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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% | 11.92 | 11.47 | 12.25 | 11.92 | 11.5766 | 11.92 | 509 | 21:00:20 |
1. |
Press Release dated November 28, 2018 re TAT Technologies Ltd. Reports Third Quarter 2018 Results.
|
Press Release
|
Source: TAT Technologies Limited
|
· |
Revenues for Q3 2018 were $23.2 million compared with $26.6 million in Q3 2017. Revenues for the nine-month period that ended on September 30, 2018 were $72.4 million compared with $80.2 million in the nine-month period that ended on September 30, 2017.
|
· |
Adjusted EBITDA for Q3 2018 was $1 million, compared with $2.5 million in Q3 2017. Adjusted EBITDA for Q3 2018 improved by $1.3 million compared to Q2 2018. Adjusted EBITDA for the nine-month period that ended on September 30, 2018 was $1 million compared with $7.8 million in the nine-month period that ended on September 30, 2017.
|
· |
GAAP net loss was $0.5 million, or $0.06 per diluted share in Q3 2018 compared with a net income of $0.8 million, or $0.10 per diluted share in Q3 2017. The net loss per share in Q3 2018 was lower by $0.1 per share compared with Q2 2018.
|
· |
Non-GAAP net loss of $0.5 million, or $0.05 per diluted share in Q3 2018, compared with non-GAAP net income of $0.9 million, or $0.10 per diluted share in Q3 2017. The net loss per share in Q3 2018 was lower by $0.09 per share compared with Q2 2018.
|
· |
Positive Operational cash flow of $3.1 million in Q3 2018 compared with negative operational cash flow of $0.6 million in Q3 2017. Positive operational cash flow of $2.9 million in the nine months of 2018 compared with positive operational cash flow of $ 2.4 million in the nine months of 2017.
|
September 30,
|
December 31,
|
|||||||
2018
|
2017
|
|||||||
(unaudited)
|
(audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
17,240
|
$
|
17,514
|
||||
Short-term bank deposits
|
470
|
470
|
||||||
Accounts receivable, net
|
21,055
|
25,744
|
||||||
Other current assets and prepaid expenses
|
2,690
|
2,363
|
||||||
Inventory, net
|
39,040
|
38,630
|
||||||
Total current assets
|
80,495
|
84,721
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Investment in affiliates
|
1,090
|
1,192
|
||||||
Funds in respect of employee rights upon retirement
|
2,532
|
2,779
|
||||||
Deferred income taxes
|
520
|
937
|
||||||
Intangible assets, net
|
945
|
1,045
|
||||||
Property, plant and equipment, net
|
21,596
|
21,321
|
||||||
Total non-current assets
|
26,683
|
27,274
|
||||||
Total assets
|
$
|
107,178
|
$
|
111,995
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
9,263
|
9,348
|
||||||
Accrued expenses
|
6,590
|
8,331
|
||||||
Total current liabilities
|
15,853
|
17,679
|
||||||
NON CURRENT LIABILITIES:
|
||||||||
Other long-term liabilities
|
200
|
146
|
||||||
Liability in respect of employee rights upon retirement
|
2,948
|
3,235
|
||||||
Deferred income taxes
|
2,070
|
2,361
|
||||||
Total non-current liabilities
|
5,218
|
5,742
|
||||||
Total liabilities
|
21,071
|
23,421
|
||||||
EQUITY:
|
||||||||
Share capital
|
2,809
|
2,802
|
||||||
Additional paid-in capital
|
65,428
|
65,073
|
||||||
Treasury stock at cost
|
(2,088
|
)
|
(2,088
|
)
|
||||
Accumulated other comprehensive gain (loss)
|
(32
|
)
|
135
|
|||||
Retained earnings
|
19,990
|
22,652
|
||||||
Total shareholders' equity
|
86,107
|
88,574
|
||||||
Total liabilities and shareholders' equity
|
$
|
107,178
|
$
|
111,995
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
September 30,
|
December 31,
|
|||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
Revenues:
|
||||||||||||||||||||
Products
|
$
|
5,543
|
$
|
8,985
|
$
|
18,539
|
$
|
27,904
|
$
|
36,053
|
||||||||||
Services
|
17,642
|
17,596
|
53,835
|
52,326
|
70,474
|
|||||||||||||||
23,185
|
26,581
|
72,374
|
80,230
|
106,527
|
||||||||||||||||
Cost of goods:
|
||||||||||||||||||||
Products
|
5,752
|
7,557
|
18,733
|
22,000
|
28,096
|
|||||||||||||||
Services
|
14,399
|
13,930
|
44,838
|
42,536
|
57,987
|
|||||||||||||||
20,151
|
21,487
|
63,571
|
64,536
|
86,083
|
||||||||||||||||
Gross Profit
|
3,034
|
5,094
|
8,803
|
15,694
|
20,444
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
(35
|
)
|
215
|
460
|
620
|
731
|
||||||||||||||
Selling and marketing
|
1,171
|
1,205
|
3,806
|
3,643
|
4,974
|
|||||||||||||||
General and administrative
|
1,987
|
2,182
|
6,733
|
6,688
|
9,409
|
|||||||||||||||
Other loss (income)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
27
|
53
|
||||||||||||
3,122
|
3,601
|
10,998
|
10,978
|
15,167
|
||||||||||||||||
Operating income (loss)
|
(88
|
)
|
1,493
|
(2,195
|
)
|
4,716
|
5,277
|
|||||||||||||
Financial income (expenses), net
|
(58
|
)
|
21
|
(39
|
)
|
(251
|
)
|
(338
|
)
|
|||||||||||
Income (loss) before taxes on income
|
(146
|
)
|
1,514
|
(2,234
|
)
|
4,465
|
4,939
|
|||||||||||||
Taxes on income
|
356
|
623
|
326
|
1,656
|
2,333
|
|||||||||||||||
Income (loss) before equity investment
|
(502
|
)
|
891
|
(2,560
|
)
|
2,809
|
2,606
|
|||||||||||||
Share in results of affiliated companies
|
(42
|
)
|
(50
|
)
|
(102
|
)
|
(156
|
)
|
(210
|
)
|
||||||||||
Net income (loss)
|
$
|
(544
|
)
|
$
|
841
|
$
|
(2,662
|
)
|
$
|
2,653
|
$
|
2,396
|
||||||||
Basic and diluted income (loss) per share
|
||||||||||||||||||||
Net income (loss) per share
|
$
|
(0.06
|
)
|
$
|
0.10
|
$
|
(0.30
|
)
|
$
|
0.30
|
$
|
0.27
|
||||||||
Weighted average number of shares outstanding
|
||||||||||||||||||||
Basic
|
8,874,696
|
8,848,028
|
8,861,567
|
8,848,028
|
8,848,028
|
|||||||||||||||
Diluted
|
8,874,696
|
8,924,358
|
8,861,567
|
8,920,054
|
8,909,072
|
Three months ended
|
Nine months ended
|
Year ended | ||||||||||||||||||
September 30,
|
December 31, | |||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
Net income (loss)
|
$
|
(544
|
)
|
$
|
841
|
$
|
(2,662
|
)
|
$
|
2,653
|
$
|
2,396
|
||||||||
Other comprehensive income
|
||||||||||||||||||||
Net unrealized gains (losses) from derivatives
|
16
|
(221
|
)
|
(332
|
)
|
(545
|
)
|
(686
|
)
|
|||||||||||
Reclassification adjustments for gains (losses) included in net income and inventory
|
123
|
(113
|
)
|
165
|
760
|
894
|
||||||||||||||
Total other comprehensive income (loss)
|
$
|
(405
|
)
|
$
|
507
|
$
|
(2,829
|
)
|
$
|
2,868
|
$
|
2,604
|
Three months ended
|
||||||||
September 30,
|
||||||||
2018
|
2017
|
|||||||
Reported net income (loss) on GAAP basis
|
$
|
(544
|
)
|
$
|
841
|
|||
Adjustments:
|
||||||||
Share in results of equity investment of affiliated company
|
42
|
50
|
||||||
Share based compensation
|
46
|
36
|
||||||
Non-GAAP net income (loss)
|
$
|
(456
|
)
|
$
|
927
|
|||
Non-GAAP net income per share (loss)
|
$
|
(0.05
|
)
|
$
|
0.10
|
|||
Weighted average number of shares outstanding
|
||||||||
Basic
|
8,874,696
|
8,848,028
|
||||||
Diluted
|
8,874,696
|
8,924,358
|
Three months ended
|
Nine months ended
|
Year ended
|
||||||||||||||||||
September 30,
|
September 30,
|
December 31,
|
||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
Net income (loss)
|
$
|
(544
|
)
|
$
|
841
|
$
|
(2,662
|
)
|
$
|
2,653
|
$
|
2,396
|
||||||||
Adjustments:
|
||||||||||||||||||||
Share in results and sale of equity investment of affiliated companies
|
42
|
50
|
102
|
156
|
210
|
|||||||||||||||
Taxes on income
|
356
|
623
|
326
|
1,656
|
2,333
|
|||||||||||||||
Financial expenses (income), net
|
58
|
(21
|
)
|
39
|
251
|
338
|
||||||||||||||
Depreciation and amortization
|
1,048
|
987
|
3,085
|
2,936
|
3,941
|
|||||||||||||||
Share based compensation
|
46
|
36
|
165
|
151
|
174
|
|||||||||||||||
Adjusted EBITDA
|
$
|
1,006
|
$
|
2,516
|
$
|
1,055
|
$
|
7,803
|
$
|
9,392
|
|
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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