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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 | 511 | 21:00:20 |
1. |
Press Release dated August 27, 2020 re TAT Technologies Ltd. Reports Second Quarter 2020 Results.
|
Press Release
|
Source: TAT Technologies Limited
|
• |
Revenues for Q2 2020 were $17.3 million compared with $25 million in Q2 2019. Revenues for the six-month period that ended on June 30, 2020 were $42 million compared with $46.9 million in the six-month period that ended on June 30,
2019.
|
• |
Gross profit for Q2 2020 was $1.5 million (8.6% as a percentage of revenues) compared with $3.6 million (14.4% as a percentage of revenues) in Q2 2019. Gross profit for the six-month period that ended on June 30, 2020 was $6.1 million
(14.5% as a percentage of revenues) compared with $6.8 million (14.5% as a percentage of revenues) in the six-month period that ended on June 30, 2019.
|
• |
Adjusted EBITDA for Q2 2020 was 0.03 million compared with $1.7 million in Q2 2019. Adjusted EBITDA for the six-month period that ended on June 30, 2020 was $2.5 million compared with $3.1 million in the six-month period that ended on
June 30, 2019.
|
• |
Net loss was ($2.2) million, or loss of ($0.3) per diluted share in Q2 2020 compared with a net income of $0.13 million, or $0.02 per diluted share in Q2 2019. Net loss was ($1.8) million, or loss of ($0.2) per diluted share in H1 2020
compared with a net income of $0.2 million, or $0.03 per diluted share in H1 2019.
|
• |
During Q2 of 2020 and H1 of 2020 TAT reported losses from discontinued operation of the JT8D engine blades coating in the amount of $1.4M and $1.7M respectively.
|
June 30,
|
December 31,
|
|||||||
2020
|
2019 (*)
|
|
||||||
(unaudited)
|
(audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
26,036
|
$
|
15,959
|
||||
Accounts receivable, net
|
14,486
|
20,311
|
||||||
Other current assets and prepaid expenses
|
2,715
|
2,605
|
||||||
Inventory, net
|
41,885
|
43,327
|
||||||
Assets belong to discontinued operation
|
176
|
1,839
|
||||||
Total current assets
|
85,298
|
84,041
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Restricted deposit
|
163
|
-
|
||||||
Investment in affiliates
|
841
|
956
|
||||||
Funds in respect of employee rights upon retirement
|
1,259
|
1,404
|
||||||
Deferred income taxes
|
271
|
228
|
||||||
Intangible assets, net
|
355
|
777
|
||||||
Property, plant and equipment, net
|
21,021
|
20,605
|
||||||
Operating lease right of use assets
|
7,734
|
6,664
|
||||||
Total non-current assets
|
31,644
|
30,634
|
||||||
Total assets
|
$
|
116,942
|
$
|
114,675
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
8,999
|
11,823
|
||||||
Accrued expenses
|
7,308
|
7,393
|
||||||
Deferred income (government grant)
|
1,059
|
-
|
||||||
Operating lease liabilities
|
1,646
|
1,330
|
||||||
Liabilities belong to discontinued operation
|
327
|
158
|
||||||
Total current liabilities
|
19,339
|
20,704
|
||||||
NON CURRENT LIABILITIES:
|
||||||||
Long-term loans
|
4,834
|
-
|
||||||
Other long-term liabilities
|
-
|
62
|
||||||
Liability in respect of employee rights upon retirement
|
1,610
|
1,751
|
||||||
Deferred income taxes
|
1,086
|
1,100
|
||||||
Operating lease liabilities
|
6,401
|
5,688
|
||||||
Total non-current liabilities
|
13,931
|
8,601
|
||||||
Total liabilities
|
$
|
33,270
|
$
|
29,305
|
||||
EQUITY:
|
||||||||
Share capital
|
2,809
|
2,809
|
||||||
Additional paid-in capital
|
65,650
|
65,573
|
||||||
Treasury stock at cost
|
(2,088
|
)
|
(2,088
|
)
|
||||
Accumulated other comprehensive income
|
52
|
26
|
||||||
Retained earnings
|
17,249
|
19,050
|
||||||
Total shareholders' equity
|
83,672
|
85,370
|
||||||
Total liabilities and shareholders' equity
|
$
|
116,942
|
$
|
114,675
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
December 31,
|
|||||||||||||||||||
2020
|
2019(*)
|
2020
|
2019(*)
|
2019(*)
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
Revenues:
|
||||||||||||||||||||
Products
|
$
|
6,078
|
$
|
6,299
|
$
|
13,335
|
$
|
12,199
|
$
|
25,019
|
||||||||||
Services
|
11,280
|
18,695
|
28,672
|
34,711
|
72,460
|
|||||||||||||||
17,358
|
24,994
|
42,007
|
46,910
|
97,479
|
||||||||||||||||
Cost of goods:
|
||||||||||||||||||||
Products
|
5,980
|
5,088
|
11,773
|
10,183
|
21,557
|
|||||||||||||||
Services
|
9,871
|
16,247
|
24,143
|
29,913
|
60,622
|
|||||||||||||||
15,851
|
21,335
|
35,916
|
40,096
|
82,179
|
||||||||||||||||
Gross Profit
|
1,507
|
3,659
|
6,091
|
6,814
|
15,300
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
33
|
22
|
70
|
56
|
113
|
|||||||||||||||
Selling and marketing
|
980
|
1,323
|
2,057
|
2,324
|
4,929
|
|||||||||||||||
General and administrative
|
1,586
|
1,624
|
3,713
|
3,502
|
7,654
|
|||||||||||||||
2,599
|
2,969
|
5,840
|
5,882
|
12,696
|
||||||||||||||||
Operating income (loss)
|
(1,092
|
)
|
690
|
251
|
932
|
2,604
|
||||||||||||||
Financial expenses, net
|
(234
|
)
|
(150
|
)
|
(74
|
)
|
(372
|
)
|
(422
|
)
|
||||||||||
Other expenses
|
(21
|
)
|
-
|
(21
|
)
|
-
|
-
|
|||||||||||||
Income (loss) before taxes on income (tax benefit)
|
(1,347
|
)
|
540
|
156
|
560
|
2,182
|
||||||||||||||
Taxes on income (tax benefit)
|
(510
|
)
|
168
|
156
|
(5
|
)
|
631
|
|||||||||||||
Income (loss) before equity investment
|
(837
|
)
|
372
|
-
|
565
|
1,551
|
||||||||||||||
Share in results of affiliated companies
|
(17
|
)
|
(55
|
)
|
(115
|
)
|
(74
|
)
|
(132
|
)
|
||||||||||
Net income (loss) from continued operation
|
$
|
(854
|
)
|
$
|
317
|
$
|
(115
|
)
|
$
|
491
|
$
|
1,419
|
||||||||
Loss from discontinued operation before income taxes
|
(13
|
)
|
(205
|
)
|
(331
|
)
|
(334
|
)
|
(655
|
)
|
||||||||||
Loss on disposal of discontinued operation before income taxes
|
(1,375
|
)
|
-
|
(1,335
|
)
|
-
|
-
|
|||||||||||||
Benefit from income taxes
|
-
|
14
|
-
|
29
|
42
|
|||||||||||||||
Net loss from discontinued operation
|
$
|
(1,388
|
)
|
$
|
(191
|
)
|
$
|
(1,686
|
)
|
(305
|
)
|
$
|
(613
|
)
|
||||||
Net income (loss)
|
$
|
(2,242
|
)
|
$
|
126
|
$
|
(1,801
|
)
|
$
|
186
|
$
|
806
|
||||||||
|
||||||||||||||||||||
Basic and diluted income (loss) per share
|
||||||||||||||||||||
Net income (loss) per share from continued operation
|
$
|
(0.1
|
)
|
$
|
0.04
|
$
|
(0.01
|
)
|
$
|
0.06
|
$
|
0.18
|
||||||||
Net loss per share from discontinued operation
|
$
|
(0.16
|
)
|
$
|
(0.02
|
)
|
$
|
(0.19
|
)
|
$
|
(0.03
|
)
|
$
|
(0.07
|
)
|
|||||
Net income (loss) per share
|
$
|
(0.26
|
)
|
$
|
0.02
|
$
|
(0.2
|
)
|
$
|
0.03
|
$
|
0.11
|
||||||||
Weighted average number of shares outstanding
|
||||||||||||||||||||
Basic
|
8,874,696
|
8,862,473
|
8,874,696
|
8,855,251
|
8,864,885
|
|||||||||||||||
Diluted
|
8,874,696
|
8,862,473
|
8,874,696
|
8,855,251
|
8,864,885
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
December 31,
|
|||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
2019
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
Net income (loss)
|
$
|
(2,242
|
)
|
$
|
126
|
$
|
(1,801
|
)
|
$
|
186
|
$
|
806
|
||||||||
Other comprehensive income
|
||||||||||||||||||||
Net unrealized income from derivatives
|
129
|
56
|
21
|
286
|
372
|
|||||||||||||||
Reclassification adjustments for gains (losses) included in net income and inventory
|
-
|
(30
|
)
|
5
|
(14
|
)
|
(140
|
)
|
||||||||||||
Total other comprehensive income (loss)
|
$
|
(2,113
|
)
|
$
|
152
|
$
|
(1,775
|
)
|
$
|
458
|
$
|
1,038
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
December 31,
|
|||||||||||||||||||
2020
|
2019(*)
|
2020
|
2019(*)
|
2019(*)
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
(2,242
|
)
|
$
|
126
|
$
|
(1,801
|
)
|
$
|
186
|
$
|
806
|
||||||||
Net income (loss) from continued operations
|
(854
|
)
|
317
|
(115
|
)
|
491
|
1,419
|
|||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||||||||||||||
Depreciation and amortization
|
1,030
|
1,058
|
2,028
|
2,043
|
4,292
|
|||||||||||||||
Loss (gain) from change in fair value of derivatives
|
(88
|
)
|
(20
|
)
|
21
|
(254
|
)
|
(311
|
)
|
|||||||||||
Provision for doubtful accounts
|
1
|
-
|
206
|
-
|
38
|
|||||||||||||||
Share in results of equity investment of affiliated Company
|
17
|
55
|
115
|
74
|
132
|
|||||||||||||||
Share based compensation
|
37
|
(117
|
)
|
77
|
(45
|
)
|
38
|
|||||||||||||
Non cash finance expense
|
188
|
63
|
(49
|
)
|
217
|
354
|
||||||||||||||
Liability in respect of employee rights upon retirement
|
(13
|
)
|
(587
|
)
|
(141
|
)
|
(778
|
)
|
(897
|
)
|
||||||||||
Deferred income taxes, net
|
(369
|
)
|
452
|
(57
|
)
|
(178
|
)
|
(450
|
)
|
|||||||||||
Deferred revenues (government grant)
|
1,059
|
-
|
1,059
|
-
|
-
|
|||||||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||||
Decrease (increase) in trade accounts receivable
|
6,332
|
(1,622
|
)
|
6,242
|
(3,226
|
)
|
(2,037
|
)
|
||||||||||||
Decrease (increase) in other current assets and prepaid expenses
|
(641
|
)
|
310
|
69
|
1,257
|
2,500
|
||||||||||||||
Decrease (increase) in inventory
|
1,653
|
407
|
1,372
|
(2,133
|
)
|
(5,740
|
)
|
|||||||||||||
Increase (decrease) in trade accounts payable
|
(178
|
)
|
1,192
|
(3,220
|
)
|
2,639
|
3,349
|
|||||||||||||
Increase (decrease) in accrued expenses
|
(1,862
|
)
|
(661
|
)
|
(85
|
)
|
342
|
982
|
||||||||||||
Decrease in other long-term liabilities
|
(49
|
)
|
(20
|
)
|
(62
|
)
|
(78
|
)
|
(118
|
)
|
||||||||||
Net cash provided by operating activities
|
$
|
6,263
|
$
|
827
|
$
|
7,460
|
$
|
371
|
$
|
3,551
|
||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||||||
Investment in affiliated company
|
-
|
(10
|
)
|
-
|
(10
|
)
|
(10
|
)
|
||||||||||||
Funds in respect of employee rights upon retirement
|
-
|
-
|
-
|
(22
|
)
|
-
|
||||||||||||||
Proceeds from sale of property and equipment
|
(22
|
)
|
-
|
(22
|
)
|
-
|
-
|
|||||||||||||
Increase in long-term deposits
|
(163
|
)
|
(163
|
)
|
-
|
-
|
||||||||||||||
Purchase of property and equipment
|
(861
|
)
|
(746
|
)
|
(1,759
|
)
|
(1,693
|
)
|
(3,269
|
)
|
||||||||||
Cash flows used in investing activities
|
$
|
(1,046
|
)
|
$
|
(756
|
)
|
$
|
(1,944
|
)
|
$
|
(1,725
|
)
|
$
|
(3,279
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||||||
Proceeds from long-term loans received
|
4,834
|
-
|
4,834
|
-
|
-
|
|||||||||||||||
Cash flows provided by financing activities
|
$
|
4,834
|
$
|
-
|
$
|
4,834
|
$
|
-
|
$
|
-
|
||||||||||
Cash flows from discontinued operations:
|
||||||||||||||||||||
Net loss from discontinued operation
|
$
|
(1,388
|
)
|
$
|
(191
|
)
|
$
|
(1,686
|
)
|
(305
|
)
|
$
|
(613
|
)
|
||||||
Net cash provided by operating activities
|
998
|
190
|
1,413
|
33
|
484
|
|||||||||||||||
Net cash used in investing activities
|
-
|
(34
|
)
|
(34
|
)
|
(134
|
)
|
|||||||||||||
Net cash used in discontinued operations
|
$
|
(390
|
)
|
$
|
(35
|
)
|
$
|
(273
|
)
|
(306
|
)
|
$
|
(263
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
9,661
|
36
|
10,077
|
(1,660
|
)
|
9
|
||||||||||||||
Cash and cash equivalents at beginning of period
|
16,375
|
14,254
|
15,959
|
15,950
|
15,950
|
|||||||||||||||
Cash and cash equivalents at end of period
|
$
|
26,036
|
$
|
14,290
|
$
|
26,036
|
$
|
14,290
|
$
|
15,959
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
June 30,
|
December 31,
|
||||||||||||||||||
2020
|
2019(*)
|
2020
|
2019(*)
|
2019(*)
|
||||||||||||||||
Net income (loss)
|
$
|
(2,242
|
)
|
$
|
126
|
$
|
(1,801
|
)
|
$
|
186
|
$
|
806
|
||||||||
Adjustments:
|
||||||||||||||||||||
Share in results of equity investment of affiliated companies
|
17
|
55
|
115
|
74
|
132
|
|||||||||||||||
Taxes on income (tax benefit)
|
(510
|
)
|
168
|
156
|
(5
|
)
|
631
|
|||||||||||||
Financial expenses, net
|
234
|
150
|
74
|
372
|
422
|
|||||||||||||||
Other expenses
|
21
|
-
|
21
|
-
|
-
|
|||||||||||||||
Depreciation and amortization
|
1,089
|
1,120
|
2,124
|
2,139
|
4,394
|
|||||||||||||||
Net loss from discontinued operations
|
1,388
|
191
|
1,686
|
305
|
613
|
|||||||||||||||
Share based compensation
|
37
|
(117
|
)
|
77
|
(45
|
)
|
38
|
|||||||||||||
Adjusted EBITDA
|
$
|
34
|
$
|
1,693
|
$
|
2,452
|
$
|
3,026
|
$
|
7,036
|
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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