TAT Technologies Reports First Quarter 2014 Results

             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  
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