Business
TAT Technologies Reports 2019 Results
GEDERA, Israel, March 19, 2020 /PRNewswire/ -- TAT Technologies Ltd. (NASDAQ: TATT) ("TAT" or the "Company"), a leading provider of products and services to
About this update from Tat Technologies Ltd.
[{"type":"text","content":"GEDERA, Israel, March 19, 2020 /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 audited results for the twelve months ended December 31, 2019.\nKey Financial Highlights:\nTotal revenues grew by $8.8M to $102 million for the twelve months ended December 31, 2019, compared to $93.2 million for the twelve months ended December 31, 2018, an increase of 9.5%. MRO and OEM segments contributed to the growth. Gross profit for the twelve months ended December 31, 2019 increased by 85.5% to $15.6 million (15.3% of revenues) compared with $8.4 million (9% of revenues) for the twelve months ended December 31, 2018. This was achieved due to the cost decrease and efficiency increase program started at the end of 2018. EBITDA for the twelve months ended December 31, 2019 increased by $7.7M to $6.5 million compared with a negative EBITDA of $1.2 million for the twelve months ended December 31, 2018. Net income increased by $5.2M to $0.8 million, or $0.1 per diluted share for the twelve months ended December 31, 2019 compared with a loss of $4.4 million, or ($0.5) per diluted share for the twelve months ended December 31, 2018. Cash stay stable at the level of $16M year over year. Non-GAAP Financial Measures\nTo supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents a Non-GAAP presentation of Net Income and 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. Non-GAAP Net Income excludes changes, income or losses, as applicable, related to one or more of the following: (1) share-based compensation expenses and/or (2) certain tax impact and/or (3) acquisition related expenses and/or (4) share in results of equity investment of affiliated companies. Adjusted EBITDA is calculated as net income before the Company's share in results and sale of equity investment of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization. Non-GAAP Net Income and Adjusted EBITDA, however, should ...