Tat Technologies Ltd 6-K, filed Nov 13, 2023
Tat Technologies Ltd (TATT)
6-K
2023-11-13
For: 2023-11-13
View Original
Added on
April 10, 2026
About this 6-K
Tat Technologies Ltd filed this 6-K on November 13, 2023.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
TAT TECHNOLOGIES LTD.
(Name of Registrant)
Hamelacha 5, Netanya 4250407, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82- ____________
TAT Technologies Ltd.
6-K Items
| 1. |
Press Release dated November 13, 2023 re TAT Technologies Ltd. Reports Third Quarter 2023 Results.
|
2
ITEM 1
|
Press Release
|
Source: TAT Technologies Limited
|
TAT Technologies Reports Third Quarter 2023 Results
Netanya , Israel, November 13, 2023 - 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 months and nine months periods ended September 30, 2023.
Financial highlights for third quarter of 2023:
|
•
|
Revenues for Q3 2023 were $29.9 million, an increase of 43% compared with $20.9 million in Q3 2022. Revenues for the
nine-month period that ended on September 30, 2023, were $81.9 million an increase of 33% compared with $61.7 million in the nine-month period that ended on September 30, 2022
|
|
•
|
Gross profit for Q3 2023 was $5.8 million (19. 3% as a percentage of revenues) an increase of 70% compared with $3.4 million
(16.4% as a percentage of revenues) in Q3 2022. Gross profit for the nine-month period that ended on September 30, 2023, was $15.5 million (19% as a percentage of revenues) an increase of 47.6% compared with $10.5 million (17% as a
percentage of revenues) in the nine-month period that ended on September 30, 2022.
|
|
•
|
Adjusted EBITDA for Q3 2023 increased by 438% to $3 million compared with $0.6 million in Q3 2022. Adjusted EBITDA for the
nine-month period that ended on September 30, 2023, increased by 297% to $7.7 million compared with $1.9 million in the nine-month period that ended on September 30, 2022.
|
|
•
|
Net lncome in Q3 2023 increased to $2.1 million, or income of $0.24 per diluted share, compared with a net loss of ($0.3)
million, or loss of ($0.04) per diluted share, in Q3 2022. For the nine-month period that ended on September 30, 2023, net income was $4.3 million, or income of $0.47 per diluted share compared with a net loss of ($2) million, or $(0.23)
per diluted share, in the nine-month period that ended on September 30, 2022.
|
|
•
|
Cash flow from operations in Q3 2023 was negative ($3.7) million compared to negative ($3.1) million in Q3 2022. For the nine-month period ended on September 30, 2023 cash flow from operations was positive $0.5 million compared to negative ($9.5) million in the nine-month period that ended on September 30, 2022.
|
Mr. Igal Zamir, TAT's CEO and President commented on the results: "we are very pleased with the results of the third quarter and nine
months of 2023. We are facing swift growth in demand for our products and services, which has resulted in increasing revenue and profitability quarter after quarter. We remain positive that the trend will continue for the following quarters to
come.
As part of our preparation to support the growth in the following quarters and meeting customers' expectations for a short turnaround
time, we focus on operational ramp up including manpower hiring and increasing the level of our available inventories.”
Mr. Zamir continues: " In regard to the war in Israel, at this stage, there are no indications that prohibit us from continuing the
growth and meeting our plans for the following quarters to come.
We are very proud of our employees in the Israeli facility for their spirit and consistent effort to continue the operations despite the
war in Israel. “
3
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents 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. Adjusted EBITDA is calculated
as net income excluding the impact of: the Company's share in results of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization. Adjusted EBITDA, however, should not be
considered as alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor it is meant to be predictive of potential future results. Adjusted EBITDA is not measure
of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of Adjusted EBITDA in pages 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 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
Contact:
Mr. Ehud Ben-Yair
Chief Financial Officer
Tel: 972-8-862-8503
ehudb@tat-technologies.com
4
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.
5
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
|
September 30,
|
December 31,
|
|||||||
|
2023
|
2022
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
7,288
|
$
|
7,722
|
||||
|
Accounts receivable, net
|
17,890
|
15,622
|
||||||
|
Inventory, net
|
49,005
|
45,759
|
||||||
|
Other current assets and prepaid expenses
|
5,094
|
6,047
|
||||||
|
Total current assets
|
79,277
|
75,150
|
||||||
| NON-CURRENT ASSETS: |
||||||||
|
Restricted deposit
|
286
|
304
|
||||||
|
Investment in affiliates
|
2,012
|
1,665
|
||||||
|
Funds in respect of employee rights upon retirement
|
661
|
780
|
||||||
|
Deferred income taxes
|
1,693
|
1,229
|
||||||
|
Intangible assets, net
|
1,608
|
1,623
|
||||||
|
Property, plant and equipment, net
|
41,917
|
43,423
|
||||||
|
Operating lease right of use assets
|
3,022
|
2,477
|
||||||
|
Total non-current assets
|
51,199
|
51,501
|
||||||
|
Total assets
|
$
|
130,476
|
$
|
126,651
|
||||
|
LIABILITIES AND EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Current maturities of long-term loans
|
$
|
1,874
|
$
|
1,876
|
||||
|
Credit line from bank
|
12,131
|
6,101
|
||||||
|
Accounts payable
|
8,558
|
10,233
|
||||||
|
Accrued expenses and other
|
10,889
|
9,686
|
||||||
|
Operating lease liabilities
|
1,073
|
904
|
||||||
|
Provision for restructuring plan
|
85
|
190
|
||||||
|
Total current liabilities
|
34,610
|
28,990
|
||||||
|
NON CURRENT LIABILITIES:
|
||||||||
|
Long-term loans
|
12,820
|
19,408
|
||||||
|
Liability in respect of employee rights upon retirement
|
993
|
1,148
|
||||||
|
Operating lease liabilities
|
1,904
|
1,535
|
||||||
|
Total non-current liabilities
|
15,717
|
22,091
|
||||||
|
Total liabilities
|
$
|
50,327
|
$
|
51,081
|
||||
|
EQUITY:
|
||||||||
|
Share capital
|
2,850
|
2,842
|
||||||
|
Additional paid-in capital
|
66,531
|
66,245
|
||||||
|
Treasury stock at cost
|
(2,088
|
)
|
(2,088
|
)
|
||||
|
Accumulated other comprehensive income (loss)
|
(24
|
)
|
(26
|
)
|
||||
|
Retained earnings
|
12,880
|
8,597
|
||||||
|
Total shareholders' equity
|
80,149
|
75,570
|
||||||
|
Total liabilities and shareholders' equity
|
130,476
|
$
|
126,651
|
|||||
6
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
December 31,
|
|||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
|
Revenues:
|
||||||||||||||||||||
|
Products
|
$
|
10,003
|
$
|
5,694
|
$
|
25,461
|
$
|
19,157
|
$
|
25,460
|
||||||||||
|
Services
|
19,932
|
15,283
|
56,496
|
42,550
|
59,096
|
|||||||||||||||
|
29,935
|
20,977
|
81,957
|
61,707
|
84,556
|
||||||||||||||||
|
Cost of revenue, net:
|
||||||||||||||||||||
|
Products
|
7,550
|
4,710
|
19,372
|
16,280
|
21,631
|
|||||||||||||||
|
Services
|
16,571
|
12,833
|
47,086
|
34,915
|
46,997
|
|||||||||||||||
|
24,121
|
17,543
|
66,458
|
51,195
|
68,628
|
||||||||||||||||
|
Gross Profit
|
5,814
|
3,434
|
15,499
|
10,512
|
15,928
|
|||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||
|
Research and development, net
|
194
|
197
|
450
|
349
|
479
|
|||||||||||||||
|
Selling and marketing, net
|
1,350
|
1,312
|
3,807
|
4,164
|
5,629
|
|||||||||||||||
|
General and administrative, net
|
2,547
|
2,463
|
7,482
|
7,341
|
9,970
|
|||||||||||||||
|
Other income
|
(37
|
)
|
-
|
(478
|
)
|
(90
|
)
|
(90
|
)
|
|||||||||||
|
Restructuring expenses, net
|
-
|
(30
|
)
|
-
|
1,673
|
1,715
|
||||||||||||||
|
4,054
|
3,942
|
11,261
|
13,437
|
17,703
|
||||||||||||||||
|
Operating Profit (Loss)
|
1,760
|
(508
|
)
|
4,238
|
(2,925
|
)
|
(1,775
|
)
|
||||||||||||
|
Interest expenses
|
(408
|
)
|
(283
|
)
|
(1,214
|
)
|
(524
|
)
|
(902
|
)
|
||||||||||
|
Other financial income (expenses), Net
|
283
|
356
|
433
|
1,171
|
1,029
|
|||||||||||||||
|
Income (loss) before taxes on income (tax benefit)
|
1,635
|
(435
|
)
|
3,457
|
(2,278
|
)
|
(1,648
|
)
|
||||||||||||
|
Taxes on income (tax benefit)
|
(390
|
)
|
(44
|
)
|
(479
|
)
|
(107
|
)
|
98
|
|||||||||||
|
Income (loss) before share of equity investment
|
2,025
|
(391
|
)
|
3,936
|
(2,171
|
)
|
(1,746
|
)
|
||||||||||||
|
Share in profits (losses) of equity investment of affiliated companies
|
126
|
36
|
347
|
124
|
184
|
|||||||||||||||
|
Net Income (loss)
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
||||||||
|
Basic and diluted income per share
|
||||||||||||||||||||
|
Net income (loss) per share
|
$
|
0.24
|
$
|
(0.04
|
)
|
$
|
0.48
|
$
|
(0.23
|
)
|
$
|
(0.17
|
)
|
|||||||
|
Net income per
diluted shares
|
$
|
0.24
|
$
|
(0.04
|
)
|
$
|
0.47
|
$
|
(0.23
|
)
|
$
|
(0.17
|
)
|
|||||||
|
Weighted average number of shares outstanding
|
||||||||||||||||||||
|
Basic
|
8,929,332
|
8,909,046
|
8,929,332
|
8,909,046
|
8,911,546
|
|||||||||||||||
|
Diluted
|
9,134,476
|
8,909,046
|
9,134,476
|
8,909,046
|
8,911,546
|
|||||||||||||||
7
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
December 31,
|
|||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
|
Net income (loss)
|
$
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
|||||||
|
Other comprehensive income (loss), net
|
||||||||||||||||||||
|
Net unrealized gain (loss) from derivatives
|
(24
|
)
|
34
|
2
|
(114
|
)
|
(89
|
)
|
||||||||||||
|
Reclassification adjustments for loss (gains) from derivatives included in net income
|
-
|
-
|
-
|
-
|
30
|
|||||||||||||||
|
Total comprehensive income (loss)
|
$
|
2,149
|
$
|
(321
|
)
|
$
|
4,285
|
$
|
(2,161
|
)
|
$
|
(1,621
|
)
|
|||||||
8
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, 2020
|
9,149,169
|
$
|
2,809
|
$
|
65,711
|
$
|
128
|
$
|
(2,088
|
)
|
$
|
13,721
|
$
|
80,281
|
||||||||||||||
|
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2021:
|
||||||||||||||||||||||||||||
|
Comprehensive loss
|
-
|
-
|
-
|
(95
|
)
|
-
|
(3,562
|
)
|
(3,657
|
)
|
||||||||||||||||||
|
Share based compensation
|
-
|
-
|
160
|
-
|
-
|
-
|
160
|
|||||||||||||||||||||
|
BALANCE AT DECEMBER 31, 2021
|
9,149,169
|
$
|
2,809
|
$
|
65,871
|
$
|
33
|
$
|
(2,088
|
)
|
$
|
10,159
|
$
|
76,784
|
||||||||||||||
|
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2022:
|
||||||||||||||||||||||||||||
|
Comprehensive loss
|
-
|
-
|
-
|
(59
|
)
|
-
|
(1,562
|
)
|
(1,621
|
)
|
||||||||||||||||||
|
Exercise of option
|
36,850
|
33
|
156
|
-
|
-
|
-
|
189
|
|||||||||||||||||||||
|
Share based compensation
|
-
|
-
|
218
|
-
|
-
|
-
|
218
|
|||||||||||||||||||||
|
BALANCE AT DECEMBER 31, 2022
|
9,186,019
|
$
|
2,842
|
$
|
66,245
|
$
|
(26
|
)
|
$
|
(2,088
|
)
|
$
|
8,597
|
$
|
75,570
|
|||||||||||||
|
CHANGES DURING THE PERIOD ENDED SEPTEMBER 30, 2023 (unaudited):
|
||||||||||||||||||||||||||||
|
Comprehensive income
|
-
|
-
|
-
|
2
|
-
|
4,283
|
4,285
|
|||||||||||||||||||||
|
Exercise of option
|
32,466
|
8
|
157
|
-
|
-
|
-
|
165
|
|||||||||||||||||||||
|
Share based compensation
|
-
|
-
|
129
|
-
|
-
|
-
|
129
|
|||||||||||||||||||||
|
BALANCE AT SEPTEMBER 30, 2023 (unaudited)
|
9,218,485
|
$
|
2,850
|
$
|
66,531
|
$
|
(24
|
)
|
$
|
(2,088
|
)
|
12,880
|
$
|
80,149
|
||||||||||||||
9
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
December 31,
|
|||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
|
Net income (loss)
|
$
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
|||||||
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
|
||||||||||||||||||||
|
Depreciation and amortization
|
1,099
|
931
|
3,040
|
2,830
|
3,706
|
|||||||||||||||
|
Loss (gain) from change in fair value of derivatives
|
-
|
(7
|
)
|
-
|
1
|
8
|
||||||||||||||
|
Change in provision for doubtful accounts
|
(83
|
)
|
-
|
(88
|
)
|
(45
|
)
|
138
|
||||||||||||
|
Share in results of affiliated Company
|
(126
|
)
|
(36
|
)
|
(347
|
)
|
(124
|
)
|
(184
|
)
|
||||||||||
|
Share based compensation
|
8
|
56
|
129
|
167
|
218
|
|||||||||||||||
|
Non cash finance income
|
(1
|
)
|
(4
|
)
|
(7
|
)
|
(91
|
)
|
-
|
|||||||||||
|
Change in operating right of use asset and operating leasing liability
|
(82
|
)
|
||||||||||||||||||
|
Decrease in provision for restructuring expenses
|
(15
|
)
|
(914
|
)
|
(105
|
)
|
(457
|
)
|
(467
|
)
|
||||||||||
|
Liability in respect of employee rights upon retirement
|
(28
|
)
|
9
|
(155
|
)
|
(317
|
)
|
(356
|
)
|
|||||||||||
|
Capital gain from sale of property, plant and equipment
|
(43
|
)
|
-
|
(529
|
)
|
(90
|
)
|
(90
|
)
|
|||||||||||
|
Deferred income taxes, net
|
(388
|
)
|
(47
|
)
|
(464
|
)
|
(128
|
)
|
23
|
|||||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||||||||||
|
Decrease (increase) in trade accounts receivable
|
(4,051
|
)
|
1,127
|
(2,927
|
)
|
(219
|
)
|
(2,659
|
)
|
|||||||||||
|
Decrease (increase) in other current assets and prepaid expenses
|
(1
|
)
|
(557
|
)
|
1,535
|
(672
|
)
|
(1,459
|
)
|
|||||||||||
|
Increase in inventory
|
(4,450
|
)
|
(3,485
|
)
|
(4,734
|
)
|
(6,711
|
)
|
(5,069
|
)
|
||||||||||
|
Increase (decrease) in trade accounts payable
|
480
|
(182
|
)
|
(1,675
|
)
|
(1,073
|
)
|
1,143
|
||||||||||||
|
Decrease in other long-term liabilities
|
(254
|
)
|
(160
|
)
|
(502
|
)
|
(1,045
|
)
|
(902
|
)
|
||||||||||
|
Increase in accrued expenses
|
1,976
|
499
|
3,039
|
531
|
2,727
|
|||||||||||||||
|
Net cash provided by (used in) operating activities
|
$
|
(3,726
|
)
|
$
|
(3,125
|
)
|
$
|
493
|
$
|
(9,490
|
)
|
$
|
(4,867
|
)
|
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
|
Proceeds from sale of property and equipment
|
37
|
-
|
1,972
|
93
|
93
|
|||||||||||||||
|
Purchase of property and equipment
|
(569
|
)
|
(3,833
|
)
|
(3,024
|
)
|
(11,418
|
)
|
(16,213
|
)
|
||||||||||
|
Net cash provided by (used in) investing activities
|
$
|
(532
|
)
|
$
|
(3,833
|
)
|
$
|
(1,052
|
)
|
$
|
(11,325
|
)
|
$
|
(16,120
|
)
|
|||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
|
Short-term credit received (repayment) from banks
|
1,000
|
3,000
|
1,000
|
-
|
-
|
|||||||||||||||
|
Proceeds from long-term loans received
|
249
|
3,200
|
249
|
15,680
|
16,680
|
|||||||||||||||
|
Repayment of long-term loans
|
(461
|
)
|
(375
|
)
|
(1,307
|
)
|
(636
|
)
|
(1,071
|
)
|
||||||||||
|
Exercise of options
|
-
|
123
|
165
|
190
|
189
|
|||||||||||||||
|
Cash flows provided by (used in) financing activities
|
$
|
788
|
$
|
5,948
|
$
|
107
|
$
|
15,234
|
$
|
15,798
|
||||||||||
|
Net decrease in cash and restricted cash
|
(3,470
|
)
|
(1,010
|
)
|
(452
|
)
|
(5,581
|
)
|
(5,189
|
)
|
||||||||||
|
Cash and cash equivalents and restricted cash at beginning of
period
|
11,044
|
8,644
|
8,026
|
13,215
|
13,215
|
|||||||||||||||
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
7,574
|
$
|
7,634
|
$
|
7,574
|
$
|
7,634
|
$
|
8,026
|
||||||||||
10
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
|
September 30,
|
September 30,
|
December 31,
|
||||||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
|
Net income (loss)
|
$
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
|||||||
|
Adjustments:
|
||||||||||||||||||||
|
Share in results of equity investment of affiliated companies
|
(126
|
)
|
(36
|
)
|
(347
|
)
|
(124
|
)
|
(184
|
)
|
||||||||||
|
Taxes on income (tax benefit)
|
(390
|
)
|
(44
|
)
|
(480
|
)
|
(107
|
)
|
98
|
|||||||||||
|
Financial expenses (income), net
|
125
|
(73
|
)
|
781
|
(647
|
)
|
(127
|
)
|
||||||||||||
|
Depreciation and amortization
|
1,240
|
1,041
|
3,381
|
3,037
|
3,878
|
|||||||||||||||
|
Restructuring (income) expenses
|
-
|
(30
|
)
|
-
|
1,673
|
1,715
|
||||||||||||||
|
Share based compensation
|
9
|
56
|
129
|
167
|
218
|
|||||||||||||||
|
Adjusted EBITDA
|
3,009
|
$
|
559
|
7,747
|
$
|
1,952
|
$
|
4,036
|
||||||||||||
11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
|
TAT TECHNOLOGIES LTD.
|
|||
|
(Registrant)
|
|||
|
By:
|
/s/ Ehud Ben-Yair
|
||
|
Ehud Ben-Yair
|
|||
|
Chief Financial Officer
|
|||
Date: November 13, 2023
12