TAT Technologies Reports Second Quarter 2015 Results

GEDERA, Israel, Aug. 10, 2015 /PRNewswire/ -- TAT Technologies Ltd. TATT (the "Company"), a leading provider of services and products to the commercial and military aerospace and ground defense industries, reported today its results for the three month and six month periods ended June 30, 2015.

Financial Highlights for the Second quarter of 2015:

• Total Revenue: $21.5 million compared to $20.6 million in the second quarter of 2014, increase of 4.2%.
• Operating income: $1.1 million compared to $0.7 million in the second quarter of 2014.
• Net income: $0.7 million compared to $0.3 million in the second quarter of 2014.
• Earnings per share basic and diluted: $0.08 per share compared to $0.04 per share in the second quarter of 2014.
• Cash and cash equivalents and short-term bank deposits: During the first 6 months of 2015, the cash balance has been increased in $ 1.7 million, from $28 million as of December 31, 2014 to $29.7 million as of June 30, 2015.

Mr. Itsik Maaravi, TAT's President & CEO commented, "We are pleased with the financial results of the second quarter of 2015, reflecting growth in revenue and operating income compared with both the previous quarter of 2015 and the second quarter of 2014.

We continue to strengthen our business and put efforts in leveraging the relationships with our customers. In addition, we continue to focus on expanding our customer base and pipeline in order to increase efficiency and profitability."

The company announced today that it has entered into a definitive agreement to acquire Chromalloy Israel Ltd. ("Chromalloy Israel") for approximately US$ 3.5 million (subject to certain price adjustments) in cash payable at the closing of the transaction. TAT shall pay additional amounts of up to US$ 2 million in the event that Chromalloy Israel meets certain annual revenue targets in 2015 and 2016. The acquisition is expected to close before the end of September 2015.

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 three segments:  (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) Heat Transfer Services and Products and (iii) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components.

TAT's activities in the area of OEM of Heat Management Solutions primarily include the design, development, manufacture and sale of (i) a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; (ii) environmental control and cooling systems on board aircraft and for ground applications; and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.

TAT's activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and in a lesser extent, the manufacturing of certain heat transfer products. TAT's Limco subsidiary operates FAA certified repair station, which provides heat transfer MRO services and products 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 maintenance, repair and overhaul of APUs, Landing Gear 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.

For more information of TAT Technologies, please visit our web-site:  www.tat-technologies.com

Guy Nathanzon – CFO
TAT Technologies Ltd.
Tel: 972-8-862-8500
guyn@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.

 

 

 

 

 

 

 

 

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SOURCE TAT Technologies