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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tat Technologies Ltd. (MM) | NASDAQ:TATTF | 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% | 8.83 | 0 | 01:00:00 |
SG&A expense was reduced by 8.0% and 13.6% in the current year quarter and nine months periods respectively versus the prior year three and nine month periods ended October 31, 2008. Corporate charges were 1.8% higher in the current year three month period versus the prior year and 5.3% lower for the nine month period compared to the same period in the prior year. Interest expense was approximately 18% lower in the current nine month period compared to the prior year.
On November 9, 2009, First Aviation Services Inc. announced that it has entered into definitive agreement with Kelly Aerospace, Inc. to acquire the business of Kelly Aerospace Turbine Rotables, Inc. through a newly formed subsidiary named Aerospace Turbine Rotables, Inc. (AeTR). FAvS has separately entered into definitive agreement to acquire the propeller overhaul repair business of Limco-Piedmont Inc. through a newly formed subsidiary Piedmont Propulsion Systems, LLC (PPS). These transactions will also result in Limco-Piedmont acquiring approximately 37% of FAvS' common stock in the form of newly issued non-voting shares, plus preferred stock and Limco-Piedmont guaranteeing certain debt required to finance the purchase of AeTR. Limco-Piedmont is a subsidiary of TAT Technologies Ltd. (NASDAQ: TATTF).
Mr. Aaron Hollander, Chairman and CEO of First Aviation, said: "We are very pleased with the results in the quarter despite an extremely challenging environment. The company has responded aggressively to the economic impact of the recession as we continue to stay focused on cost containment, customer service enhancement and the expansion of our supply chain management business. We look forward to Aerospace Turbine Rotables, Inc. and Piedmont Propulsion Systems, LLC joining the First Aviation family and expanding the capabilities we provide our customers. We expect the transactions to close in the coming weeks."
First Aviation and its principal operating subsidiary Aerospace Products International, Inc. ("API"), headquartered in Memphis, Tennessee, is a leading provider of services to the aviation industry worldwide. With locations in the U.S., Canada, Asia Pacific, and China plus partners throughout the world, services to the aviation industry include the sale of aircraft parts and components, the provision of supply chain management services, and overhaul and repair services.
More information about First Aviation can be found on the Company's and API's websites, which are located at http://www.favs.com and http://www.apiworldwide.com.
Please see our important forward-looking statement at www.favs.com/forward
First Aviation Services Inc. Consolidated Condensed Statements of Operations (in thousands, except per share amounts) Three months ended October 31, 2009 2008 ----------- ----------- (unaudited) (unaudited) Net sales $ 28,924 $ 29,581 Cost of sales 23,790 24,094 ----------- ----------- Gross profit 5,134 5,487 Selling, general and administrative expenses 3,987 4,810 Corporate expenses 391 384 ----------- ----------- Income (loss) from operations 756 293 Net interest income (expense) (365) (361) Foreign currency transaction gain 28 (5) ----------- ----------- Earnings (loss) before income taxes 419 (73) Provision for income taxes - (7) ----------- ----------- Net earnings (loss) $ 419 $ (80) =========== =========== (EBIDTA) Earnings before taxes depreciation and amortization $ 1,062 $ 655 =========== =========== Basic net earnings (loss) per share, and net earnings (loss) per share - assuming dilution: Basic net earnings (loss) per share $ 0.06 $ (0.01) =========== =========== Net earnings (loss) per share - assuming dilution $ 0.06 $ (0.01) =========== =========== Weighted average shares outstanding - basic 7,477,000 7,422,000 =========== =========== Weighted average shares outstanding - assuming dilution 7,477,000 7,422,000 =========== =========== First Aviation Services Inc. Consolidated Condensed Statements of Operations (in thousands, except per share amounts) Nine months ended October 31, 2009 2008 ----------- ----------- (unaudited) (unaudited) Net sales $ 81,240 $ 88,152 Cost of sales 67,604 71,535 ----------- ----------- Gross profit 13,636 16,617 Selling, general and administrative expenses 11,633 14,811 Corporate expenses 1,083 1,144 ----------- ----------- Income (loss) from operations 920 662 Net interest income (expense) (818) (1,001) Foreign currency transaction gain 36 (3) ----------- ----------- Loss before income taxes 138 (342) Provision for income taxes - (15) ----------- ----------- Net loss $ 138 $ (357) =========== =========== (EBIDTA) Earnings before taxes depreciation and amortization $ 1,835 $ 1,857 =========== =========== Basic net loss per share, and net loss per share - assuming dilution: Basic net earnings (loss) per share $ 0.02 $ (0.05) =========== =========== Net earnings (loss) per share - assuming dilution $ 0.02 $ (0.05) =========== =========== Weighted average shares outstanding - basic 7,477,000 7,422,000 =========== =========== Weighted average shares outstanding - assuming dilution 7,477,000 7,422,000 =========== =========== First Aviation Services Inc. Consolidated Condensed Balance Sheets (in thousands, except per share amounts) Oct 31, 2009 Jan 31, 2009 ----------- ----------- (unaudited) (audited) Assets Current assets: Cash and cash equivalents $ 1,025 $ 1,304 Trade receivables, net 17,039 14,492 Inventory, net 32,459 29,471 Prepaid expenses and other 2,259 1,362 ----------- ----------- Total current assets 52,782 46,629 Plant and equipment, net 2,385 3,253 ----------- ----------- Total Assets $ 55,167 $ 49,882 =========== =========== Liabilities and stockholders' equity Current liabilities: Accounts payable $ 15,073 $ 11,651 Accrued compensation and related expenses 268 290 Other accrued liabilities 1,435 1,034 Revolving line of credit 21,201 20,630 Notes payable 1,032 537 ----------- ----------- Total current liabilities 39,009 34,142 Related Party - JEM III LLC 2,338 2,246 Notes payable, less current portion 37 - ----------- ----------- Total liabilities 41,384 36,388 Stockholders' equity: Common stock, $0.01 par value, 10,000,000 shares authorized, 9,135,699 shares issued 91 91 Additional paid-in capital 37,815 38,288 Accumulated deficit (16,660) (16,761) Accumulated other comprehensive income 342 229 ----------- ----------- 21,588 21,847 Less: Treasury stock, at cost, 1,501,708 and 1,601,130 shares, respectively (7,805) (8,353) ----------- ----------- Total stockholders' equity 13,783 13,494 ----------- ----------- Total liabilities and stockholders' equity $ 55,167 $ 49,882 =========== =========== First Aviation Services Inc. Consolidated Condensed Statements of Cash Flows (Unaudited) (in thousands) Nine months ended October 31, 2009 2008 ----------- ----------- (unaudited) (unaudited) Cash flows from operating activities Net income (loss) $ 138 $ (357) Adjustments to reconcile net loss to net cash used in operating activities - non-cash expense (income): Depreciation and amortization 915 1,195 Equity based compensation 74 28 (Increase) decrease in working capital assets: Trade receivables (2,547) 2,210 Inventory (2,988) (83) Prepaid expenses and other (897) (672) Increase (decrease) in working capital liabilities: Accounts payable 3,422 (2,713) Accrued compensation and related expenses, and other accrued liabilities 379 (645) ----------- ----------- Net cash used in operating activities (1,504) (1,037) Cash flows from investing activities Purchases of plant and equipment (47) (621) ----------- ----------- Net cash used in investing activities (47) (621) Cash flows from financing activities Borrowings (repayments), net on revolving line of credit 571 3,614 Repayments on notes payable & other short term debt 587 (411) ----------- ----------- Net cash provided by (used in) financing activities 1,158 3,203 ----------- ----------- Effect of exchange rate changes on cash and cash equivalents 114 (443) Net decrease in cash and cash equivalents (279) 1,102 Cash and cash equivalents at beginning of period 1,304 750 ----------- ----------- Cash and cash equivalents at end of period $ 1,025 $ 1,852 =========== ===========
Contact: James Howell Chief Financial Officer Aerospace Products International, Inc. (203) 291-3300
1 Year Tat Technologies Chart |
1 Month Tat Technologies Chart |
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