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TAT Technologies Reports A Correction To Fourth Quarter And Full Year 2012 Results

GEDERA, Israel, April 22, 2013 /PRNewswire/ --

TAT Technologies Ltd. (NASDAQ: TATT - News) ("the Company"), a leading provider of services and products to the commercial and military aerospace and ground defense industries, reported today that following the reconciliation of an audit of royalties payable by the Company to one of its suppliers in the MRO business, the Company's net income (loss) for the three months and year ended December 31, 2012 was $0.13 million and $(1.71) million, respectively, rather than the net income (loss) of $0.37 million and $(1.48) million, respectively as previously reported in the Form 6K dated March 22, 2013. The audited results will be included in the Company's 20F released by end of April 2013.

 

                         TAT TECHNOLOGIES AND ITS SUBSIDIARIES

                         CONDENSED CONSOLIDATED BALANCE SHEETS

                      (Unaudited, in thousands, except share data)


                                                       December 31,  December 31,
                                                              2012          2011
                         ASSETS
    Current Assets:
    Cash and cash equivalents                             $ 16,581      $ 26,232
    Short-term bank deposits                                10,048             -
    Marketable securities at fair value                          -         1,900
    Short-term restricted deposits                           2,307           954
    Trade accounts receivable (net of allowance for
    doubtful accounts of $376 and $190 at December
    31, 2012 and 2011, respectively)                        20,930        20,621
    Other accounts receivable and prepaid expenses           4,587         6,479
    Inventories, net                                        33,031        31,303

    Total current assets                                    87,484        87,489

    Long-term assets:
      Long-term restricted deposits                              -         2,300
      Investment in affiliated company                       1,264         5,020
      Funds in respect of employee right upon retirement     3,318         2,859
      Long-term deferred tax                                 2,535         3,669
      Property, plant and equipment, net                    12,910        12,939
      Goodwill, net                                              -         1,042

    Total Long-term assets                                  20,027        27,829

    Total assets                                         $ 107,511     $ 115,318

                 LIABILITIES AND EQUITY

    Current Liabilities:
    Current maturities of long-term loans                    3,274         4,916
    Trade accounts payables                                  5,373         5,073
    Other accounts payable and accrued expenses              7,407         6,835

    Total current liabilities                               16,054        16,824

    Long-term liabilities:
    Long-term loans, net of current maturities               1,116         4,420
    Other long-term liabilities                                  -            86
    Liability in respect of employee rights upon retirement  3,815         3,414
    Long-term deferred tax liability                         1,490         1,413

                      Total long-term liabilities            6,421         9,333

    EQUITY:
    Share capital
    Ordinary shares of NIS 0.9 par value -
    Authorized: 10,000,000 shares at December 31,
    2012 and 2011; Issued: 9,073,043 shares at
    December 31, 2012 and 2011; Outstanding:
    8,798,570 and 8,815,003 shares at December 31,
    2012 and 2011, respectively                              2,790         2,790
    Additional paid-in capital                              64,410        64,402
    Treasury stock, at cost, 274,473 and 258,040
    shares at December 31, 2012 and 2011, respectively      (2,088)       (2,018)
    Accumulated other comprehensive loss                      (897)       (1,036)
    Retained earnings                                       18,018        22,232
    Total TAT Technologies Ltd. shareholders' equity        82,233        86,370
    Noncontrolling interest                                  2,803         2,791

    Total equity:                                           85,036        89,161

    Total liabilities and equity                         $ 107,511     $ 115,318

                        TAT TECHNOLOGIES AND ITS SUBSIDIARIES

                     CONDENSED CONSOLIDATED STATEMENTS OF INCOME

              (Unaudited, in thousands, except share and per share data)

                                  Three months ended      Twelve months ended
                                     December 31,             December 31,
                                  2012          2011       2012          2011

    Revenues:
    OEM of Heat Management
    Solutions                  $ 8,311       $ 8,424   $ 31,032      $ 30,020
    Heat Transfer Services
    and Products                 7,167         7,638     27,709        27,603
    MRO services for
    Aviation Components          5,776         5,343     22,442        20,146
    OEM of Electric Motion
    Systems                      3,092         3,103     10,007        11,658
    Eliminations                (1,307)       (1,118)    (3,268)       (4,030)
                                23,039        23,390     87,922        85,397

    Cost and operating
    expenses:
    OEM of Heat Management
    Solutions                    6,256         6,270     23,105        22,660
    Heat Transfer Services
    and Products                 4,925         5,801     19,671        20,173
    MRO services for
    Aviation Components          5,346         4,973     19,044        17,882
    OEM of Electric Motion
    Systems                      2,464         2,524      8,043         9,388
    Write down of inventory
    and impairment charges
    of long lived assets             -             -          -         5,763
    Eliminations                (1,212)       (1,127)    (3,281)       (3,884)
                                17,779        18,441     66,582        71,982
    Gross Profit                 5,260         4,949     21,340        13,415

    Research and development
    costs, net                     313           143      1,152           786
    Selling and marketing
    expenses                       830           958      3,426         3,439
    General and
    administrative expenses      3,233         2,939     11,487        10,949
    Other expenses (income)         (1)          (44)         9          (169)
    Impairment of goodwill           -             -      1,015             -
                                 4,375         3,996     17,089        15,005
    Operating income (loss)        885           953      4,251        (1,590)

    Financial expenses            (577)         (630)    (2,229)       (2,203)
    Financial income               560           296      2,048         1,823
    Gain from dilution of
    interests in affiliated
    company                          -             -          -           240

    Income (loss) before
    taxes on income                868           619      4,070        (1,730)

    Taxes on income
    (benefit)                      190           363      2,086          (316)
    Net income (loss) after
    taxes on income                678           256      1,984        (1,414)

    Share in results of
    affiliated company and
    impairment of share in
    affiliated company            (540)         (119)    (3,756)          331
    Net income (loss)              138           137     (1,772)       (1,083)
    Net loss (income)
    attributable to
    Noncontrolling interest         (8)          (20)        58            53
    Net income (loss)
    attributable to TAT
    Technologies Ltd.
    shareholders                 $ 130         $ 117   $ (1,714)     $ (1,030)
    Earning per share
    Basic and diluted net
    income (loss) per share
    attributable to
    controlling interest        $ 0.01        $ 0.01    $ (0.19)      $ (0.12)

    Weighted average number
    of shares - basic and
    diluted                  8,798,570     8,815,003  8,808,075     8,815,003

About TAT Technologies LTD

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