GEDERA, Israel, Aug. 5, 2021 /PRNewswire/ -- TAT
Technologies Ltd. (NASDAQ: TATT) ("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 and six month periods
ended June 30, 2021.
Key Financial Highlights:
- Revenues for Q2 2021 were $21.6
million, an increase of 24% compared with $17.4 million in Q2 2020. Revenues for the
six-month period that ended on June 30,
2021 were $39.9 million
compared with $42 million in the
six-month period that ended on June 30,
2020.
- Gross profit for Q2 2021 was $3.2
million (14.6% as a percentage of revenues) an increase of
214% compared with $1.5 million (8.7%
as a percentage of revenues) in Q2 2020. Gross profit for the
six-month period that ended on June 30,
2021 was $6.6 million (16.4%
as a percentage of revenues) an increase of 8% compared with
$6.1 million (14.5% as a percentage
of revenues) in the six-month period that ended on June 30, 2020.
- Adjusted EBITDA for Q2 2021 was 0.4 million compared with
$0.0 million in Q2 2020. Adjusted
EBITDA for the six-month period that ended on June 30, 2021 was $2.0
million compared with $2.5
million in the six-month period that ended on June 30, 2020.
- Net loss was ($2.5) million, or
loss of ($0.3) per diluted share in
Q2 2021 compared with a net loss of ($2.2)
million, or loss of ($0.3) per
diluted share in Q2 2020. For the period of H1 2021, net loss was
($1.9) million, or loss of
($0.2) per diluted share compared
with a net loss of ($1.8) million, or
$0.2 per diluted share in H1 2020.
Net loss for Q2 2021 and for the six-month period that ended on
June 30, 2021 include restructuring
expenses of $1.9 million and
$2.4 million, respectively.
Mr. Igal Zamir, TAT's CEO and
President commented on the results: "As the commercial aviation
industry continues to emerge from the deep crisis and the major
slow-down during 2020, we see sequential recovery in the volumes of
our MRO activities and related revenues. This trend
started in Q1 2021 resulting in improvement in our gross
margin and operational cash flow.
"During Q2 2021, we signed a third strategic agreement
(following the two agreements that were announced in January 2021 and September
2020) with Honeywell for the repair and lease of the APU 131
engines, the most common of Honeywell's APU series. This deal opens
a much larger market that we were not exposed to in the past. We
believe that due to the execution of the new strategic agreement
with Honeywell (together with the two agreements with Honeywell
previously announced), the Company's addressable market size in the
MRO segment is expected to grow in a substantial manner, and
therefore opens the door to the Company for potentially significant
revenue growth in the MRO segment. In first half of 2021 we
already started enjoying the fruits of our strategic lease deal
with Honeywell for the rental of APU 331-500 which was announced in
January 2021. We continue with the plan to streamline our
operations and expect our cost structure to improve by 2022.
"We strongly believe that the three strategic agreements with
Honeywell coupled with the operations rationalization scheme will
position TAT as a strong player in its lines of business with the
expected recovery of the commercial aviation industry."
The Company is proceeding with its recently announced plan to
improve its cost structure and operational efficiency, and in that
respect has begun executing on its plan to consolidate the
Company's operations from four to three production sites by
consolidating its production sites in Israel and transferring additional production
operations to the Company's production site in Tulsa, Oklahoma. Among other things, such
actions will enable the Company to concentrate its heat exchanges
cores activity in the United
States allowing for better operational flow, getting closer
to the Company's customer base and cutting fixed costs. In
connection with such plan, the Company incurred restructuring
expenses of $2.4 million and capital
expenditures of $1.5 million in H1
2021.
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,
discontinued operation, financial (expenses) income, net,
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
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)
|
|
June
30,
|
|
December
31,
|
2021
|
|
2020
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
18,645
|
|
$
24,128
|
Accounts receivable,
net
|
14,942
|
|
11,355
|
Inventory,
net
|
39,749
|
|
41,223
|
Other current assets
and prepaid expenses
|
4,116
|
|
2,737
|
|
|
|
|
Total current
assets
|
77,452
|
|
79,443
|
|
|
|
|
NON-CURRENT
ASSETS:
Restricted deposit
|
327
|
|
176
|
Investment in
affiliates
|
733
|
|
771
|
Funds in respect of
employee rights upon retirement
|
1,102
|
|
1,186
|
Deferred income
taxes
|
846
|
|
566
|
Intangible assets,
net
|
1,922
|
|
1,475
|
Property, plant and
equipment, net
|
26,152
|
|
25,737
|
Operating lease right
of use assets
|
5,230
|
|
6,767
|
|
|
|
|
Total non-current
assets
|
36,312
|
|
36,678
|
|
Total
assets
|
$
113,764
|
|
$
116,121
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
long-term loans
|
1,114
|
|
1,477
|
Credit line from
bank
|
6,013
|
|
3,000
|
Accounts
payable
|
7,352
|
|
12,222
|
Accrued
expenses
|
6,995
|
|
6,691
|
Operating lease
liabilities
|
1,617
|
|
1,614
|
Provision for
restructuring plan
|
470
|
|
-
|
Liabilities belong to
discontinued operation
|
11
|
|
179
|
|
|
|
|
Total current
liabilities
|
23,572
|
|
25,183
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
Long-term loans
|
5,376
|
|
3,489
|
Liability in respect
of employee rights upon retirement
|
1,420
|
|
1,410
|
Operating lease
liabilities
|
5,081
|
|
5,758
|
|
|
|
|
Total
non-current liabilities
|
11,877
|
|
10,657
|
|
|
|
|
Total
liabilities
|
$
35,449
|
|
$
35,840
|
|
|
|
|
EQUITY:
|
|
|
|
Share
capital
|
2,809
|
|
2,809
|
Additional paid-in
capital
|
65,769
|
|
65,711
|
Treasury stock at
cost
|
(2,088)
|
|
(2,088)
|
Accumulated other
comprehensive income
|
-
|
|
128
|
Retained
earnings
|
11,825
|
|
13,721
|
Total shareholders'
equity
|
78,315
|
|
80,281
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
113,764
|
|
$
116,121
|
|
|
|
|
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,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
$
8,801
|
|
$
6,078
|
|
$
12,954
|
|
$
13,335
|
|
$
22,739
|
Services
|
12,784
|
|
11,280
|
|
26,991
|
|
28,672
|
|
52,620
|
|
21,585
|
|
17,358
|
|
39,945
|
|
42,007
|
|
75,359
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods:
|
|
|
|
|
|
|
|
|
|
Products
|
7,527
|
|
5,980
|
|
11,138
|
|
11,773
|
|
20,751
|
Services
|
10,905
|
|
9,871
|
|
22,257
|
|
24,143
|
|
46,173
|
|
18,432
|
|
15,851
|
|
33,395
|
|
35,916
|
|
66,924
|
Gross
Profit
|
3,153
|
|
1,507
|
|
6,550
|
|
6,091
|
|
8,435
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
136
|
|
33
|
|
271
|
|
70
|
|
185
|
Selling and
marketing
|
1,458
|
|
980
|
|
2,663
|
|
2,057
|
|
4,369
|
General and
administrative
|
2,309
|
|
1,586
|
|
3,932
|
|
3,713
|
|
7,612
|
Restructuring and
other expenses
|
1,897
|
|
21
|
|
2,417
|
|
21
|
|
315
|
|
5,800
|
|
2,620
|
|
9,283
|
|
5,861
|
|
12,481
|
Operating income
(loss)
|
(2,647)
|
|
(1,113)
|
|
(2,733)
|
|
230
|
|
(4,046)
|
|
|
|
|
|
|
|
|
|
|
Financial income
(expenses), net
|
(257)
|
|
(234)
|
|
140
|
|
(74)
|
|
(770)
|
Income (loss) before
taxes on income (tax
benefit)
|
(2,904)
|
|
(1,347)
|
|
(2,593)
|
|
156
|
|
(4,816)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
(140)
|
|
(510)
|
|
(272)
|
|
156
|
|
(1,517)
|
|
|
|
|
|
|
|
|
|
|
Loss before equity
investment
|
(2,764)
|
|
(837)
|
|
(2,321)
|
|
-
|
|
(3,299)
|
|
|
|
|
|
|
|
|
|
|
Share in results of
affiliated companies
|
(26)
|
|
(17)
|
|
(38)
|
|
(115)
|
|
(185)
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continued operation
|
$
(2,790)
|
|
$
(854)
|
|
$
(2,359)
|
|
$
(115)
|
|
$
(3,484)
|
Net profit (loss)
from discontinued operation
|
$
307
|
|
$
(1,388)
|
|
$
463
|
|
$
(1,686)
|
|
$
(1,845)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(2,483)
|
|
$
(2,242)
|
|
$
(1,896)
|
|
$
(1,801)
|
|
$
(5,329)
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
sharebasic and diluted from
continued operation
|
$
(0.31)
|
|
$
(0.1)
|
|
$
(0.26)
|
|
$
(0.01)
|
|
$
(0.39)
|
Net income (loss) per
sharebasic and diluted
from discontinued
|
$
0.03
|
|
$
(0.16)
|
|
$
0.05
|
|
$
(0.19)
|
|
$
(0.21)
|
Net loss per share
basic and diluted
|
$
(0.28)
|
|
$
(0.26)
|
|
$
(0.21)
|
|
$
(0.2)
|
|
$
(0.6)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
8,874,696
|
|
8,874,696
|
|
8,874,696
|
|
8,874,696
|
|
8,874,696
|
Diluted
|
8,874,696
|
|
8,874,696
|
|
8,874,696
|
|
8,874,696
|
|
8,874,696
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(In
thousands)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
June
30,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(2,483)
|
|
$
(2,242)
|
|
$
(1,896)
|
|
$
(1,801)
|
|
$
(5,329)
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
Net unrealized income
from derivatives
|
15
|
|
129
|
|
(128)
|
|
21
|
|
232
|
Reclassification
adjustments for gains (losses)
included
in net income and inventory
|
-
|
|
-
|
|
-
|
|
5
|
|
(130)
|
Total other comprehensive
loss
|
$
(2,468)
|
|
$
(2,113)
|
|
$
(2,024)
|
|
$
(1,775)
|
|
$
(5,227)
|
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, 2018
|
|
9,122,501
|
|
$
2,802
|
|
$
65,535
|
|
$
(206)
|
|
$
(2,088)
|
|
$
18,244
|
|
$
84,294
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
-
|
|
-
|
|
-
|
|
232
|
|
-
|
|
806
|
|
1,038
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
38
|
|
-
|
|
-
|
|
-
|
|
38
|
|
BALANCE AT
DECEMBER 31, 2019
|
|
9,149,169
|
|
$
2,809
|
|
$
65,573
|
|
$
26
|
|
$
(2,088)
|
|
$
19,050
|
|
$
85,370
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
102
|
|
-
|
|
(5,329)
|
|
(5,227)
|
|
Share based
compensation
|
|
-
|
|
-
|
|
138
|
|
-
|
|
-
|
|
-
|
|
138
|
|
BALANCE AT
DECEMBER 31, 2020
|
|
9,149,169
|
|
$
2,809
|
|
$
65,711
|
|
$
128
|
|
$
(2,088)
|
|
$
13,721
|
|
$
80,281
|
|
CHANGES DURING THE
YEAR ENDED JUNE 30, 2021 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
(128)
|
|
-
|
|
(1,896)
|
|
(2,024)
|
|
Share based
compensation
|
|
-
|
|
-
|
|
58
|
|
-
|
|
-
|
|
-
|
|
58
|
|
BALANCE AT JUNE
30, 2021 (unaudited)
|
|
9,149,169
|
|
$
2,809
|
|
$
65,769
|
|
$
0
|
|
$
(2,088)
|
|
$
11,825
|
|
$
78,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
|
June
30,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
2020
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Audited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(2,483)
|
|
$
(2,242)
|
|
$
(1,896)
|
$
(1,801)
|
|
$
(5,329)
|
Net loss from continued
operations
|
|
(2,790)
|
|
(854)
|
|
(2,359)
|
(115)
|
|
(3,484)
|
Adjustments to
reconcile net income (loss) to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,081
|
|
1,030
|
|
2,137
|
2,028
|
|
4,065
|
Loss (gain) from change
in fair value of derivatives
|
|
(6)
|
|
(88)
|
|
(15)
|
21
|
|
(34)
|
Provision for doubtful
accounts
|
|
42
|
|
1
|
|
42
|
206
|
|
(8)
|
Share in results of
equity investment of affiliated Company
|
|
26
|
|
17
|
|
38
|
115
|
|
185
|
Share based
compensation
|
|
32
|
|
37
|
|
58
|
77
|
|
138
|
Non cash finance
expense
|
|
119
|
|
188
|
|
(394)
|
(49)
|
|
566
|
Provision for
restructuring expenses
|
|
(63)
|
|
-
|
|
470
|
-
|
|
-
|
Liability in respect of
employee rights upon retirement
|
|
137
|
|
(13)
|
|
10
|
(141)
|
|
(341)
|
Impairment of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
298
|
Impairment of fixed
assets
|
|
1,800
|
|
-
|
|
1,800
|
-
|
|
-
|
Deferred income taxes,
net
|
|
(144)
|
|
(369)
|
|
(280)
|
(57)
|
|
(1,438)
|
Government loan
forgiveness
|
|
-
|
|
1,059
|
|
(1,443)
|
1,059
|
|
-
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade accounts receivable
|
|
(1,900)
|
|
6,332
|
|
(3,473)
|
6,242
|
|
9,472
|
Decrease
(increase) in other current assets and prepaid
expenses
|
|
(1,202)
|
|
(641)
|
|
(1,383)
|
69
|
|
310
|
Decrease (increase) in
inventory
|
|
651
|
|
1,653
|
|
1,449
|
1,372
|
|
1,868
|
Increase (decrease) in trade accounts payable
|
|
1,484
|
|
(178)
|
|
1,494
|
(3,220)
|
|
(5,336)
|
Increase (decrease) in accrued expenses
|
|
(256)
|
|
(1,862)
|
|
304
|
(85)
|
|
(252)
|
Decrease in other long-term liabilities
|
|
90
|
|
(49)
|
|
63
|
(62)
|
|
(62)
|
Net cash provided by
operating activities
|
|
$
(899)
|
|
$
6,263
|
|
$
(1,482)
|
$
7,460
|
|
$
5,947
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(1,962)
|
|
(883)
|
|
(9,567)
|
(1,781)
|
|
(3,894)
|
Purchase of intangible
assets
|
|
(259)
|
|
-
|
|
(544)
|
-
|
|
(1,513)
|
Cash flows used in
investing activities
|
|
$
(2,221)
|
|
$
(883)
|
|
$ (10,111)
|
$
(1,781)
|
|
$
(5,407)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Short-term
credit received from banks
|
|
-
|
|
-
|
|
3,000
|
-
|
|
3,960
|
Proceeds from
long-term loans received
|
|
-
|
|
4,834
|
|
3,042
|
4,834
|
|
3,692
|
Cash flows provided
by financing activities
|
|
$ -
|
|
$
4,834
|
|
$ 6,042
|
$ 4,834
|
|
$
7,652
|
Cash flows from
discontinued operations:
Net profit (loss) from
discontinued operation
|
|
$ 307
|
|
$ (1,388)
|
|
$ 463
|
$ (1,686)
|
|
$
(1,845)
|
Net cash provided by
operating activities
|
|
(244)
|
|
998
|
|
(244)
|
1,413
|
|
1,998
|
Net cash provided by
(used in) discontinued activities
|
|
$
63
|
|
$
(390)
|
|
$
219
|
$
(273)
|
|
$
153
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and restricted cash
|
|
(3,057)
|
|
9,824
|
|
(5,332)
|
10,240
|
|
8,345
|
Cash and restricted
cash at beginning of period
|
|
22,029
|
|
16,375
|
|
24,304
|
15,959
|
|
15,959
|
Cash and restricted
cash at end of period
|
|
$
18,972
|
|
$
26,199
|
|
$
18,972
|
$
26,199
|
|
$
24,304
|
TAT TECHNOLOGIES
AND ITS SUBSIDIARIES
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA (NON-GAAP)
(UNAUDITED)
|
(In
thousands)
|
|
|
|
Three months
ended
|
Six months
ended
|
Year
ended
|
|
June
30,
|
June
30,
|
December
31,
|
|
2021
|
|
2020
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(2,483)
|
|
$
(2,242)
|
$
(1,896)
|
$
(1,801)
|
$
(5,329)
|
Adjustments:
|
|
|
|
|
|
|
Share in results of
equity investment of
affiliated companies
|
26
|
|
17
|
38
|
115
|
185
|
Taxes on income (tax
benefit)
|
(140)
|
|
(510)
|
(272)
|
156
|
(1,517)
|
Financial expenses,
net
|
257
|
|
234
|
(140)
|
74
|
770
|
Depreciation and
amortization
|
1,158
|
|
1,089
|
2,265
|
2,124
|
4,219
|
Restructuring
expenses
|
1,897
|
|
-
|
2,430
|
-
|
-
|
Exit and disposal
activities
|
-
|
|
1,110
|
-
|
2,145
|
805
|
Discontinued
operation (income) loss
|
(307)
|
|
1,388
|
(463)
|
1,686
|
1,845
|
Share based
compensation
|
32
|
|
37
|
58
|
77
|
138
|
Adjusted
EBITDA
|
$
440
|
|
$
34
|
$
2,020
|
$
2,452
|
$
1,116
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/tat-technologies-reports-second-quarter-2021-results-301349388.html
SOURCE TAT Technologies Ltd.