TAT Technologies Reports Third Quarter 2016 Results

GEDERA, Israel, Nov 18, 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.