GEDERA, Israel, Nov. 4, 2021 /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 and nine month periods ended
September 30, 2021.
Key Financial Highlights:
- Revenues for Q3 2021 were $17.6
million compared to $16.8
million in Q3 2020. Revenues for the nine-month period
that ended on September 30, 2021 were
$57.6 million compared with
$58.8 million in the nine-month
period that ended on September 30,
2020.
- Gross profit for Q3 2021 more than doubled to $3 million (16.8% as a percentage of revenues)
compared with $1.4 million (8.3% as a
percentage of revenues) in Q3 2020. Gross profit for the
nine-month period that ended on September
30, 2021, was $9.5 million
(16.5% as a percentage of revenues) compared with $7.5 million (12.7% as a percentage of revenues)
in the nine-month period that ended on September 30, 2020.
- Adjusted EBITDA for Q3 2021 significantly improved to
$1.03 million compared with negative
$0.3 million in Q3 2020. Adjusted
EBITDA for the nine-month period that ended on September30, 2021
improved by 40% to $3 million
compared with $2.2 million in the
nine-month period that ended on September
30, 2019.
- Net loss continues to decrease and was ($0.97) million, or loss of ($0.11) per diluted share in Q3 2021 compared
with a net loss of ($1.6) million, or
($0.16) per diluted share in Q3 2020.
Net loss was ($2.86) million (out of
which $2.54 million in restructuring
costs) , or loss of ($0.32) per
diluted share in the nine-month period that ended on September 30, 2021, compared with a net loss of
($3.38) million, or ($0.37) per diluted share in the nine-month
period that ended on September 30,
2020.
- The implementation of the strategic footprint rationalization
scheme is on-track. The main objective of the new footprint calls
for concentration in three main production facilities (instead of
four) and the creation of a "center of excellence" in the heat
transfer activities. In connection with such plan, the Company
incurred restructuring expenses of $2.5
million and capital expenditures of $3.1 million in the nine months of 2021.
Mr. Igal Zamir, CEO and President
of TAT Technologies stated, "During the last quarter we continued
the strategic rationalization scheme to reduce the main production
sites from four to three. We expect to benefit from the
internal synergies of combining the heat transfer activity in one
center of excellence and improve our cost structure. The process is
progressing on track and is expected to be completed by Q222.
We continued strengthening our position as Honeywell's premier
partner to serve Honeywell's main line of APUs that are used in the
majority of the active platform (including the Boeing 737 family
and the Airbus 320 family). In this regard we continue to build our
capabilities to serve new platform and increase revenues from this
segment starting from 2022". Mr. Zamir continues: "We continue
to enjoy US grants in support of the pandemic impact of
$2.5M in Q3 and see a sequential
improvement in volumes of the MRO activity as the commercial
airline industry starts to recover from the meaningful slow-down of
the pandemic."
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)
|
|
|
September
30,
|
|
December
31,
|
2021
|
|
2020
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
13,689
|
|
$
24,128
|
Accounts receivable,
net
|
13,155
|
|
11,355
|
Inventory,
net
|
40,527
|
|
41,223
|
Other current assets
and prepaid expenses
|
5,428
|
|
2,737
|
|
|
|
|
Total current
assets
|
72,799
|
|
79,443
|
|
|
|
|
NON-CURRENT
ASSETS:
Restricted deposit
|
330
|
|
176
|
Investment in
affiliates
|
697
|
|
771
|
Funds in respect of
employee rights upon retirement
|
1,019
|
|
1,186
|
Deferred income
taxes
|
742
|
|
566
|
Intangible assets,
net
|
1,881
|
|
1,475
|
Property, plant and
equipment, net
|
29,482
|
|
25,737
|
Operating lease right
of use assets
|
4,888
|
|
6,767
|
|
|
|
|
Total non-current
assets
|
39,039
|
|
36,678
|
Total
assets
|
$
111,838
|
|
$
116,121
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
long-term loans
|
1,269
|
|
1,477
|
Credit line from
bank
|
6,010
|
|
3,000
|
Accounts
payable
|
6,216
|
|
12,222
|
Accrued
expenses
|
7,568
|
|
6,691
|
Operating lease
liabilities
|
1,615
|
|
1,614
|
Provision for
restructuring plan
|
470
|
|
-
|
Liabilities belong to
discontinued operation
|
-
|
|
179
|
|
|
|
|
Total current
liabilities
|
23,148
|
|
25,183
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
Long-term loans
|
5,221
|
|
3,489
|
Liability in respect
of employee rights upon retirement
|
1,361
|
|
1,410
|
Operating lease
liabilities
|
4,691
|
|
5,758
|
|
|
|
|
Total
non-current liabilities
|
11,273
|
|
10,657
|
|
|
|
|
Total
liabilities
|
$
34,421
|
|
$
35,840
|
|
|
|
|
EQUITY:
|
|
|
|
Share
capital
|
2,809
|
|
2,809
|
Additional paid-in
capital
|
65,813
|
|
65,711
|
Treasury stock at
cost
|
(2,088)
|
|
(2,088)
|
Accumulated other
comprehensive income
|
21
|
|
128
|
Retained
earnings
|
10,859
|
|
13,721
|
Total shareholders'
equity
|
77,417
|
|
80,281
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
111,838
|
|
$
116,121
|
|
|
|
|
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,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
$
5,268
|
|
$
4,822
|
|
$
18,221
|
|
$
18,157
|
|
$
22,739
|
Services
|
12,351
|
|
11,995
|
|
39,343
|
|
40,667
|
|
52,620
|
|
17,619
|
|
16,817
|
|
57,564
|
|
58,824
|
|
75,359
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods:
|
|
|
|
|
|
|
|
|
|
Products
|
5,226
|
|
4,383
|
|
16,362
|
|
16,156
|
|
20,751
|
Services
|
9,443
|
|
11,036
|
|
31,700
|
|
35,179
|
|
46,173
|
|
14,668
|
|
15,419
|
|
48,062
|
|
51,335
|
|
66,924
|
Gross
Profit
|
2,951
|
|
1,398
|
|
9,502
|
|
7,489
|
|
8,435
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
97
|
|
62
|
|
368
|
|
131
|
|
185
|
Selling and
marketing
|
1,330
|
|
920
|
|
3,993
|
|
2,986
|
|
4,369
|
General and
administrative
|
2,043
|
|
1,813
|
|
5,974
|
|
5,542
|
|
7,612
|
Restructuring and
other expenses
|
122
|
|
-
|
|
2,538
|
|
21
|
|
315
|
|
3,592
|
|
2,795
|
|
12,873
|
|
8,680
|
|
12,481
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(641)
|
|
(1,397)
|
|
(3,371)
|
|
(1,191)
|
|
(4,046)
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(257)
|
|
(177)
|
|
(117)
|
|
(248)
|
|
(770)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes on income (tax benefit)
|
(898)
|
|
(1,574)
|
|
(3,488)
|
|
(1,439)
|
|
(4,816)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
73
|
|
(180)
|
|
(198)
|
|
(48)
|
|
(1,517)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
equity investment
|
(971)
|
|
(1,394)
|
|
(3,290)
|
|
(1,391)
|
|
(3,299)
|
|
|
|
|
|
|
|
|
|
|
Share in results of
affiliated companies
|
(36)
|
|
(62)
|
|
(75)
|
|
(179)
|
|
(185)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continued operation
|
$
(1,007)
|
|
$
(1,456)
|
|
$
(3,365)
|
|
$
(1,570)
|
|
$
(3,484)
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss)
from discontinued operation
|
$
40
|
|
$
(120)
|
|
$
503
|
|
$
(1,806)
|
|
$
(1,845)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(967)
|
|
$
(1,576)
|
|
$
(2,862)
|
|
$
(3,376)
|
|
$
(5,329)
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share from continued operation
|
$
(0.11)
|
|
$
(0.16)
|
|
$
(0.38)
|
|
$
(0.17)
|
|
$
(0.39)
|
Net loss per share
from discontinued operation
|
$ 0
|
|
$ 0
|
|
$
0.06
|
|
$
(0.2)
|
|
$
(0.21)
|
Net income (loss) per
share
|
$
(0.11)
|
|
$
(0.16)
|
|
$
(0.32)
|
|
$
(0.37)
|
|
$
(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
|
|
Nine months
ended
|
|
Year
ended
|
|
September
30,
|
|
December
31,
|
|
2021
|
|
2020
|
2021
|
2020
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(967)
|
|
$
(1,576)
|
|
$
(2,862)
|
|
$
(3,376)
|
|
$
(5,329)
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
Net unrealized income
(loss) from derivatives
|
21
|
|
(33)
|
|
(107)
|
|
(7)
|
|
232
|
Reclassification
adjustments for gains (losses)
included in net income and inventory
|
-
|
|
-
|
|
-
|
|
5
|
|
(130)
|
Total other
comprehensive income (loss)
|
$
(946)
|
|
$
(1,609)
|
|
$
(2,969)
|
|
$
(3,378)
|
|
$
(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 expenses
|
|
-
|
|
-
|
|
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 SEPTEMBER 30, 2021 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
(loss)
|
|
-
|
|
-
|
|
-
|
|
(107)
|
|
-
|
|
(2,862)
|
|
(2,969)
|
|
Share based
compensation expenses
|
|
-
|
|
-
|
|
105
|
|
-
|
|
-
|
|
-
|
|
105
|
|
BALANCE AT
SEPTEMBER 30, 2021
(unaudited)
|
|
9,149,169
|
|
$
2,809
|
|
$
65,816
|
|
$
21
|
|
$
(2,088)
|
|
$
10,859
|
|
$
77,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2021
|
|
2020
|
|
2021
|
2020
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Audited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(967)
|
|
$
(1,576)
|
|
$
(2,862)
|
$
(3,376)
|
|
$
(5,329)
|
Net income (loss) from
continued operations
|
|
(1,007)
|
|
(1,456)
|
|
(3,365)
|
(1,570)
|
|
(3,484)
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,440
|
|
1,079
|
|
3,577
|
3,107
|
|
4,065
|
Loss (gain) from change
in fair value of derivatives
|
|
(21)
|
|
(14)
|
|
(46)
|
7
|
|
(34)
|
Provision for doubtful
accounts
|
|
7
|
|
(73)
|
|
49
|
133
|
|
(8)
|
Share in results of
equity investment of affiliated Company
|
|
36
|
|
62
|
|
75
|
179
|
|
185
|
Share based
compensation
|
|
47
|
|
33
|
|
105
|
110
|
|
138
|
Non cash finance
expense
|
|
(13)
|
|
57
|
|
(407)
|
(48)
|
|
566
|
Provision for
restructuring expenses
|
|
-
|
|
-
|
|
470
|
-
|
|
-
|
Liability in respect of
employee rights upon retirement
|
|
(59)
|
|
(159)
|
|
(49)
|
(300)
|
|
(341)
|
Impairment of
intangible assets
|
|
-
|
|
-
|
|
-
|
-
|
|
298
|
Impairment of fixed
assets
|
|
-
|
|
|
|
1,800
|
|
|
-
|
Deferred income taxes,
net
|
|
104
|
|
441
|
|
(176)
|
384
|
|
(1,438)
|
Government loan
forgiveness
|
|
-
|
|
(794)
|
|
(1,442)
|
265
|
|
-
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade accounts receivable
|
|
1,733
|
|
787
|
|
(1,693)
|
7,027
|
|
9,472
|
Decrease
(increase) in other current assets and prepaid expenses
|
|
1,161
|
|
(729)
|
|
(1,177)
|
(605)
|
|
310
|
Decrease (increase) in
inventory
|
|
(1,634)
|
|
1,674
|
|
(185)
|
3,039
|
|
1,868
|
Increase (decrease) in trade accounts payable
|
|
(1,303)
|
|
307
|
|
191
|
(2,913)
|
|
(5,336)
|
Increase (decrease) in accrued expenses
|
|
(836)
|
|
(995)
|
|
(532)
|
(1,080)
|
|
(252)
|
Decrease in other long-term liabilities
|
|
(73)
|
|
-
|
|
(39)
|
(62)
|
|
(62)
|
Net cash provided by
operating activities
|
|
$
(418)
|
|
$
220
|
|
$
(2,773)
|
$
7,673
|
|
$
5,947
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
-
|
|
-
|
|
-
|
(22)
|
|
-
|
Increase in long-term
deposits
|
|
-
|
|
(2)
|
|
-
|
(165)
|
|
-
|
Purchase of property
and equipment
|
|
(4,652)
|
|
(1,253)
|
|
(13,275)
|
(3,012)
|
|
(3,894)
|
Purchase of intangible
assets
|
|
(11)
|
|
(950)
|
|
(555)
|
(950)
|
|
(1,513)
|
Cash flows used in
investing activities
|
|
$
(4,663)
|
|
$
(2,205)
|
|
$ (13,830)
|
$
(4,149)
|
|
$
(5,407)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Short-term
credit received from banks
|
|
-
|
|
-
|
|
3,000
|
-
|
|
3,960
|
Proceeds from
long-term loans received
|
|
-
|
|
-
|
|
3,042
|
4,841
|
|
3,692
|
Cash flows provided
by financing activities
|
|
$ -
|
|
$ -
|
|
$ 6,042
|
$ 4,841
|
|
$
7,652
|
Cash flows from
discontinued operations:
Net profit (loss) from
discontinued operation
|
|
$ 40
|
|
$ (120)
|
|
$ 503
|
$ (1,806)
|
|
$
(1,845)
|
Net cash provided by
operating activities
|
|
88
|
|
175
|
|
(156)
|
1,588
|
|
1,998
|
Net cash provided by
(used in) discontinued activities
|
|
$
128
|
|
$
55
|
|
$
347
|
$
(218)
|
|
$
153
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(4,953)
|
|
(1,930)
|
|
(10,285)
|
8,147
|
|
8,345
|
Cash and cash
equivalents at beginning of period
|
|
18,872
|
|
26,036
|
|
24,304
|
15,959
|
|
15,959
|
Cash and cash
equivalents at end of period
|
|
$
14,019
|
|
$
24,106
|
|
$
14,019
|
$
24,106
|
|
$
24,304
|
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,
|
|
2021
|
|
2020
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
(967)
|
|
$
(1,576)
|
$
(2,862)
|
$
(3,376)
|
$
(5,329)
|
Adjustments:
|
|
|
|
|
|
|
Share in results of
equity investment of
affiliated companies
|
36
|
|
62
|
75
|
179
|
185
|
Taxes on income (tax
benefit)
|
73
|
|
(180)
|
(198)
|
(48)
|
(1,517)
|
Financial expenses,
net
|
257
|
|
177
|
117
|
250
|
770
|
Depreciation and
amortization
|
1,495
|
|
1,060
|
3,758
|
3,250
|
4,219
|
Restructuring
expenses
|
130
|
|
-
|
2,559
|
-
|
-
|
Exit and disposal
activities
|
-
|
|
-
|
-
|
21
|
805
|
|
|
|
|
|
|
|
Discontinued
operation (income) loss
|
(40)
|
|
120
|
(503)
|
1,806
|
1,845
|
Share based
compensation
|
47
|
|
33
|
105
|
110
|
138
|
Adjusted
EBITDA
|
$
1,031
|
|
$
(304)
|
$
3,051
|
$
2,192
|
$
1,116
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/tat-technologies-reports-third-quarter-2021-results-301417177.html
SOURCE TAT Technologies Ltd.