NETANYA, Israel, March 6,
2024 /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 audited results for the
twelve months ended December 31,
2023.
Key Financial Highlights:
- Total revenues for the twelve months ended December 31, 2023, were $113.8 million compared to $84.6 million for the twelve months ended
December 31, 2022, an increase of
35%.
- Gross profit for the twelve months ended December 31, 2023, were $22.5 million (19.7% of revenues) compared to
$15.9 million (18.8% of revenues) for
the twelve months ended December 31,
2022, an increase of 41%.
- Adjusted EBITDA for the twelve months ended December 31, 2023, was $11.2 million compared to $4 million for the twelve months ended
December 31, 2022, an increase of
176%.
- GAAP net profit from continued operations for the twelve months
ended December 31, 2023, was
$4.7 million ($0.51 per share on a fully diluted basis)
compared to GAAP net loss from continued operations of $1.6 million (net profit of $0.1 million without a onetime impact of our
restructuring plan) ($0.175 loss per
share on a fully diluted basis) for the twelve months ended
December 31, 2022.
- Net debt as of December 31, 2023,
was $10.3 million compared to net
debt of $19.4 million as of
December 31, 2022.
- In December 2023 the Company
raised $10.1 million (net from all
related expenses) in a private placement sale to Israelis
institutional investors.
Mr. Igal Zamir, CEO and President
of TAT Technologies stated "We are very pleased to present the
results of 2023. Since Q4 of 2022 we are in constant growth mode.
This as a result of the increasing demand to our products and
services as well as our new line of services and operation ramp up.
The demand continues to grow while our industry is ramping up from
the COVID crisis. During 2023 we managed to improve our margins
leading to a record year in all relevant aspects of revenue, gross
margin and EBITDA. We saw our backlog increase to a record number
of over $400 million. We are pleased
to see that the strategic shift the Company made over the last 3
years is starting to bear fruit, enabling the Company to compete
and win large strategic deals and enjoy improved margin. We ended
2023 with positive operational cash flow despite the revenue
increase and the need for working capital to support the growth.
The industry supply chain challenges force us to hold much more
inventory than what we used to pre COVID".
Mr Zamir continue: "We remain optimistic for 2024 as we see our
increase in backlog and its coverage for the year, new contracts
that we believe will yield additional revenue, and the large
potential from the new APU MRO capabilities. Various operational
initiatives keep us optimistic that our margins will continue to
improve."
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with GAAP, the Company also presents a Non-GAAP
presentation of 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 before the Company's
share in results and sale of equity investment of affiliated
companies, share-based compensation, taxes on income, financial
(expenses) income, net, depreciation and amortization, inventory
impairment from exit and dismissal activity and customers
relationship write off. Non-GAAP Adjusted EBITDA, however, should
not be considered as alternatives to net income and operating
income for the period and may not be indicative of the historic
operating results of the Company; nor they are meant to be
predictive of potential future results. Non-GAAP Adjusted
EBITDA is not a 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 GAAP Adjusted EBITDA 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 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 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.
|
TAT
TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
U.S dollars in thousands, except share
data
|
|
|
|
|
December
31,
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and
cash equivalents
|
|
|
$
15,979
|
|
$
7,722
|
|
Accounts
receivable, net of allowance for credit losses of $345 and $527
thousand
as of December 31, 2023 and December 31, 2022
respectively
|
|
|
20,009
|
|
15,622
|
|
Restricted deposit
|
|
|
661
|
|
-
|
|
Other
current assets and prepaid expenses
|
|
|
6,397
|
|
6,047
|
|
Inventory
|
|
|
51,280
|
|
45,759
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
94,326
|
|
75,150
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
|
|
Restricted deposit
|
|
|
302
|
|
304
|
|
Investment
in affiliates
|
|
|
2,168
|
|
1,665
|
|
Funds in
respect of employee rights upon retirement
|
|
|
664
|
|
780
|
|
Deferred
income taxes
|
|
|
994
|
|
1,229
|
|
Property, plant and
equipment, net
|
|
|
42,554
|
|
43,423
|
|
Operating lease right
of use assets
|
|
|
2,746
|
|
2,477
|
|
Intangible assets,
net
|
|
|
1,823
|
|
1,623
|
|
Total non-current assets
|
|
|
51,251
|
|
51,501
|
|
|
|
|
|
|
|
Total
assets
|
|
|
$
145,577
|
|
$ 126,651
|
|
|
|
|
|
|
|
|
TAT
TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
|
|
CONSOLIDATED BALANCE SHEETS
U.S dollars in thousands, except share
data
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Current
maturities of long-term loans
|
|
|
$
2,200
|
|
$ 1,876
|
|
|
Credit line from
bank
|
|
|
12,138
|
|
6,101
|
|
|
Accounts
payable
|
|
|
9,988
|
|
10,233
|
|
|
Accrued
expenses and other
|
|
|
13,952
|
|
9,876
|
|
|
Operating
lease liabilities
|
|
|
1,033
|
|
904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
|
39,311
|
|
28,990
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Long-term
loans
|
|
|
12,886
|
|
19,408
|
|
|
Liability
in respect of employee rights upon retirement
|
|
|
1,000
|
|
1,148
|
|
|
Operating
lease liabilities
|
|
|
1,697
|
|
1,535
|
|
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
15,583
|
|
22,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (NOTE 15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
54,894
|
|
51,081
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
Ordinary shares of NIS
0.9 par value:
Authorized: 13,000,000
shares at December 31, 2023 and at
December 31, 2022; Issued: 10,377,085 and 9,186,019 shares at
December 31, 2023 and at December 31, 2022 respectively;
Outstanding: 10,102,612 and 8,911,546 shares at December 31,
2023
and at December 31, 2022 respectively
|
|
|
3,140
|
|
2,842
|
|
|
Additional paid-in
capital
|
|
|
76,335
|
|
66,245
|
|
|
Treasury shares, at
cost, 274,473 shares at December 31, 2023 and 2022
|
|
|
(2,088)
|
|
(2,088)
|
|
|
Accumulated other
comprehensive income (loss)
|
|
|
27
|
|
(26)
|
|
|
Retained
earnings
|
|
|
13,269
|
|
8,597
|
|
|
Total shareholders'
equity
|
|
|
90,683
|
|
75,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
|
145,577
|
|
$ 126,651
|
|
|
TAT TECHNOLOGIES LTD. AND ITS
SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF OPERATIONS
|
|
U.S dollars in thousands
|
|
|
Year ended December
31,
|
|
|
|
2023
|
2022
|
2021
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
Products
|
|
|
$
35,241
|
|
$
25,460
|
|
$ 25,870
|
|
|
Services
|
|
|
78,553
|
|
59,096
|
|
52,103
|
|
|
|
|
113,794
|
|
84,556
|
|
77,973
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue,
net:
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
30,517
|
|
21,631
|
|
23,761
|
|
|
Services
|
|
|
60,809
|
|
46,997
|
|
42,942
|
|
|
|
|
91,326
|
|
68,628
|
|
66,703
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
22,468
|
|
15,928
|
|
11,270
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
|
715
|
|
479
|
|
517
|
|
|
Selling and marketing,
net
|
|
|
5,523
|
|
5,629
|
|
5,147
|
|
|
General and
administrative, net
|
|
|
10,588
|
|
9,970
|
|
8,354
|
|
|
Other (income)
expenses
|
|
|
(433)
|
|
(90)
|
|
(468)
|
|
|
Restructuring
expenses, net
|
|
|
-
|
|
1,715
|
|
1,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,393
|
|
17,703
|
|
15,305
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
6,075
|
|
(1,775)
|
|
(4,035)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expenses,net
|
|
|
(1,683)
|
|
(902)
|
|
(250)
|
|
|
Other financial income
(expenses), net
|
|
|
353
|
|
1,029
|
|
(290)
|
|
|
|
|
|
|
|
|
|
|
|
Income profit (loss)
before taxes on income (tax benefit)
|
|
|
4,745
|
|
(1,648)
|
|
(4,575)
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
|
|
576
|
|
98
|
|
(662)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before share of
equity investment
|
|
|
4,169
|
|
(1,746)
|
|
(3,913)
|
|
|
|
|
|
|
|
|
|
|
|
Share in profit
(losses) of equity investment of affiliated companies
|
|
|
503
|
|
184
|
|
(76)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continued operation
|
|
|
$
4,672
|
|
$
(1,562)
|
|
$
(3,989)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
U.S dollars in thousands
|
|
|
|
|
Year ended December
31,
|
|
|
|
2023
|
|
2022
|
2021
|
|
Net income (loss) from
discontinued operation
|
|
|
-
|
|
-
|
$ 427
|
|
Net income
(loss)
|
|
|
$
4,672
|
|
$
(1,562)
|
$
(3,562)
|
|
|
|
|
|
|
|
|
Net income (loss) per
share from continued operation —basic
|
|
|
$ 0.52
|
|
$
(0.175)
|
$
(0.45)
|
|
Net income (loss) per
share from continued operation —diluted
|
|
|
$
0.51
|
|
$
(0.175)
|
$
(0.45)
|
|
Net income (loss) per
share from discontinued operation - basic and diluted
|
|
|
-
|
|
-
|
$
0.05
|
|
Net income (loss) per
share — basic
|
|
|
$ 0.52
|
|
$
(0.175)
|
$
(0.4)
|
|
Net income (loss) per
share — diluted
|
|
|
$
0.51
|
|
$
(0.175)
|
$
(0.4)
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding:
|
|
|
8,961,689
|
|
8,911,546
|
8,874,696
|
|
Basic
Diluted
|
|
|
9,084,022
|
|
8,911,546
|
8,874,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
2023
|
|
2022
|
2021
|
|
|
Net loss)
|
|
|
$
4,672
|
|
$ (1,562)
|
$ (3,562)
|
|
|
Other comprehensive
income (loss), net
|
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) from derivatives
|
|
|
53
|
|
(89)
|
(76)
|
|
|
Reclassification
adjustments for loss (gains) from derivatives included in net
income
|
|
|
-
|
|
30
|
(19)
|
|
|
Total other
comprehensive income (loss)
|
|
|
53
|
|
$ (59)
|
$ (95)
|
|
|
Total comprehensive
income (loss)
|
|
|
$
4,725
|
|
$ (1,621)
|
$ (3,657)
|
|
|
TAT TECHNOLOGIES LTD.
|
|
|
CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS EQUITY
|
|
U.S dollars in thousands, except share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares
issued
|
|
Amount
|
|
Additional paid-in
capital
|
|
Accumulated
other comprehensive income (loss)
|
|
Treasury
shares
|
|
Retained
earnings
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT DECEMBER
31, 2020
|
|
9,149,169
|
|
$
2,809
|
|
$
65,711
|
|
$
128
|
|
$
(2,088)
|
|
13,721
|
|
$
80,281
|
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
(95)
|
|
-
|
|
(3,562)
|
|
(3,657)
|
|
|
Share based
compensation
|
|
-
|
|
-
|
|
160
|
|
-
|
|
-
|
|
-
|
|
160
|
|
|
BALANCE AT DECEMBER
31, 2021
|
|
9,149,169
|
|
$
2,809
|
|
$
65,871
|
|
$
33
|
|
$
(2,088)
|
|
10,159
|
|
$
76,784
|
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
(59)
|
|
-
|
|
(1,562)
|
|
(1,621)
|
|
|
Exercise of
Options
|
|
36,850
|
|
33
|
|
156
|
|
-
|
|
-
|
|
-
|
|
189
|
|
|
Share based
compensation
|
|
-
|
|
-
|
|
218
|
|
-
|
|
-
|
|
-
|
|
218
|
|
|
BALANCE AT DECEMBER
31, 2022
|
|
9,186,019
|
|
$
2,842
|
|
$
66,245
|
|
$
(26)
|
|
$
(2,088)
|
|
$
8,597
|
|
$
75,570
|
|
|
CHANGES DURING THE
YEAR ENDED DECEMBER 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
53
|
|
|
|
4,672
|
|
4,725
|
|
|
Exercise of
Options
|
|
32,466
|
|
8
|
|
157
|
|
|
|
|
|
|
|
165
|
|
|
Issuance of common
shares net of issuance costs of
$141 thousands
|
|
1,158,600
|
|
290
|
|
9,774
|
|
|
|
|
|
|
|
10,064
|
|
|
Share based
compensation
|
|
|
|
|
|
159
|
|
|
|
|
|
|
|
159
|
|
|
BALANCE AT DECEMBER
31, 2023
|
|
10,377,085
|
|
$
3,140
|
|
$ 76,335
|
|
$
27
|
|
$
(2,088)
|
|
13,269
|
|
90,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT
TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
U.S. dollars in thousands
|
|
|
|
|
Year ended December
31,
|
|
|
2023
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income (loss) from
continued operations
|
|
$ 4,672
|
|
$
(1,562)
|
|
$
(3,989)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,710
|
|
3,706
|
|
4,881
|
|
Loss (gain) from change
in fair value of derivatives
|
|
(9)
|
|
8
|
|
(19)
|
|
Change in funds in
respect of employee rights upon retirement
|
|
116
|
|
377
|
|
76
|
|
Change in operating
right of use asset and operating leasing liability
|
|
22
|
|
(82)
|
|
(73)
|
|
Lease
modification
|
|
-
|
|
-
|
|
(1,315)
|
|
Non cash financial
expenses
|
|
(172)
|
|
(902)
|
|
8
|
|
Increase (decrease) in
restructuring plan provision
|
|
(126)
|
|
(467)
|
|
657
|
|
change in allowance for
credit losses
|
|
(182)
|
|
138
|
|
248
|
|
Share in results of
affiliated companies
|
|
(503)
|
|
(184)
|
|
76
|
|
Share based
compensation
|
|
159
|
|
218
|
|
160
|
|
Liability in respect of
employee rights upon retirement
|
|
(148)
|
|
(356)
|
|
94
|
|
Impairment of fixed
assets
|
|
-
|
|
-
|
|
1,820
|
|
Capital gain from sale
of property, plant and equipment
|
|
(530)
|
|
(90)
|
|
(468)
|
|
Deferred income taxes,
net
|
|
235
|
|
23
|
|
(686)
|
|
Government loan
forgiveness
|
|
-
|
|
-
|
|
(1,442)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
increase in trade accounts receivable
|
|
(4,205)
|
|
(2,659)
|
|
(2,934)
|
|
increase in other
current assets and prepaid expenses
|
|
(341)
|
|
(1,836)
|
|
(1,035)
|
|
increase in inventory
|
|
(5,400)
|
|
(5,069)
|
|
(681)
|
|
Increase (decrease) in trade accounts payable
|
|
(245)
|
|
1,143
|
|
2,571
|
|
Increase (decrease) in accrued expenses and other
|
|
4,202
|
|
2,727
|
|
(218)
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities from continued operation
|
|
$ 2,255
|
|
$ (4,867)
|
|
$ (2,269)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
2,002
|
|
93
|
|
1,163
|
|
Purchase of property
and equipment
|
|
(5,102)
|
|
(16,213)
|
|
(16,247)
|
|
Purchase of intangible
assets
|
|
(479)
|
|
-
|
|
(555)
|
|
Net cash used in
investing activities from continued operations
|
|
$
(3,579)
|
|
$
(16,120)
|
|
$
(15,639)
|
|
TAT
TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
U.S.
dollars in thousands
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
2023
|
|
2022
|
|
2021
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Repayments of
long-term loans
|
|
(1,701)
|
|
(1,071)
|
|
-
|
|
Short-term credit
received from banks
|
|
1,000
|
|
-
|
|
3,000
|
|
|
Proceeds from
long-term loans received
|
|
712
|
|
16,680
|
|
3,042
|
|
|
Proceeds from issuance
of common shares, net
|
|
10,064
|
|
-
|
|
-
|
|
|
Exercise of
options
|
|
165
|
|
189
|
|
-
|
|
Net cash provided by
financing activities from continued operations
|
|
$10,240
|
|
$ 15,798
|
|
$ 6,042
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
DISCONTINUED ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
-
|
|
-
|
|
777
|
|
|
Net cash provided by
(used in) discontinued activities
|
|
-
|
|
-
|
|
$ 777
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
EQUIVALENTS
|
|
8,916
|
|
(5,189)
|
|
(11,089)
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT
BEGINNING OF YEAR
|
|
8,026
|
|
13,215
|
|
24,304
|
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT END OF
YEAR
|
|
16,942
|
|
8,026
|
|
13,215
|
|
|
SUPPLEMENTARY
INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH
FLOW:
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment on credit
|
|
$
-
|
|
$
196
|
|
$
199
|
|
Additions of operating
lease right-of-use assets and operating lease
liabilities
|
|
$
1,345
|
|
$
318
|
|
$
399
|
|
Reclassification of
inventory to property, plant and equipment
|
|
$
68
|
|
$
284
|
|
$
829
|
|
Capital contribution to
equity method investee
|
|
$
-
|
|
$
787
|
|
$
-
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
|
|
|
Interest
paid
|
|
$ (1,438)
|
|
$
(796)
|
|
$
(251)
|
|
Income taxes received
(paid), net
|
|
-
$
|
|
$
-
|
|
$
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES
LTD. AND ITS
SUBSIDIARIES
|
|
|
RECONCILIATION
OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP)
(UNAUDITED)
|
|
(In
thousands)
|
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
|
|
|
|
Net income
(loss)
|
$ 4,672
|
|
$
(1,562)
|
|
Adjustments:
|
|
|
|
|
Share in results of
equity investment of affiliated companies
|
(503)
|
|
(184)
|
|
Taxes on income (tax
benefit)
|
576
|
|
98
|
|
Financial expenses/
(income), net
|
1,330
|
|
(127)
|
|
Depreciation and
amortization
|
4,902
|
|
3,878
|
|
Share base
compensation
|
159
|
|
218
|
|
Restructuring
expenses
|
-
|
|
1,715
|
|
|
|
|
|
Adjusted
EBITDA
|
11,136
|
|
4,036
|
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 war and hostilities between Israel and Hamas and Israel and Hezbollah, 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. Shareholders 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, except as required by law.
For more information of TAT Technologies Ltd., please visit our
web-site: www.tat-technologies.com
Contact:
Mr. Ehud Ben-Yair
Chief Financial Officer
(Principal Accounting Officer)
Tel: 972-8-862-8503
ehudb@tat-technologies.com
View original
content:https://www.prnewswire.com/news-releases/tat-technologies-reports-full-year-2023-results-302082136.html
SOURCE TAT Technologies Ltd.
