Business
TAT Technologies Reports First Quarter 2019 Results
GEDERA, Israel, May 23, 2019 /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, May 23, 2019 /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 unaudited results for the three-month period ended March 31, 2019.\nFinancial highlights for the first quarter of 2019 (unaudited): \nRevenues for the three-month period that ended on March 31, 2019 were $23.3 million compared with $24.4 million in the three-month period that ended on March 31, 2018. Adjusted EBITDA for the three-month period that ended on March 31, 2019 increased to $1.3 million compared with $0.4 million in the three-month period that ended on March 31, 2018. GAAP net income of $0.1 million, or $0.01 per diluted share in the three-month period that ended on March 31, 2019 compared with a net loss of $0.7 million, or a net loss of $0.08 per diluted share in the three-month period that ended on March 31, 2018. Non-GAAP net income of $0.2 million, or $0.02 per diluted share in the three-month period that ended on March 31, 2019, compared with non-GAAP net loss of $0.7 million, or a net loss of $0.08 per diluted share in the three-month period that ended on March 31, 2018.Mr. Igal Zamir, TAT's CEO and President commented on the results: \"We are pleased with the improved results of the first quarter. During the second half of 2018 we took several steps to cut expenses and improve operational efficiency. These actions are reflected in improved profitability metrics in the first quarter of 2019. We plan to continue executing our strategic plan to become a leader in the heat exchange OEM and MRO as well as in the power and actuation segment\". \nNon-GAAP Financial MeasuresTo 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) share in results of equity invest...