TAT Technologies Reports Third Quarter 2016 Results

GEDERA, Israel, Nov 18, 2016 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) (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 nine month periods ended September 30, 2016.

Financial Highlights for the Third quarter of 2016 (unaudited):

• Total Revenue: $23.7 million compared to $22 million in the third quarter of 2015.
• Operating income: $1.5 million compared to $0.5 million in the third quarter of 2015.
• EBITDA: $2.4 million compared to $1.1 million in the third quarter of 2015.
• Net income: $0.9 million compared to $0.2 million in the third quarter of 2015.
• Earnings per share basic and diluted: $0.1 per share compared to $0.02 per share in the third quarter of 2015.
• Net cash provided by (used in) operating activities: $2.2 million compared to $(0.1) million in the third quarter of 2015.
• Dividend distribution: on August 9, 2016, the company distributed to shareholders a cash dividend in the total amount of $3.0 million.  During the second quarter of 2016, the Company recorded an accrual, related to tax expenses, of approximately $2.4 million of which $ 2 million is related to a deferred tax liability for future distribution of earnings from foreign subsidiaries of the Company, since the Company's Board of Directors considers future distribution of dividends from these earnings to the Company's shareholders.

Mr. Igal Zamir, TAT's President & CEO commented; "We are pleased with the 2016 third quarter financial results, reflecting improved profitability mainly due to operational efficiencies improvements. Piedmont completed the move to its new, state of the art landing gears and materials plating facility adding new capabilities, Limco continues to enjoy strong demand with increasing growth opportunities in Heat Exchangers MRO and our OEM Heat Exchangers business enjoys a strong backlog."

About TAT Technologies LTD

TAT Technologies Ltd. is a leading provider of products and services to the commercial and military aerospace and ground defense industries. TAT operates under four segments:  (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) Heat Transfer Services and Products (iii) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components; and (iv) overhaul and coating of jet engine blades and components

TAT's activities in the area of OEM Heat Management Solutions are focused on the design, development, manufacture, and sale of the following: (i) a broad range of heat transfer components including 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 to a lesser extent, the manufacture of certain heat transfer product parts. TAT's Limco subsidiary operates an 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 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 jet engine overhaul includes the overhaul and coating of jet engine components such as turbine vanes and blades, fan blades, variable inlet guide vanes, afterburner flaps and other components.

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

Contact:Guy Nathanzon – CFOTAT Technologies Ltd.Tel: 972-8-862-8500[email protected]

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SOURCE TAT Technologies Ltd