NETANYA, Israel, Aug. 30,
2022 /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, reported today its unaudited results for
the three month and six-month periods ended June 30, 2022.
Key Financial Highlights:
- Revenues for the six-month period that ended on June 30, 2022 increased by 2% to $40.7 million compared with $39.9 million in the six-month period that ended
on June 30, 2021. Revenues for Q2
2022 were $20.8 million, a decrease
of 3.7% compared with $21.6 million
in Q2 2021.
- Gross profit for Q2 2022 was $4
million (19.4% as a percentage of revenues) an increase of
27.8% compared with $3.2 million
(14.6% as a percentage of revenues) in Q2 2021. Gross profit for
the six-month period that ended on June 30,
2022 was $7.1 million (17.4%
as a percentage of revenues) an increase of 8.1% compared with
$6.6 million (16.4% as a percentage
of revenues) in the six-month period that ended on June 30, 2021.
- Adjusted EBITDA for Q2 2022 doubled to $0.9 million compared with $0.4 million in Q2 2021. Adjusted EBITDA for the
six-month period that ended on June 30,
2022 was $1.4 million compared
with $2.0 million in the six-month
period that ended on June 30,
2021.
- During the first six months of 2021 the company received grants
(which were recorded as a decrease of expenses) in the value of
$1.9M. Adjusted EBITDA excluding
grants increased by $1.3M to
$1.4M in the six month period that
ended on June 30 2022 compared with
$0.1M in the six month period that
ended on June 30, 2021 (for more
details see the proforma comparison below)
- Net loss in Q222 was ($0.1)
million, or loss of ($0.01)
per diluted share, compared with a net loss of ($2.5) million, or loss of ($0.3) per diluted share, in Q221. For the
six-month period that ended on June 30,
2022, net loss was ($1.7)
million, or loss of ($0.2) per
diluted share compared with a net loss of ($1.9) million, or $(0.2) per diluted share in the six-month period
that ended on June 30, 2021.
- Net loss for Q222 and for the six-months period that ended on
June 30, 2022 include restructuring
expenses of $0.8 million and
$1.7 million, respectively.
- Proforma results comparison, representing 2021 without
grants:
|
Thousands
USD
|
Q222
|
Q221
|
H122
|
H121
|
|
Revenues
|
20,775
|
21,585
|
40,730
|
39,945
|
|
COGS
|
16,743
|
19,847
|
33,652
|
34,990
|
|
Gross
Profit
|
4,032
|
1,738
|
7,078
|
4,955
|
|
GM
|
19.4 %
|
8.1 %
|
17.4 %
|
12.4 %
|
|
R&D &
SG&M
|
4,191
|
4,258
|
7,884
|
7,221
|
|
EBITDA
|
886
|
(1,330)
|
1,393
|
69
|
Mr. Igal Zamir, TAT's CEO and
President commented on the results: "The financial results of the
second quarter of 2022 represent a continuous improvement in our
results compared to the previous quarter and compared to the same
period in 2021. During Q2 of 2022 we managed to increase revenues,
improve our gross profit and gross margin and improve our
operational cash flow compared to Q1 of 2022. Part of this
improvement is a result of cost cutting measures that are part of
our restructuring plan. Global supply chain issues continue to
affect our business and results. We continue to make enormous
efforts to meet our customers' needs at a time when demand post the
COVID-19 pandemic is picking up, but materials and components
availability is still problematic". Mr. Zamir continued: "During
this quarter we signed a five-year agreement with one of the
world's largest cargo companies with expected revenues of
$50 million over this period. This
agreement already contributes revenues and will be part of our
growth plan for Q322. We continue to work on other opportunities
that may result from the strategic agreements that we signed with
Honeywell last year".
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,
discontinued operation, financial (expenses) income, net,
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
web-site:
www.tat-technologies.com
Contact:
Mr. Ehud Ben-Yair
Chief Financial Officer
Tel: 972-8-862-8503
ehudb@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)
|
|
|
June
30,
|
|
December
31,
|
|
2022
|
|
2021
|
|
(unaudited)
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$ 8,336
|
|
$ 12,872
|
|
Accounts receivable,
net
|
14,490
|
|
13,887
|
|
Inventory,
net
|
44,220
|
|
41,003
|
|
Other current assets
and prepaid expenses
|
4,659
|
|
4,219
|
|
|
|
|
|
Total current
assets
|
71,705
|
|
71,981
|
|
|
|
|
|
NON-CURRENT ASSETS:
Restricted deposit
|
307
|
|
343
|
|
Investment in
affiliates
|
1,571
|
|
695
|
|
Funds in respect of
employee rights upon retirement
|
824
|
|
1,157
|
|
Deferred income
taxes
|
1,333
|
|
1,252
|
|
Intangible assets,
net
|
1,727
|
|
1,829
|
|
Property, plant and
equipment, net
|
35,991
|
|
30,462
|
|
Operating lease right
of use assets
|
2,954
|
|
3,114
|
|
|
|
|
|
Total non-current
assets
|
44,707
|
|
38,852
|
|
Total
assets
|
$ 116,412
|
|
$ 110,833
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Current maturities of
long-term loans
|
1,463
|
|
$ 691
|
|
Credit line from
bank
|
3,017
|
|
6,008
|
|
Accounts
payable
|
8,062
|
|
9,093
|
|
Accrued
expenses
|
7,014
|
|
6,959
|
|
Operating lease
liabilities
|
774
|
|
1,169
|
|
Provision for
restructuring plan
|
1,114
|
|
657
|
|
|
|
|
|
Total current
liabilities
|
21,444
|
|
24,577
|
|
|
|
|
|
NON CURRENT
LIABILITIES:
|
|
|
|
|
Long-term
loans
|
16,533
|
|
5,979
|
|
Liability in respect of
employee rights upon retirement
|
1,178
|
|
1,504
|
|
Operating lease
liabilities
|
2,137
|
|
1,989
|
|
|
|
|
|
Total
non-current liabilities
|
19,848
|
|
9,472
|
|
|
|
|
|
Total
liabilities
|
$ 41,292
|
|
$ 34,049
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Share
capital
|
2,820
|
|
2,809
|
|
Additional paid-in
capital
|
66,038
|
|
65,871
|
|
Treasury stock at
cost
|
(2,088)
|
|
(2,088)
|
|
Accumulated other
comprehensive income
|
(115)
|
|
33
|
|
Retained
earnings
|
8,465
|
|
10,159
|
|
Total shareholders'
equity
|
75,120
|
|
76,784
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$ 116,412
|
|
$ 110,833
|
|
|
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(In thousands, except
share and per share data)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
June
30,
|
|
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2021
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Products
|
$
7,144
|
|
$ 8,801
|
|
$ 13,463
|
|
$ 12,954
|
|
$ 25,870
|
|
Services
|
13,631
|
|
12,784
|
|
27,267
|
|
26,991
|
|
52,103
|
|
20,775
|
|
21,585
|
|
40,730
|
|
39,945
|
|
77,973
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods:
|
|
|
|
|
|
|
|
|
|
|
Products
|
5,826
|
|
7,527
|
|
11,569
|
|
11,138
|
|
23,761
|
|
Services
|
10,917
|
|
10,905
|
|
22,083
|
|
22,257
|
|
42,942
|
|
16,743
|
|
18,432
|
|
33,652
|
|
33,395
|
|
66,703
|
|
Gross Profit
|
4,032
|
|
3,153
|
|
7,078
|
|
6,550
|
|
11,270
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
180
|
|
136
|
|
153
|
|
271
|
|
517
|
|
Selling and
marketing
|
1,517
|
|
1,458
|
|
2,852
|
|
2,663
|
|
5,147
|
|
General and
administrative
|
2,494
|
|
2,309
|
|
4,879
|
|
3,932
|
|
8,354
|
|
Other income
|
(9)
|
|
-
|
|
(90)
|
|
-
|
|
(468)
|
|
Restructuring
expenses
|
775
|
|
1,897
|
|
1,703
|
|
2,417
|
|
1,755
|
|
4,957
|
|
5,800
|
|
9,497
|
|
9,283
|
|
15,305
|
|
Operating
loss
|
(925)
|
|
(2,647)
|
|
(2,419)
|
|
(2,733)
|
|
(4,035)
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
(expenses), net
|
508
|
|
(257)
|
|
574
|
|
140
|
|
(540)
|
|
Income (loss) before
taxes on income (tax benefit)
|
(417)
|
|
(2,904)
|
|
(1,845)
|
|
(2,593)
|
|
(4,575)
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income (tax
benefit)
|
(170)
|
|
(140)
|
|
(63)
|
|
(272)
|
|
(662)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
share of equity investment
|
(247)
|
|
(2,764)
|
|
(1,782)
|
|
(2,321)
|
|
(3,913)
|
|
|
|
|
|
|
|
|
|
|
|
Share in results of
affiliated companies
|
115
|
|
(26)
|
|
88
|
|
(38)
|
|
(76)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continued operation
|
$ (132)
|
|
$ (2,790)
|
|
$ (1,694)
|
|
$ (2,359)
|
|
$ (3,989)
|
|
Net income from
discontinued operation
|
-
|
|
$
307
|
|
-
|
|
$
463
|
|
$ 427
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(132)
|
|
$
(2,483)
|
|
$
(1,694)
|
|
$
(1,896)
|
|
$ (3,562)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share basic and diluted from continued operation
|
$ (0. 01)
|
|
$ (0.31)
|
|
$
(0.19)
|
|
$
(0.26)
|
|
$
(0.45)
|
|
Net income per share
basic and diluted from discontinued
|
$
-
|
|
$
0.03
|
|
$
-
|
|
$
0.05
|
|
$ 0.05
|
|
Net income (loss) per
share basic and diluted
|
$
(0.01)
|
|
$
(0.28)
|
|
$
(0.19)
|
|
$
(0.21)
|
|
$
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
8,886,546
|
|
8,874,696
|
|
8,886,546
|
|
8,874,696
|
|
8,874,696
|
|
Diluted
|
8,886,546
|
|
8,874,696
|
|
8,886,546
|
|
8,874,696
|
|
8,874,696
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
(In
thousands)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
June
30,
|
|
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
2021
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$ (132)
|
|
$ (2,483)
|
|
$ (1,694)
|
|
$ (1,896)
|
|
$ (3,562)
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
Net unrealized income
from derivatives
|
(116)
|
|
15
|
|
(148)
|
|
(128)
|
|
(76)
|
|
Reclassification adjustments for gains (losses)
included in net
income and inventory
|
-
|
|
-
|
|
-
|
|
-
|
|
(19)
|
|
Total
comprehensive income (loss)
|
$ (248)
|
|
$ (2,468)
|
|
$ (1,842)
|
|
$ (2,024)
|
|
$ (3,657)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
(In thousands,
except share data)
|
|
|
|
|
|
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, 2019
|
|
9,149,169
|
|
$
2,809
|
|
$
65,573
|
|
$
26
|
|
$
(2,088)
|
|
$
19,050
|
|
$
85,370
|
|
|
CHANGES DURING THE
YEAR ENDED
DECEMBER 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
-
|
|
-
|
|
-
|
|
102
|
|
-
|
|
(5,329)
|
|
(5,227)
|
|
|
Share based
compensation
|
|
-
|
|
-
|
|
138
|
|
-
|
|
-
|
|
-
|
|
138
|
|
|
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
PERIOD ENDED JUNE
30, 2022 (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
(148)
|
|
-
|
|
(1,694)
|
|
(1,842)
|
|
|
Exercise of
option
|
|
11,850
|
|
11
|
|
56
|
|
-
|
|
-
|
|
-
|
|
67
|
|
|
Share based
compensation
|
|
-
|
|
-
|
|
111
|
|
-
|
|
-
|
|
-
|
|
111
|
|
|
BALANCE AT JUNE 30,
2022 (unaudited)
|
|
9,161,019
|
|
$
2,820
|
|
$
66,038
|
|
$
(115)
|
|
$
(2,088)
|
|
8,465
|
|
$
75,120
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
(In
thousands)
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
Year
ended
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2022
|
|
2021
|
|
2022
|
2021
|
|
2021
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Audited)
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ (132)
|
|
$ (2,790)
|
|
$ (1,694)
|
$ (2,359)
|
|
$ (3,989)
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
926
|
|
1,081
|
|
1,899
|
2,137
|
|
4,881
|
|
|
Loss (gain) from change
in fair value of derivatives
|
|
(9)
|
|
(6)
|
|
8
|
(15)
|
|
(19)
|
|
|
Provision for doubtful
accounts
|
|
(45)
|
|
42
|
|
(45)
|
42
|
|
248
|
|
|
Share in results of
equity investment of affiliated Company
|
|
(115)
|
|
26
|
|
(88)
|
38
|
|
76
|
|
|
Share based
compensation
|
|
62
|
|
32
|
|
111
|
58
|
|
160
|
|
|
Non cash finance
(income) expense
|
|
(777)
|
|
209
|
|
(972)
|
(331)
|
|
(65)
|
|
|
Lease
modification
|
|
-
|
|
-
|
|
-
|
-
|
|
(1,315)
|
|
|
Increase (decrease) in
provision for restructuring expenses
|
|
802
|
|
(63)
|
|
457
|
470
|
|
657
|
|
|
Liability in respect of
employee rights upon retirement
|
|
(209)
|
|
137
|
|
(326)
|
10
|
|
94
|
|
|
Impairment of fixed
assets
|
|
-
|
|
1,800
|
|
-
|
1,800
|
|
1,820
|
|
|
Capital gain from sale
of fixed assets
|
|
(9)
|
|
-
|
|
(90)
|
|
|
(468)
|
|
|
Deferred income taxes,
net
|
|
(188)
|
|
(144)
|
|
(81)
|
(280)
|
|
(686)
|
|
|
Government loan
forgiveness
|
|
-
|
|
-
|
|
-
|
(1,443)
|
|
(1,442)
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade accounts receivable
|
|
(451)
|
|
(1,900)
|
|
(1,346)
|
(3,473)
|
|
(2,934)
|
|
|
Decrease
(increase) in other current assets and prepaid expenses
|
|
(81)
|
|
(1,202)
|
|
(60)
|
(1,383)
|
|
(959)
|
|
|
Decrease (increase) in
inventory
|
|
(1,143)
|
|
651
|
|
(3,365)
|
1,449
|
|
(681)
|
|
|
Increase (decrease) in trade accounts payable
|
|
(1,428)
|
|
1,484
|
|
(892)
|
1,494
|
|
2,571
|
|
|
Increase (decrease) in accrued expenses
|
|
161
|
|
(256)
|
|
119
|
304
|
|
(218)
|
|
|
Net cash provided by
operating activities
|
|
$ (2,636)
|
|
$ (899)
|
|
$ (6,365)
|
$ (1,482)
|
|
$ (2,269)
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
|
9
|
|
-
|
|
93
|
-
|
|
1,163
|
|
|
Purchase of property
and equipment
|
|
(3,575)
|
|
(1,962)
|
|
(7,585)
|
(9,567)
|
|
(16,247)
|
|
|
Purchase of intangible
assets
|
|
-
|
|
(259)
|
|
-
|
(544)
|
|
(555)
|
|
|
Cash flows used in
investing activities
|
|
$ (3,566)
|
|
$ (2,221)
|
|
$(7,492)
|
$(10,111)
|
|
$ (15,639)
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
credit line received (repayment) from banks
|
|
(261)
|
|
-
|
|
(3,261)
|
3,000
|
|
3,000
|
|
|
Proceeds from
long-term loans received
|
|
1,976
|
|
-
|
|
12,480
|
3,042
|
|
3,042
|
|
|
Exercise
of options
|
|
-
|
|
-
|
|
67
|
-
|
|
-
|
|
|
Cash flows provided
by financing activities
|
|
$ 1,715
|
|
$ -
|
|
$9,286
|
$6,042
|
|
$ 6,042
|
|
|
Cash flows from
discontinued Activities:
Net profit (loss) from
discontinued operation
|
|
$-
|
|
$63
|
|
$-
|
$219
|
|
$ 777
|
|
|
Net cash provided by
(used in) discontinued activities
|
|
$
-
|
|
$ 63
|
|
$ -
|
$ 219
|
|
$ 777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and restricted cash
|
|
(4,487)
|
|
(3,057)
|
|
(4,571)
|
(5,332)
|
|
(11,089)
|
|
|
Cash and restricted
cash at beginning of period
|
|
13,131
|
|
22,029
|
|
13,215
|
24,304
|
|
24,304
|
|
|
Cash and restricted
cash at end of period
|
|
$ 8,644
|
|
$ 18,972
|
|
$ 8,644
|
$ 18,972
|
|
$ 13,215
|
|
|
TAT TECHNOLOGIES AND
ITS SUBSIDIARIES
|
|
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA (NON-GAAP)
|
|
(UNAUDITED)
|
|
(In
thousands)
|
|
|
Three months
ended
|
Six months
ended
|
Year
ended
|
|
June
30,
|
June
30,
|
December
31,
|
|
2022
|
|
2021
|
2022
|
2021
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$ (132)
|
|
$
(2,483)
|
$ (1,694)
|
$ (1,896)
|
$ (3,562)
|
|
Adjustments:
|
|
|
|
|
|
|
|
Share in results of
equity investment of affiliated companies
|
(115)
|
|
26
|
(88)
|
38
|
76
|
|
Taxes on income (tax
benefit)
|
(170)
|
|
(140)
|
(63)
|
(272)
|
(662)
|
|
Financial expenses
(income), net
|
(508)
|
|
257
|
(574)
|
(140)
|
540
|
|
Depreciation and
amortization
|
974
|
|
1,158
|
1,998
|
2,265
|
5,420
|
|
Restructuring
expenses
|
775
|
|
1,897
|
1,703
|
2,430
|
1,755
|
|
Discontinued operation
income
|
-
|
|
(307)
|
-
|
(463)
|
(427)
|
|
Share based
compensation
|
62
|
|
32
|
111
|
58
|
160
|
|
Adjusted
EBITDA
|
$ 886
|
|
$ 440
|
$ 1,393
|
$
2,020
|
$ 3,300
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/tat-technologies-reports-results-for-the-second-quarter-of-2022-301614771.html
SOURCE TAT Technologies Ltd