Business
TAT Technologies Reports 2020 Results
GEDERA, Israel, March 30, 2021 /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 30, 2021 /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, 2020.\nKey Financial Highlights (*):\nTotal revenues for the twelve months ended December 31, 2020 were $75.3 million compared to $97.4 million for the twelve months ended December 31, 2019, a decrease of 22.7% The decrease in revenues was the result of the COVID-19 pandemic outbreak which has significant effect on the commercial aviation industry. \nGross profit for the twelve months ended December 31, 2020 were $8.4 million (11.2% of revenues) compared to $15.3 million (15.7% of revenues) for the twelve months ended December 31, 2019, a decrease of 44.8%. The decline in gross profit was mainly due to decrease in revenues and fixed charges on the COGS. \nAdjusted EBITDA for the twelve months ended December 31, 2020 was $1.1 million compared to $7.1 million for the twelve months ended December 31, 2019. \nGAAP net loss from continued operations for the twelve months ended December 31, 2020 was $3.5 million compared to GAAP net income of $1.5 million for the twelve months ended December 31, 2019. GAAP net income from continued operations for the twelve months ended December 31, 2020 included one-time expenses of approximately $0.8 million. \nCash net of debt for December 31, 2020 was $16.2 million compared to $16.0 million for December 31, 2019. During 2020, the Company made significant capital investments related to the two large agreements with Honeywell. Nevertheless, the improvement in cash was mainly due to improved working capital management.* Financial results for fiscal year 2019 reclassified due to discontinued operation. Mr. Igal Zamir, CEO and President of TAT Technologies stated, \"2020 was a unique and challenging year for the aerospace industry and for TAT. TAT has reacted quickly in early 2020 to the changing environment and adjusted its cost structure to the new environment. We managed to conclude 2020 with positive EBITDA and slight increase in our net cash balance after making some meaningful investments related to the two new strategic agreements with Honeywell. These investments are reflected in the inventory ...