TAT Technologies Reports First Quarter 2014 Results PR Newswire GEDERA, Israel, May 15, 2014 GEDERA, Israel, May 15, 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 period ended March 31, 2014. Mr. Itsik Maaravi, TAT's President & CEO commented, "As experienced in the past, 2014 first quarter was a challenging period for TAT group following a very successful year in 2013 in terms of revenues and profit. We plan to continue and increase our marketing and sales efforts, as well as to increase 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 First quarter of 2014: oTotal Revenue: $18.4 million compared to $19.6 million for the first quarter of 2013. oOperating income: $0.4 million compared to $1.7 million for the first quarter of 2013. oNet income: $0.4 million compared to $1.7 million for the first quarter of 2013. oEarnings per share: $0.05 per share compared to $0.19 per share in the first quarter of 2013. oCash and cash equivalents and short-term bank deposits: $35.2 million compared to $29.9 million as of December 31, 2013. 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 29% 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 TikoG@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 SHEETS (Unaudited, in thousands, except share data) March 31, December 31, 2014 2013 (unaudited) (audited) ASSETS Current Assets: Cash and cash equivalents $ $ 25,158 19,814 Short-term bank deposits 10,059 10,059 Accounts receivable-trade (net of allowance for doubtful accounts of 16,618 18,387 $123 as of March 31, 2014 and December 31, 2013) Other accounts receivable and prepaid 3,301 3,314 expenses Inventories, net 30,084 29,395 Assets held for sale - 9,959 Total current assets 85,220 90,928 Long-term assets: Investment in an affiliated company 2,431 2,289 Funds in respect of employee rights 2,919 2,900 upon retirement Long-term deferred tax 1,541 1,616 Property, plant and equipment, net 11,332 11,147 Total Long-term assets 18,223 17,952 Total assets $ $ 103,443 108,880 LIABILITIES AND EQUITY Current Liabilities: Short term bank loan and current $ $ maturities of long-term loans 883 910 Trade accounts payables 6,265 6,941 Other accounts payable and accrued 7,621 5,815 expenses Liabilities held for sale - 3,428 Total current liabilities 14,769 17,094 Long-term liabilities: Other accounts payable 53 58 Liability in respect of employee rights 3,131 3,140 upon retirement Long-term deferred tax liability 1,073 1,058 Total long-term liabilities 4,257 4,256 EQUITY: Share capital 2,792 2,792 Additional paid-in capital 64,463 64,454 Treasury stock at cost (2,088) (2,088) Accumulated other comprehensive loss - (429) Retained earnings 19,250 20,840 Total TAT Technologies shareholders' 84,417 85,569 equity Non-controlling interest - 1,961 Total equity: 84,417 87,530 Total liabilities and equity $ $ 103,443 108,880 TAT TECHNOLOGIES AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three months ended Year ended March 31, December 31, 2014 2013 2013 Revenues: Products $ $ $ 8,098 8,255 34,364 Services 10,319 11,324 45,187 18,417 19,579 79,551 Cost and operating expenses: Products 5,995 5,811 24,892 Services 8,794 8,792 35,987 14,789 14,603 60,879 Gross Profit 3,628 4,976 18,672 Operating expenses: Research and development, 255 224 713 net Selling and marketing 750 766 3,150 General and administrative 2,276 2,313 9,512 Other income (7) (7) (20) 3,274 3,296 13,355 Operating income from 354 1,680 5,317 continuing operations Financial income (expenses), 11 16 (50) net Income from continuing operations before taxes on 365 1,696 5,267 income Taxes on income 97 483 1,041 Net income from continuing operations after taxes on 268 1,213 4,226 income Share in results of 142 911 1,025 affiliated company Net income from continuing 410 2,124 5,251 operations Net loss from discontinued - (416) (2,429) operations, net of tax Net income attributable to $ $ $ TAT Technologies Ltd. 410 1,708 2,822 shareholders Basic and diluted income (loss) per share Net income from continuing operations per share $ $ $ attributable to controlling 0.05 0.24 0.60 interest Loss from discontinued operations per share - (0.05) (0.28) attributable to controlling interest $ $ $ 0.05 0.19 0.32 Weighted average number of shares outstanding Basic 8,805,236 8,798,570 8,799,237 Diluted 8,827,702 8,798,570 8,808,920 TAT TECHNOLOGIES AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended Three months ended March 31, December 31, 2014 2013 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ $ $ 410 1,708 2,822 Net loss from discontinued - (416) (2,429) operations Income from continuing operations 410 2,124 5,251 Adjustments to reconcile net income to net cash provided by 420 (629) 1,243 operating activities: Changes in operating assets and 446 (1,969) 709 liabilities Net cash provided by (used in) 1,276 (474) 7,203 operating activities Cash flows provided by investing 4,094 1,712 70 activities Cash flows provided by (used in) (26) 295 (2,936) financing activities Cash flows provided by - 990 514 discontinued operations Net increase in cash and cash 5,344 2,523 4,851 equivalents Cash and cash equivalents at 19,814 17,786 17,786 beginning of period Cash and cash equivalents at end 25,158 20,309 22,637 of period Less- Cash and cash equivalents of discontinued operations at end - 3,299 2,823 of period Cash and cash equivalents of $ $ continuing operations at end of $ 25,158 17,010 19,814 period SOURCE TAT Technologies Website: http://www.tat-technologies.com
TAT Technologies Reports First Quarter 2014 Results
Press spacebar to pause and continue. Press esc to stop.