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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/30/22 Tat Technologies Ltd. 6-K 8/30/22 1:554K Z-K Global Ltd./FA |
Document/Exhibit Description Pages Size 1: 6-K Current, Quarterly or Annual Report by a Foreign HTML 552K Issuer
1. |
Press Release dated August 30, 2022 re TAT Technologies Ltd. Reports Second Quarter 2022 Results.
|
Source: TAT Technologies Limited
|
• |
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 Q2\22 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 Q2\21. 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 Q2\22 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
|
Q2\22
|
Q2\21
|
H1\22
|
H1\21
|
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
|
June 30,
|
||||||||
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
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
||||||||||||||||||||
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
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
||||||||||||||||||||
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 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
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
||||||||||||||||||||
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
|
Three months ended
|
Six months ended
|
Year ended
|
||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||
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
|
TAT TECHNOLOGIES LTD.
|
|||
(Registrant)
|
|
||
By: |
/s/ Ehud Ben-Yair
|
||
Chief Financial Officer
|
This ‘6-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
Filed on / For Period end: | 8/30/22 | |||
6/30/22 | ||||
12/31/21 | 20-F, SD | |||
6/30/21 | ||||
12/31/20 | 20-F, SD | |||
12/31/19 | 20-F, SD | |||
List all Filings |