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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TAT Technologies Ltd | NASDAQ:TATT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.5376 | 8.35 | 19.86 | 0 | 09:16:17 |
1. |
Press Release dated November 13, 2023 re TAT Technologies Ltd. Reports Third Quarter 2023 Results.
|
Press Release
|
Source: TAT Technologies Limited
|
•
|
Revenues for Q3 2023 were $29.9 million, an increase of 43% compared with $20.9 million in Q3 2022. Revenues for the
nine-month period that ended on September 30, 2023, were $81.9 million an increase of 33% compared with $61.7 million in the nine-month period that ended on September 30, 2022
|
•
|
Gross profit for Q3 2023 was $5.8 million (19. 3% as a percentage of revenues) an increase of 70% compared with $3.4 million
(16.4% as a percentage of revenues) in Q3 2022. Gross profit for the nine-month period that ended on September 30, 2023, was $15.5 million (19% as a percentage of revenues) an increase of 47.6% compared with $10.5 million (17% as a
percentage of revenues) in the nine-month period that ended on September 30, 2022.
|
•
|
Adjusted EBITDA for Q3 2023 increased by 438% to $3 million compared with $0.6 million in Q3 2022. Adjusted EBITDA for the
nine-month period that ended on September 30, 2023, increased by 297% to $7.7 million compared with $1.9 million in the nine-month period that ended on September 30, 2022.
|
•
|
Net lncome in Q3 2023 increased to $2.1 million, or income of $0.24 per diluted share, compared with a net loss of ($0.3)
million, or loss of ($0.04) per diluted share, in Q3 2022. For the nine-month period that ended on September 30, 2023, net income was $4.3 million, or income of $0.47 per diluted share compared with a net loss of ($2) million, or $(0.23)
per diluted share, in the nine-month period that ended on September 30, 2022.
|
•
|
Cash flow from operations in Q3 2023 was negative ($3.7) million compared to negative ($3.1) million in Q3 2022. For the nine-month period ended on September 30, 2023 cash flow from operations was positive $0.5 million compared to negative ($9.5) million in the nine-month period that ended on September 30, 2022.
|
September 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
(unaudited)
|
(audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
7,288
|
$
|
7,722
|
||||
Accounts receivable, net
|
17,890
|
15,622
|
||||||
Inventory, net
|
49,005
|
45,759
|
||||||
Other current assets and prepaid expenses
|
5,094
|
6,047
|
||||||
Total current assets
|
79,277
|
75,150
|
||||||
NON-CURRENT ASSETS: |
||||||||
Restricted deposit
|
286
|
304
|
||||||
Investment in affiliates
|
2,012
|
1,665
|
||||||
Funds in respect of employee rights upon retirement
|
661
|
780
|
||||||
Deferred income taxes
|
1,693
|
1,229
|
||||||
Intangible assets, net
|
1,608
|
1,623
|
||||||
Property, plant and equipment, net
|
41,917
|
43,423
|
||||||
Operating lease right of use assets
|
3,022
|
2,477
|
||||||
Total non-current assets
|
51,199
|
51,501
|
||||||
Total assets
|
$
|
130,476
|
$
|
126,651
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current maturities of long-term loans
|
$
|
1,874
|
$
|
1,876
|
||||
Credit line from bank
|
12,131
|
6,101
|
||||||
Accounts payable
|
8,558
|
10,233
|
||||||
Accrued expenses and other
|
10,889
|
9,686
|
||||||
Operating lease liabilities
|
1,073
|
904
|
||||||
Provision for restructuring plan
|
85
|
190
|
||||||
Total current liabilities
|
34,610
|
28,990
|
||||||
NON CURRENT LIABILITIES:
|
||||||||
Long-term loans
|
12,820
|
19,408
|
||||||
Liability in respect of employee rights upon retirement
|
993
|
1,148
|
||||||
Operating lease liabilities
|
1,904
|
1,535
|
||||||
Total non-current liabilities
|
15,717
|
22,091
|
||||||
Total liabilities
|
$
|
50,327
|
$
|
51,081
|
||||
EQUITY:
|
||||||||
Share capital
|
2,850
|
2,842
|
||||||
Additional paid-in capital
|
66,531
|
66,245
|
||||||
Treasury stock at cost
|
(2,088
|
)
|
(2,088
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(24
|
)
|
(26
|
)
|
||||
Retained earnings
|
12,880
|
8,597
|
||||||
Total shareholders' equity
|
80,149
|
75,570
|
||||||
Total liabilities and shareholders' equity
|
130,476
|
$
|
126,651
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
September 30,
|
December 31,
|
|||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
Revenues:
|
||||||||||||||||||||
Products
|
$
|
10,003
|
$
|
5,694
|
$
|
25,461
|
$
|
19,157
|
$
|
25,460
|
||||||||||
Services
|
19,932
|
15,283
|
56,496
|
42,550
|
59,096
|
|||||||||||||||
29,935
|
20,977
|
81,957
|
61,707
|
84,556
|
||||||||||||||||
Cost of revenue, net:
|
||||||||||||||||||||
Products
|
7,550
|
4,710
|
19,372
|
16,280
|
21,631
|
|||||||||||||||
Services
|
16,571
|
12,833
|
47,086
|
34,915
|
46,997
|
|||||||||||||||
24,121
|
17,543
|
66,458
|
51,195
|
68,628
|
||||||||||||||||
Gross Profit
|
5,814
|
3,434
|
15,499
|
10,512
|
15,928
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
194
|
197
|
450
|
349
|
479
|
|||||||||||||||
Selling and marketing, net
|
1,350
|
1,312
|
3,807
|
4,164
|
5,629
|
|||||||||||||||
General and administrative, net
|
2,547
|
2,463
|
7,482
|
7,341
|
9,970
|
|||||||||||||||
Other income
|
(37
|
)
|
-
|
(478
|
)
|
(90
|
)
|
(90
|
)
|
|||||||||||
Restructuring expenses, net
|
-
|
(30
|
)
|
-
|
1,673
|
1,715
|
||||||||||||||
4,054
|
3,942
|
11,261
|
13,437
|
17,703
|
||||||||||||||||
Operating Profit (Loss)
|
1,760
|
(508
|
)
|
4,238
|
(2,925
|
)
|
(1,775
|
)
|
||||||||||||
Interest expenses
|
(408
|
)
|
(283
|
)
|
(1,214
|
)
|
(524
|
)
|
(902
|
)
|
||||||||||
Other financial income (expenses), Net
|
283
|
356
|
433
|
1,171
|
1,029
|
|||||||||||||||
Income (loss) before taxes on income (tax benefit)
|
1,635
|
(435
|
)
|
3,457
|
(2,278
|
)
|
(1,648
|
)
|
||||||||||||
Taxes on income (tax benefit)
|
(390
|
)
|
(44
|
)
|
(479
|
)
|
(107
|
)
|
98
|
|||||||||||
Income (loss) before share of equity investment
|
2,025
|
(391
|
)
|
3,936
|
(2,171
|
)
|
(1,746
|
)
|
||||||||||||
Share in profits (losses) of equity investment of affiliated companies
|
126
|
36
|
347
|
124
|
184
|
|||||||||||||||
Net Income (loss)
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
Basic and diluted income per share
|
||||||||||||||||||||
Net income (loss) per share
|
$
|
0.24
|
$
|
(0.04
|
)
|
$
|
0.48
|
$
|
(0.23
|
)
|
$
|
(0.17
|
)
|
|||||||
Net income per
diluted shares
|
$
|
0.24
|
$
|
(0.04
|
)
|
$
|
0.47
|
$
|
(0.23
|
)
|
$
|
(0.17
|
)
|
|||||||
Weighted average number of shares outstanding
|
||||||||||||||||||||
Basic
|
8,929,332
|
8,909,046
|
8,929,332
|
8,909,046
|
8,911,546
|
|||||||||||||||
Diluted
|
9,134,476
|
8,909,046
|
9,134,476
|
8,909,046
|
8,911,546
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
September 30,
|
December 31,
|
|||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
Net income (loss)
|
$
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
|||||||
Other comprehensive income (loss), net
|
||||||||||||||||||||
Net unrealized gain (loss) from derivatives
|
(24
|
)
|
34
|
2
|
(114
|
)
|
(89
|
)
|
||||||||||||
Reclassification adjustments for loss (gains) from derivatives included in net income
|
-
|
-
|
-
|
-
|
30
|
|||||||||||||||
Total comprehensive income (loss)
|
$
|
2,149
|
$
|
(321
|
)
|
$
|
4,285
|
$
|
(2,161
|
)
|
$
|
(1,621
|
)
|
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, 2020
|
9,149,169
|
$
|
2,809
|
$
|
65,711
|
$
|
128
|
$
|
(2,088
|
)
|
$
|
13,721
|
$
|
80,281
|
||||||||||||||
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2021:
|
||||||||||||||||||||||||||||
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, 2022:
|
||||||||||||||||||||||||||||
Comprehensive loss
|
-
|
-
|
-
|
(59
|
)
|
-
|
(1,562
|
)
|
(1,621
|
)
|
||||||||||||||||||
Exercise of option
|
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 PERIOD ENDED SEPTEMBER 30, 2023 (unaudited):
|
||||||||||||||||||||||||||||
Comprehensive income
|
-
|
-
|
-
|
2
|
-
|
4,283
|
4,285
|
|||||||||||||||||||||
Exercise of option
|
32,466
|
8
|
157
|
-
|
-
|
-
|
165
|
|||||||||||||||||||||
Share based compensation
|
-
|
-
|
129
|
-
|
-
|
-
|
129
|
|||||||||||||||||||||
BALANCE AT SEPTEMBER 30, 2023 (unaudited)
|
9,218,485
|
$
|
2,850
|
$
|
66,531
|
$
|
(24
|
)
|
$
|
(2,088
|
)
|
12,880
|
$
|
80,149
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
September 30,
|
December 31,
|
|||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
|||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
|
||||||||||||||||||||
Depreciation and amortization
|
1,099
|
931
|
3,040
|
2,830
|
3,706
|
|||||||||||||||
Loss (gain) from change in fair value of derivatives
|
-
|
(7
|
)
|
-
|
1
|
8
|
||||||||||||||
Change in provision for doubtful accounts
|
(83
|
)
|
-
|
(88
|
)
|
(45
|
)
|
138
|
||||||||||||
Share in results of affiliated Company
|
(126
|
)
|
(36
|
)
|
(347
|
)
|
(124
|
)
|
(184
|
)
|
||||||||||
Share based compensation
|
8
|
56
|
129
|
167
|
218
|
|||||||||||||||
Non cash finance income
|
(1
|
)
|
(4
|
)
|
(7
|
)
|
(91
|
)
|
-
|
|||||||||||
Change in operating right of use asset and operating leasing liability
|
(82
|
)
|
||||||||||||||||||
Decrease in provision for restructuring expenses
|
(15
|
)
|
(914
|
)
|
(105
|
)
|
(457
|
)
|
(467
|
)
|
||||||||||
Liability in respect of employee rights upon retirement
|
(28
|
)
|
9
|
(155
|
)
|
(317
|
)
|
(356
|
)
|
|||||||||||
Capital gain from sale of property, plant and equipment
|
(43
|
)
|
-
|
(529
|
)
|
(90
|
)
|
(90
|
)
|
|||||||||||
Deferred income taxes, net
|
(388
|
)
|
(47
|
)
|
(464
|
)
|
(128
|
)
|
23
|
|||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||||
Decrease (increase) in trade accounts receivable
|
(4,051
|
)
|
1,127
|
(2,927
|
)
|
(219
|
)
|
(2,659
|
)
|
|||||||||||
Decrease (increase) in other current assets and prepaid expenses
|
(1
|
)
|
(557
|
)
|
1,535
|
(672
|
)
|
(1,459
|
)
|
|||||||||||
Increase in inventory
|
(4,450
|
)
|
(3,485
|
)
|
(4,734
|
)
|
(6,711
|
)
|
(5,069
|
)
|
||||||||||
Increase (decrease) in trade accounts payable
|
480
|
(182
|
)
|
(1,675
|
)
|
(1,073
|
)
|
1,143
|
||||||||||||
Decrease in other long-term liabilities
|
(254
|
)
|
(160
|
)
|
(502
|
)
|
(1,045
|
)
|
(902
|
)
|
||||||||||
Increase in accrued expenses
|
1,976
|
499
|
3,039
|
531
|
2,727
|
|||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(3,726
|
)
|
$
|
(3,125
|
)
|
$
|
493
|
$
|
(9,490
|
)
|
$
|
(4,867
|
)
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Proceeds from sale of property and equipment
|
37
|
-
|
1,972
|
93
|
93
|
|||||||||||||||
Purchase of property and equipment
|
(569
|
)
|
(3,833
|
)
|
(3,024
|
)
|
(11,418
|
)
|
(16,213
|
)
|
||||||||||
Net cash provided by (used in) investing activities
|
$
|
(532
|
)
|
$
|
(3,833
|
)
|
$
|
(1,052
|
)
|
$
|
(11,325
|
)
|
$
|
(16,120
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
Short-term credit received (repayment) from banks
|
1,000
|
3,000
|
1,000
|
-
|
-
|
|||||||||||||||
Proceeds from long-term loans received
|
249
|
3,200
|
249
|
15,680
|
16,680
|
|||||||||||||||
Repayment of long-term loans
|
(461
|
)
|
(375
|
)
|
(1,307
|
)
|
(636
|
)
|
(1,071
|
)
|
||||||||||
Exercise of options
|
-
|
123
|
165
|
190
|
189
|
|||||||||||||||
Cash flows provided by (used in) financing activities
|
$
|
788
|
$
|
5,948
|
$
|
107
|
$
|
15,234
|
$
|
15,798
|
||||||||||
Net decrease in cash and restricted cash
|
(3,470
|
)
|
(1,010
|
)
|
(452
|
)
|
(5,581
|
)
|
(5,189
|
)
|
||||||||||
Cash and cash equivalents and restricted cash at beginning of
period
|
11,044
|
8,644
|
8,026
|
13,215
|
13,215
|
|||||||||||||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
7,574
|
$
|
7,634
|
$
|
7,574
|
$
|
7,634
|
$
|
8,026
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
September 30,
|
September 30,
|
December 31,
|
||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
Net income (loss)
|
$
|
2,151
|
$
|
(355
|
)
|
$
|
4,283
|
$
|
(2,047
|
)
|
$
|
(1,562
|
)
|
|||||||
Adjustments:
|
||||||||||||||||||||
Share in results of equity investment of affiliated companies
|
(126
|
)
|
(36
|
)
|
(347
|
)
|
(124
|
)
|
(184
|
)
|
||||||||||
Taxes on income (tax benefit)
|
(390
|
)
|
(44
|
)
|
(480
|
)
|
(107
|
)
|
98
|
|||||||||||
Financial expenses (income), net
|
125
|
(73
|
)
|
781
|
(647
|
)
|
(127
|
)
|
||||||||||||
Depreciation and amortization
|
1,240
|
1,041
|
3,381
|
3,037
|
3,878
|
|||||||||||||||
Restructuring (income) expenses
|
-
|
(30
|
)
|
-
|
1,673
|
1,715
|
||||||||||||||
Share based compensation
|
9
|
56
|
129
|
167
|
218
|
|||||||||||||||
Adjusted EBITDA
|
3,009
|
$
|
559
|
7,747
|
$
|
1,952
|
$
|
4,036
|
TAT TECHNOLOGIES LTD.
|
|||
(Registrant)
|
|||
By:
|
/s/ Ehud Ben-Yair
|
||
Ehud Ben-Yair
|
|||
Chief Financial Officer
|
1 Year TAT Technologies Chart |
1 Month TAT Technologies Chart |
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