRO services for aerospace components; (iv) through its Turbochrome subsidiary to overhaul and coat jet engine components. The controlling shareholder of TAT is the FIMI private equity fund.
TAT’s activities in the field of heat transfer solutions and aviation parts OEM mainly include (i) the design, development and manufacturing of a wide range of heat transfer solutions, such as pre-cooler heat exchangers and oil/fuel hydraulic heat exchangers for commercial use , Military and commercial aircraft mechanical and electronic systems; (ii) environmental control and power electronic cooling systems installed on aircraft and ground applications; (iii) various other mechanical aircraft accessories and systems, such as pumps, valves, and turbines powerplant.
TAT's activities in the MRO service of heat transfer components and OEM of heat transfer solutions mainly include MRO of heat transfer components, and to a lesser extent the manufacture of certain heat transfer solutions. The Limco subsidiary of TAT operates an FAA-certified repair station that provides heat transfer MRO services to airlines, air cargo companies, repair service centers, and the military.
TAT's activities in the field of aviation component MRO services include MRO for APU, landing gear and other aircraft components. The Piedmont subsidiary of TAT operates an FAA-certified repair station that provides aircraft component MRO services for airlines, air cargo companies, repair service centers, and the military.
TAT’s activities in the field of jet engine component overhaul and coating include overhaul and coating of jet engine components, including turbine blades and blades, fan blades, variable intake guide vanes and afterburner flaps.
For more information about TAT Technologies Ltd., please visit our website: www.tat-technologies.com
Contact: Mr. Ehud Ben-Yair Chief Financial Officer Tel: 972-8-862-8503 [email protected]
A safe harbor for forward-looking statements
This press release contains forward-looking statements, including but not limited to statements regarding possible or assumed future operating results. For the purpose of a safe harbor provided by the Private Securities Litigation Reform Act of 1995, these statements are hereby identified as "forward-looking statements." These forward-looking statements involve risks and uncertainties, which may cause our results to differ materially from management’s current expectations. Actual results and performance may also be affected by other risks we face in our operations, including but not limited to the aviation industry The general business conditions, changes in demand for our services and products, time and amount or cancellation of orders, the price and continuity of the supply of parts and components used in our operations, and when the recipient sells the company’s shares held by our previous controlling shareholders The change in control of the company, as well as other risk companies’ documents submitted to the Securities and Exchange Commission as detailed from time to time, including its annual report on Form 20-F and periodic report on Form 6-K. These documents contain and identify other important factors that may cause actual results to differ materially from the results contained in our forecasts or forward-looking statements. Shareholders and other readers are warned not to rely too much on these forward-looking statements, which are only published on the date they are made. We assume no obligation to publicly update or revise any forward-looking statements.
Condensed consolidated balance sheet of TAT TECHNOLOGIES and its subsidiaries (in thousands)
Other current assets and prepaid expenses
Employee Retirement Rights Fund
Real estate, plant and equipment, net
Right to use operating lease assets
The current maturity date of the long-term loan
Liabilities are discontinued operations
Responsibilities of employees' rights after retirement
Total liabilities and shareholders' equity
Condensed consolidated income statement of TAT TECHNOLOGIES and its subsidiaries (in thousands, except for stock and per share data)
Income (tax preference) pre-tax income (loss)
Income tax (tax incentives)
Earnings (losses) before equity investment
Share the performance of related companies
Net income (loss) from continuing operations
Net profit (loss) from discontinued operations
Basic and diluted earnings (losses) per share
Net income (loss) per share from continuing operations
Net loss per share from discontinued operations
Net income (loss) per share
Weighted average number of outstanding shares
Consolidated income statement of TAT TECHNOLOGIES and its subsidiaries (in thousands)
Unrealized net income (loss) from derivatives
Reclassification adjustment of income (loss) included in net income and inventory
Total other comprehensive income (loss)
Condensed consolidated statement of changes in equity of TAT TECHNOLOGIES and its subsidiaries (in thousands, excluding stock data)
Changes for the year ended December 31, 2019:
Changes for the year ended December 31, 2020:
Changes for the year ended September 30, 2021 (unaudited):
Condensed consolidated statement of cash flow of TAT TECHNOLOGIES and its subsidiaries (in thousands)
Cash flow from operating activities:
Net income (loss) from continuing operations
Adjust net income (loss) and net cash provided by operating activities:
Loss (gain) from changes in the fair value of derivatives
Share of equity investment results of affiliated companies
Responsibilities of employees' rights after retirement
Changes in operating assets and liabilities:
Decrease (increase) in trade receivables
Decrease (increase) of other current assets and prepaid expenses
Increase (decrease) in trade payables
Increase (decrease) in accrued expenses
Decrease in other long-term liabilities
Net cash provided by operating activities
Cash flow from investment activities:
Proceeds from the sale of property and equipment
Purchase property and equipment
Cash flow used for investment activities
Cash flow from financing activities:
Short-term credit received from the bank
Long-term loan income received
Cash flow provided by financing activities
Cash flow from discontinued operations:
Net profit (loss) from discontinued operations
Net cash provided by operating activities
Net cash provided by (used in) discontinued activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
TAT TECHNOLOGIES and its subsidiaries net income and adjusted EBITDA (non-GAAP) reconciliation (unaudited) (in thousands)
Share the results of equity investment in affiliated companies
Income tax (tax incentives)
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