Company Delivers 8th Consecutive Quarter of
Expanding Revenues
Company will host a webcast to review its financial results
and provide a business update
NETANYA, Israel, Nov. 18,
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, today reported its unaudited results for the
three and nine months ended September 30,
2024 (Q3'24).
Financial Highlights for Third Quarter and First Nine Months
of 2024:
- Revenues increased by 35.2% to $40.5 million in Q3'24 vs. $29.9 million for Q3'23. Year-to-date revenues
increased by 36% to $111.1 million
compared to $82.0 million for the
same period last year.
- Gross profit increased by 45.9% to $8.5 million (21% as a percentage of revenues) in
Q3'24 compared to $5.8 million (19.4%
as a percentage of revenues) for Q3'23. Year-to-date gross profit
increased by 51.8% to $23.5 million
(21.2% as a percentage of revenues) vs. $15.5 million (18.9% as a percentage of revenues)
for the same period last year.
- Net lncome increased by 33% to $2.9 million, or $0.26 per diluted share in Q3'24,
compared with net income of $2.2
million, or $0.24 per diluted
share, in Q3'23. For the nine-month period that ended on
September 30, 2024, net income
increased by 77% to $7.6 million, or
$0.69 per diluted share
compared with a net income of $4.3
million, or $0.47 per diluted
share, in the nine-month period that ended on September 30, 2023.
- Adjusted EBITDA increased by 70% to $5.1
million in Q3'24 compared with $3.0
million in Q3'23. Adjusted EBITDA for the nine-month period
that ended on September 30, 2024,
increased by 70% to $13.1 million
compared with $7.7 million in the
nine-month period that ended on September
30, 2023.
- Cash flow from operations in Q3'24 was positive
$2.8 million compared to negative
($3.7) million in Q3'23. For the
nine-month period ended on September 30,
2024, cash flow from operations was negative ($4.9) million compared to positive $0.5 million in the nine-month period that ended
on September 30, 2023.
- During Q3 2024 the Company raised $9.9
million in shares from the capital markets.
Mr. Igal Zamir, TAT's CEO and
President commented, "TAT delivered record revenue and
profitability in the third quarter as we executed on long-term
agreements and onboarded new customers. Our increased scale,
continued operational efficiency and a 160 basis point expansion of
our gross margins enabled an 33% improvement in net income and a
70% improvement in Adjusted EBITDA."
"As we look towards next year, we see the demand for our
products and services continues to grow, as our orders and LTA
backlog increased to $423 million,"
continued Mr. Zamir. "Supply of parts for APUs and landing gears
continues to be challenging. We are preparing ourselves with a
higher level of parts inventory in order to be able to better
support our customers. We are also very focused on internal
processes improvements that will yield with improved profitability
and a better turnaround time and on-time delivery for the benefit
of our customers. We continue being positive of the outcome into
2025."
Investor Call Information
TAT Technologies will host a webcast to review its financial
results and provide a business update on Tuesday November 19, 2024, at 8:15 a.m. ET. Interested investors can
register for the webcast at https://shorturl.at/jHNWV or visit
the investor relations section of the Company's website at
https://tat-technologies.com/investors/.
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,
financial (expenses) income, net, and 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
website:
www.tat-technologies.com
Contact:
Mr. Eran Yunger
Director of IR
erany@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,
|
|
2024
|
|
2023
|
|
(unaudited)
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$ 8,570
|
|
$15,979
|
|
Accounts receivable,
net of allowance for credit losses of $345 as of September 30, 2024
and December 31, 2023
respectively
|
29,693
|
|
20,009
|
|
Restricted
deposit
|
-
|
|
661
|
|
Other current assets
and prepaid expenses
|
7,269
|
|
6,397
|
|
Inventory
|
61,875
|
|
51,280
|
|
|
|
|
|
Total current
assets
|
107,407
|
|
94,326
|
|
|
|
|
|
NON-CURRENT ASSETS:
Restricted deposit
|
298
|
|
302
|
|
Investment in
affiliates
|
2,890
|
|
2,168
|
|
Funds in respect of
employee rights upon retirement
|
652
|
|
664
|
|
Deferred income
taxes
|
1,085
|
|
994
|
|
Intangible assets,
net
|
1,620
|
|
1,823
|
|
Property, plant and
equipment, net
|
41,108
|
|
42,554
|
|
Operating lease right
of use assets
|
2,627
|
|
2,746
|
|
|
|
|
|
Total non-current
assets
|
50,280
|
|
51,251
|
|
Total
assets
|
$ 157,687
|
|
$145,577
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Current maturities of
long-term loans
|
$ 2,089
|
|
$2,200
|
|
Short term
loans
|
2,623
|
|
12,138
|
|
Accounts
payable
|
12,904
|
|
9,988
|
|
Accrued expenses and
other
|
16,617
|
|
13,952
|
|
Operating lease
liabilities
|
1,127
|
|
1,033
|
|
|
|
|
|
Total current
liabilities
|
35,360
|
|
39,311
|
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
|
Long-term
loans
|
11,383
|
|
12,886
|
|
Liability in respect of
employee rights upon retirement
|
953
|
|
1,000
|
|
Operating lease
liabilities
|
1,489
|
|
1,697
|
|
|
|
|
|
Total
non-current liabilities
|
13,825
|
|
15,583
|
|
|
|
|
|
Total
liabilities
|
$49,185
|
|
$54,894
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Share
capital
|
-
|
|
3,140
|
|
Translation
reserves
|
121
|
|
-
|
|
Additional paid-in
capital
|
89,608
|
|
76,335
|
|
Treasury stock at
cost
|
(2,088)
|
|
(2,088)
|
|
Accumulated other
comprehensive income
|
-
|
|
27
|
|
Retained
earnings
|
20,861
|
|
13,269
|
|
Total shareholders'
equity
|
108,502
|
|
90,683
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$157,687
|
|
$145,577
|
|
|
|
|
|
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,
|
|
2024
|
2023
|
|
2024
|
|
2023
|
|
2023
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Products
|
$ 12,164
|
$ 10,003
|
|
$ 35,831
|
|
$ 25,461
|
|
$35,241
|
|
Services
|
28,295
|
19,932
|
|
75,241
|
|
56,496
|
|
78,553
|
|
40,459
|
29,935
|
|
111,072
|
|
81,957
|
|
113,794
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue,
net:
|
|
|
|
|
|
|
|
|
|
Products
|
8,535
|
7,550
|
|
25,194
|
|
19,372
|
|
30,517
|
|
Services
|
23,443
|
16,571
|
|
62,347
|
|
47,086
|
|
60,809
|
|
31,978
|
24,121
|
|
87,541
|
|
66,458
|
|
91,326
|
|
Gross Profit
|
8,481
|
5,814
|
|
23,531
|
|
15,499
|
|
22,468
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
326
|
194
|
|
946
|
|
450
|
|
715
|
|
Selling and marketing,
net
|
1,994
|
1,350
|
|
5,647
|
|
3,807
|
|
5,523
|
|
General and
administrative, net
|
2,715
|
2,547
|
|
8,940
|
|
7,482
|
|
10,588
|
|
Other income
|
-
|
(37)
|
|
(390)
|
|
(478)
|
|
(433)
|
|
5,035
|
4,054
|
|
15,143
|
|
11,261
|
|
16,393
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
3,446
|
1,760
|
|
8,388
|
|
4,238
|
|
6,075
|
|
|
|
|
|
|
|
|
|
|
Interest
expenses
|
(420)
|
(408)
|
|
(1,183)
|
|
(1,214)
|
|
(1,683)
|
|
Other financial income
(expenses), Net
|
(315)
|
283
|
|
(308)
|
|
433
|
|
353
|
|
Income before taxes on
income (tax benefit)
|
2,711
|
1,635
|
|
6,897
|
|
3,457
|
|
4,745
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
15
|
(390)
|
|
(94)
|
|
(479)
|
|
576
|
|
|
|
|
|
|
|
|
|
|
Income before share of
equity investment
|
2,696
|
2,025
|
|
6,991
|
|
3,936
|
|
4,169
|
|
|
|
|
|
|
|
|
|
|
Share in profits of
equity investment of affiliated companies
|
169
|
126
|
|
601
|
|
347
|
|
503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$ 2,865
|
$ 2,151
|
|
$ 7,592
|
|
$
4,283
|
|
$4,672
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
$ 0.27
|
$ 0.24
|
|
$ 0.73
|
|
$ 0.48
|
|
$ 0.52
|
|
Net income per diluted
shares
|
$ 0.26
|
$ 0.24
|
|
$ 0.69
|
|
$ 0.47
|
|
$ 0.51
|
|
Weighted average number
of shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
10,609,867
|
8,929,332
|
|
10,462,012
|
|
8,929,332
|
|
8,961,689
|
|
Diluted
|
10,829,749
|
9,134,476
|
|
11,055,263
|
|
9,134,476
|
|
9,084,022
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In
thousands)
|
|
Three months
ended
|
|
Nine months
ended
|
|
Year
ended
|
|
|
September
30,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 2,865
|
|
$ 2,151
|
|
$ 7,592
|
|
$ 4,283
|
|
$4,672
|
|
Other comprehensive
income (loss), net
|
|
|
|
|
|
|
|
|
|
|
Change in foreign
currency translation
Adjustments
|
(43)
|
|
-
|
|
121
|
|
-
|
|
-
|
|
Net unrealized gain
(loss) from derivatives
|
-
|
|
(24)
|
|
(27)
|
|
2
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
$ 2,822
|
|
$2,149
|
|
$ 7,686
|
|
$4,285
|
|
$4,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands,
except share data)
|
|
|
Share
capital
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
Number of shares
issued
|
|
Amount
|
|
Additional paid-in
capital
|
|
Translation
reserves
|
other comprehensive
income (loss)
|
|
Treasury
shares
|
|
Retained
earnings
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
|
53
|
|
-
|
|
4,672
|
4,725
|
|
|
Exercise of
option
|
|
32,466
|
|
8
|
|
157
|
|
|
-
|
|
-
|
|
-
|
165
|
|
|
Issuance of common
shares net of issuance costs of $141
|
|
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
|
|
|
CHANGES DURING THE
PERIOD ENDED SEPTEMBER 30,
2024 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
profit
|
|
|
|
|
|
|
|
121
|
(27)
|
|
-
|
|
7,592
|
7,686
|
|
|
Exercise of
option
|
|
84,006
|
|
12
|
|
(12)
|
|
-
|
-
|
|
-
|
|
-
|
-
|
|
|
Cancel of shares per
value
|
|
|
|
(3,152)
|
|
3,152
|
|
-
|
-
|
|
-
|
|
-
|
-
|
|
|
Issuance of common
shares net of issuance costs of $152
|
|
673,340
|
|
-
|
|
9,923
|
|
-
|
-
|
|
-
|
|
-
|
9,923
|
|
|
Share based
compensation
|
|
-
|
|
-
|
|
210
|
|
|
|
|
|
|
-
|
210
|
|
|
BALANCE AT SEP 30,
2024 (unaudited)
|
|
11,134,431
|
|
-
|
|
$
89,608
|
|
$
121
|
-
|
|
$
(2,088)
|
|
$
20,861
|
$
108,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2024
|
|
2023
|
|
2024
|
2023
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Audited)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
$2,865
|
|
$2,151
|
|
$7,592
|
$
4,283
|
|
$ 4,672
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,514
|
|
1,099
|
|
4,319
|
3,040
|
|
4,710
|
|
Loss (gain) from change
in fair value of derivatives
|
|
-
|
|
-
|
|
22
|
-
|
|
(9)
|
|
Change in funds in
respect of employee rights upon retirement
|
|
(8)
|
|
22
|
|
12
|
119
|
|
116
|
|
Change in operating
right of use asset and operating leasing liability
|
|
4
|
|
(1)
|
|
5
|
(7)
|
|
22
|
|
Non cash finance
(income) expenses
|
|
217
|
|
(254)
|
|
(271)
|
(502)
|
|
(172)
|
|
Decrease in provision
for restructuring expenses
|
|
-
|
|
(15)
|
|
(63)
|
(105)
|
|
(126)
|
|
Change in allowance for
credit losses
|
|
(40)
|
|
(83)
|
|
-
|
(88)
|
|
(182)
|
|
Share in results of
affiliated Company
|
|
(170)
|
|
(126)
|
|
(601)
|
(347)
|
|
(503)
|
|
Share based
compensation
|
|
21
|
|
8
|
|
210
|
129
|
|
159
|
|
Liability in respect of
employee rights upon retirement
|
|
(45)
|
|
(28)
|
|
(47)
|
(155)
|
|
(148)
|
|
Capital gain from sale
of property, plant and equipment
|
|
-
|
|
(43)
|
|
(355)
|
(529)
|
|
(530)
|
|
Deferred income taxes,
net
|
|
12
|
|
(388)
|
|
(91)
|
(464)
|
|
235
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Increase in trade accounts receivable
|
|
(3,456)
|
|
(4,051)
|
|
(9,706)
|
(2,927)
|
|
(4,205)
|
|
Decrease (increase) in other current assets and prepaid
expenses
|
|
(547)
|
|
(23)
|
|
(872)
|
1,416
|
|
(341)
|
|
Increase in inventory
|
|
(5,112)
|
|
(4,450)
|
|
(10,655)
|
(4,734)
|
|
(5,400)
|
|
Increase (decrease) in trade accounts payable
|
|
3,825
|
|
480
|
|
2,916
|
(1,675)
|
|
(245)
|
|
Increase in accrued expenses and other
|
|
3,710
|
|
1,976
|
|
2,728
|
3,039
|
|
4,202
|
|
Net cash used
in operating activities
|
|
$
2,790
|
|
$(3,726)
|
|
$(4,857)
|
$493
|
|
$ 2,255
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
-
|
|
37
|
|
1,306
|
1,972
|
|
2,002
|
|
Purchase of property
and equipment
|
|
(1,621)
|
|
(569)
|
|
(3,588)
|
(3,024)
|
|
(5,102)
|
|
Purchase of intangible
assets
|
|
-
|
|
-
|
|
-
|
-
|
|
(479)
|
|
Net cash provided by
(used in) investing activities
|
|
$(1,621)
|
|
$(532)
|
|
$(2,282)
|
$(1,052)
|
|
$(3,579)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Repayments of
long-term loans
|
|
(504)
|
|
(461)
|
|
(1,454)
|
(1,307)
|
|
(1,701)
|
|
Net change
in short term credit from banks
|
|
(10,072)
|
|
1,000
|
|
(9,404)
|
1,000
|
|
1,000
|
|
Proceeds from
long-term loans received
|
|
-
|
|
249
|
|
-
|
249
|
|
712
|
|
Issuance of
common shares
|
|
-
|
|
-
|
|
12
|
-
|
|
-
|
|
Proceeds
from issuance of common shares, net
|
|
9,923
|
|
-
|
|
9,923
|
-
|
|
10,064
|
|
Exercise of
options
|
|
-
|
|
-
|
|
(12)
|
165
|
|
165
|
|
Cash flows provided
by (used in) financing activities
|
|
$(653)
|
|
$788
|
|
$(935)
|
$107
|
|
$10,240
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents and
restricted cash
|
|
516
|
|
(3,470)
|
|
(8,074)
|
(452)
|
|
8,916
|
|
Cash and cash
equivalents and restricted cash at beginning of
period
|
|
8,352
|
|
11,044
|
|
16,942
|
8,026
|
|
8,026
|
|
Cash and cash
equivalents and restricted cash at end of period
|
|
$8,868
|
|
$7,574
|
|
$8,868
|
$7,574
|
|
$16,942
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY
INFORMATION ON INVESTING ACTIVITIES NOT INVOLVING CASH
FLOW:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions of operating
lease right-of-use assets and operating lease
liabilities
|
|
228
|
|
-
|
|
818
|
-
|
|
1345
|
|
Reclassification of
inventory to property, plant and equipment
|
|
-
|
|
-
|
|
60
|
-
|
|
68
|
|
Supplemental disclosure
of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
paid
|
|
(437)
|
|
(373)
|
|
(1,289)
|
(1.071)
|
|
(1,438)
|
|
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,
|
|
2024
|
|
2023
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$2,865
|
|
$2,151
|
$7,592
|
$4,283
|
$4,672
|
|
Adjustments:
|
|
|
|
|
|
|
|
Share in results and
sale of equity
|
|
|
|
|
|
|
|
investment of
affiliated companies
|
(169)
|
|
(126)
|
(601)
|
(347)
|
(503)
|
|
Taxes on income (tax
benefit)
|
15
|
|
(390)
|
(94)
|
(480)
|
576
|
|
Financial expenses
(income), net
|
735
|
|
125
|
1,491
|
781
|
1,330
|
|
Depreciation and
amortization
|
1,565
|
|
1,240
|
4,463
|
3,381
|
4,902
|
|
Share based compensation
|
112
|
|
9
|
299
|
129
|
159
|
|
Adjusted
EBITDA
|
$5,123
|
|
$ 3,009
|
$ 13,150
|
$ 7,747
|
$ 11,136
|
|
|
|
|
|
|
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
TAT TECHNOLOGIES LTD.
(Registrant)
By: /s/ Ehud Ben-Yair
Ehud Ben-Yair
Chief Financial Officer
Date: November 18, 2024
View original
content:https://www.prnewswire.com/news-releases/tat-technologies-grows-revenue-by-35-increases-net-income-by-33-and-adjusted-ebitda-by-70-for-the-third-quarter-of-2024-302309200.html
SOURCE TAT Technologies Ltd.
