Welcome!

News Feed Item

TAT Technologies Reports Second Quarter 2014 Results

GEDERA, Israel, Aug. 7, 2014 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) ("the Company"), a leading provider of services and products to the commercial and military aerospace and ground defense industries, reported today its results for the three month and six month periods ended June 30, 2014.

Mr. Itsik Maaravi, TAT's President & CEO commented, "The first half of 2014 was a challenging period for TAT group in terms of revenues and profit, due to temporary change in product mix, delays in some orders and effects of the strong Israeli Shekel. Continuously, we increase our marketing and sales efforts, as well as our activity in improving our production efficiency and the responsiveness and support to our customers. We believe that our efforts will assist us in improving our performance throughout the next quarters of 2014. In addition, we are continuing to preserve a strong balance sheet with limited liabilities, strong working capital and sufficient financial assets to support the future growth of our operations".

Financial Highlights for the Second quarter of 2014:

  • Total Revenue: $20.6 million compared to $19.8 million for the second quarter of 2013.
  • Operating income: $0.7 million compared to $1.4 million for the second quarter of 2013.
  • Net income: $0.3 million compared to $1.0 million for the second quarter of 2013.
  • Earnings per share basic and diluted: $0.04 per share compared to $0.12 per share in the second quarter of 2013.
  • Cash and cash equivalents and short-term bank deposits: $32.4 million compared to $29.9 million as of December 31, 2013.
  • Distribution of cash dividend: On May 7, 2014, the Company paid a cash dividend in the total amount of $2,000 (approximately NIS6.9 million), or approximately $0.2271 per share (approximately NIS0.783 per share), for all of the shareholders of record on April 21, 2014.

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 three segments:  (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) Heat Transfer Services and Products and (iii) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components.

TAT's activities in the area of OEM of Heat Management Solutions primarily include the design, development, manufacture and sale of (i) a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; (ii) environmental control and cooling systems on board aircraft and for ground applications; and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.

TAT's activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and in a lesser extent, the manufacturing of certain heat transfer products. TAT's Limco subsidiary operates FAA certified repair station, which provides heat transfer MRO services and products 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 maintenance, repair and overhaul of APUs, Landing Gear 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 also holds approximately 28% of the equity of First Aviation Services, a world-wide service provider to the aerospace industry and a one-stop-shop for maintenance, repair and overhaul services (for propellers and landing gear) for the General Aviation Industry.

For more information of TAT Technologies, please visit our web-site:  www.tat-technologies.com  

Tiko Gadot – CFO
TAT Technologies Ltd.
Tel: 972-8-862-8500
[email protected]

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 SHEETS

(In thousands)



June 30,


December 31,

2014


2013


(unaudited)


(audited)

ASSETS




Current Assets:




Cash and cash equivalents

$                   22,258


$                   19,814

Short-term bank deposits

10,128


10,059

Accounts receivable-trade (net of allowance for doubtful 
     accounts of  $123 as of June 30, 2014 and 
     December 31, 2013)

14,948


18,387

Other accounts receivable and prepaid expenses

4,093


3,314

Inventory

30,024


29,395

Assets held for sale

-


9,959





Total current assets

81,451


90,928





Long-term assets:




Investment in an affiliated company

2,463


2,289

Funds in respect of employee rights upon retirement

2,917


2,900

Long-term deferred tax

1,537


1,616

Property, plant and equipment, net

11,697


11,147





Total Long-term assets

18,614


17,952





Total assets

$                 100,065


$                 108,880





LIABILITIES AND EQUITY








Current Liabilities:




Short term bank loan and current maturities of long-term loans

$                             -


$                        910

Trade accounts payables

5,448


6,941

Other accounts payable and accrued expenses

5,599


5,815

Liabilities held for sale

-


3,428





Total current liabilities

11,047


17,094





Long-term liabilities:




Other accounts payable

47


58

Liability in respect of employee rights upon retirement

3,143


3,140

Long-term deferred tax liability

1,098


1,058





Total long-term liabilities

4,288


4,256





EQUITY:




Share capital

2,792


2,792

Additional paid-in capital

64,465


64,454

Treasury stock at cost

(2,088)


(2,088)

Accumulated other comprehensive loss

-


(429)

Retained earnings

19,561


20,840

Total TAT Technologies shareholders' equity

84,730


85,569

Non-controlling interest

-


1,961





Total equity:

84,730


87,530





Total liabilities and equity

$                100,065


$                 108,880





 

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,


2014


2013


2014


2013


2013


(unaudited)


(audited)

Revenues:










Products

$7,434


$7,759


$15,532


$16,014


$34,364

Services

13,166


12,060


23,485


23,384


45,187


20,600


19,819


39,017


39,398


79,551











Cost and operating expenses:










Products

5,605


5,876


11,600


11,687


24,892

Services

10,862


9,106


19,656


17,898


35,987


16,467


14,982


31,256


29,585


60,879

Gross Profit

4,133


4,837


7,761


9,813


18,672











Operating expenses:










Research and development, net

306


204


561


428


713

Selling and marketing

889


800


1,639


1,566


3,150

General and administrative

2,279


2,439


4,555


4,752


9,512

Other income

-


-


(7)


(7)


(20)


3,474


3,443


6,748


6,739


13,355

Operating income from continuing operations

659


1,394


1,013


3,074


5,317











Financial income (expenses), net

18


17


29


33


(50)

Loss from dilution of interests in affiliated

(45)


-


(45)


-


-

     company











Income from continuing operations before taxes

632


1,411


997


3,107


5,267

     on income











Taxes on income 

398


453


495


936


1,041











Net income from continuing operations after taxes

234


958


502


2,171


4,226

     on income

Share in results of affiliated company

77


187


219


1,098


1,025











Net income from continuing operations

311


1,145


721


3,269


5,251

Net loss from discontinued operations, net of tax

-


(126)


-


(542)


(2,429)











Net income attributable to TAT Technologies Ltd.

$311


$1,019


$721


$2,727


$2,822

     shareholders 











Basic and diluted income (loss) per share 










Net income from continuing operations per share

$0.04


$0.13


$0.08


$0.37


$0.60

     attributable to controlling interest

Loss from discontinued operations per share

-


(0.01)


-


(0.06)


(0.28)

     attributable to controlling interest


$0.04


$0.12


$0.08


$0.31


$0.32











Weighted average number of shares outstanding 










Basic

8,805,236


8,798,570


8,805,236


8,798,570


8,799,237

Diluted

8,829,645


8,798,570


8,832,992


8,798,570


8,808,920

 

 

TAT TECHNOLOGIES AND ITS SUBSIDIARIES




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)





Three months ended 


Six months ended 


Year ended
December 31,



June 30,





2014


2013


2014


2013


2013



(unaudited)


(audited)

CASH FLOWS FROM OPERATING 
     ACTIVITIES:











Net income 


$311


$1,019


$721


$2,727


$2,822

Net loss from discontinued operations

-


(126)


-


(542)


(2,429)

Income from continuing operations 


311


1,145


721


3,269


5,251












Adjustments to reconcile net income to net cash


112


971


532


342


1,243

     provided by operating activities:












Changes in operating assets and liabilities


549


3,304


995


1,335


709












Net cash provided by operating activities


972


5,420


2,248


4,946


7,203












Cash flows provided by (used in) investing


(989)


(706)


3,105


1,006


70

     activities












Cash flows used in financing activities


(2,883)


(2,608)


(2,909)


(2,313)


(2,936)












Cash flows provided by (used in) discontinued


-


-23


-


967


514

     operations












Net increase (decrease) in cash and cash


-2,900


2,083


2,444


4,606


4,851

     equivalents 












Cash and cash equivalents at beginning of 
     period 

25,158


20,309


19,814


17,786


17,786












Cash and cash equivalents at end of period 


22,258


22,342


22,258


22,342


22,637

Less- Cash and cash equivalents of discontinued 
     operations at end of period


-


3,279


-


3,279


2,823












Cash and cash equivalents of continuing


$22,258


$19,133


$22,258


$19,133


$19,814

     operations at end of period

SOURCE TAT Technologies Ltd.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...