0001178913-18-003060.txt : 20181128 0001178913-18-003060.hdr.sgml : 20181128 20181128161150 ACCESSION NUMBER: 0001178913-18-003060 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20181128 FILED AS OF DATE: 20181128 DATE AS OF CHANGE: 20181128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAT TECHNOLOGIES LTD CENTRAL INDEX KEY: 0000808439 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT ENGINES & ENGINE PARTS [3724] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16050 FILM NUMBER: 181205747 BUSINESS ADDRESS: STREET 1: P.O. BOX 80 CITY: GEDERA ISRAEL STATE: L3 ZIP: 70750 BUSINESS PHONE: 2127025962 MAIL ADDRESS: STREET 1: P.O. BOX 80 STREET 2: 445 PARK AVE SUMMIT ROVINS & FELDESMAN CITY: GEDERA 70750 ISRAEL STATE: L3 FORMER COMPANY: FORMER CONFORMED NAME: GALAGRAPH LIMITED DATE OF NAME CHANGE: 19920609 6-K 1 zk1822332.htm 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
          
F O R M 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2018

TAT TECHNOLOGIES LTD.
(Name of Registrant)
 
      P.O.BOX 80, Gedera 70750 Israel
(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒          Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐           No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________


TAT Technologies Ltd.

6-K Items

1.
Press Release dated November 28, 2018 re TAT Technologies Ltd. Reports Third Quarter 2018 Results.
 
 
2
 
ITEM 1

Press Release
Source: TAT Technologies Limited

TAT Technologies Reports Third Quarter 2018 Results

GEDERA, Israel, November 28, 2018 - TAT Technologies Ltd. (NASDAQ: TATT - News) (“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 and nine month periods ended September 30, 2018.

Key Financial Highlights:

·
Revenues for Q3 2018 were $23.2 million compared with $26.6 million in Q3 2017.  Revenues for the nine-month period that ended on September 30, 2018 were $72.4 million compared with $80.2 million in the nine-month period that ended on September 30, 2017.
 
·
Adjusted EBITDA for Q3 2018 was $1 million, compared with $2.5 million in Q3 2017. Adjusted EBITDA for Q3 2018 improved by $1.3 million compared to Q2 2018. Adjusted EBITDA for the nine-month period that ended on September 30, 2018 was $1 million compared with $7.8 million in the nine-month period that ended on September 30, 2017.
 
·
GAAP net loss was $0.5 million, or $0.06 per diluted share in Q3 2018 compared with a net income of $0.8 million, or $0.10 per diluted share in Q3 2017. The net loss per share in Q3 2018 was lower by $0.1 per share compared with Q2 2018.
 
·
Non-GAAP net loss of $0.5 million, or $0.05 per diluted share in Q3 2018, compared with non-GAAP net income of $0.9 million, or $0.10 per diluted share in Q3 2017. The net loss per share in Q3 2018 was lower by $0.09 per share compared with Q2 2018.
 
·
Positive Operational cash flow of $3.1 million in Q3 2018 compared with negative operational cash flow of $0.6 million in Q3 2017. Positive operational cash flow of $2.9 million in the nine months of 2018 compared with positive operational cash flow of $ 2.4 million in the nine months of 2017.
 
Mr. Igal Zamir, CEO and President of TAT Technologies stated, “We continue our efforts to improve our results. We are in the midst of implementing several profitability improvements measures in the Company and its subsidiaries which resulted in improved cash flow in Q3 2018 compared to the previous quarter.  We now believe that total revenues for 2018 will be about 10% lower compared to 2017. However, we see several meaningful opportunities in the market. We look forward to see the future results of all the measures that were taken in order to increase our profitability”
 
Non-GAAP Financial Measures

To 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 not be considered as alternatives to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor they are meant to be predictive of potential future results.  Non-GAAP Net Income and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of GAAP Net Income to Non-GAAP Net Income and Adjusted EBITDA in pages 9 and 13 below.

3

About TAT Technologies LTD
 
TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.
 
For more information of TAT Technologies Ltd., please visit our web-site:
www.tat-technologies.com
 
Contact:
Ms. Inna Shpringer
MARCOM Manager
Tel: 972-8-862-8594
innas@tat-technologies.com


4

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company’s shares held by our previously controlling stockholders, and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

 
5
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)

 
September 30,
    
December 31,
  
   
2018
    
2017
  
   
(unaudited)
    
(audited)
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
17,240
    
$
17,514
  
Short-term bank deposits
    
470
      
470
  
Accounts receivable, net
    
21,055
      
25,744
  
Other current assets and prepaid expenses
    
2,690
      
2,363
  
Inventory, net
    
39,040
      
38,630
  
                 
Total current assets
    
80,495
      
84,721
  
                 
NON-CURRENT ASSETS:
                
 Investment in affiliates
    
1,090
      
1,192
  
Funds in respect of employee rights upon retirement
    
2,532
      
2,779
  
 Deferred income taxes
    
520
      
937
  
Intangible assets, net
    
945
      
1,045
  
Property, plant and equipment, net
    
21,596
      
21,321
  
                 
Total non-current assets
    
26,683
      
27,274
  
                 
Total assets
  
$
107,178
    
$
111,995
  
                 
LIABILITIES AND EQUITY
                
                 
CURRENT LIABILITIES:
                
Accounts payable
    
9,263
      
9,348
  
Accrued expenses
    
6,590
      
8,331
  
                 
Total current liabilities
    
15,853
      
17,679
  
                 
NON CURRENT LIABILITIES:
                
    Other long-term liabilities
    
200
      
146
  
Liability in respect of employee rights upon retirement
    
2,948
      
3,235
  
Deferred income taxes
    
2,070
      
2,361
  
                 
 Total non-current liabilities
    
5,218
      
5,742
  
                 
Total liabilities
    
21,071
      
23,421
  
                 
EQUITY:
                
Share capital
    
2,809
      
2,802
  
Additional paid-in capital
    
65,428
      
65,073
  
Treasury stock at cost
    
(2,088
)
    
(2,088
)
Accumulated other comprehensive gain (loss)
    
(32
)
    
135
  
Retained earnings
    
19,990
      
22,652
  
Total shareholders' equity
    
86,107
      
88,574
  
                 
Total liabilities and shareholders' equity
  
$
107,178
    
$
111,995
  

 
6
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
 
   
Three months ended
    
Nine months ended
    
Year ended
  
   
September 30,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
    
2017
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
Revenues:
                              
Products
  
$
5,543
    
$
8,985
    
$
18,539
    
$
27,904
    
$
36,053
  
Services
    
17,642
      
17,596
      
53,835
      
52,326
      
70,474
  
     
23,185
      
26,581
      
72,374
      
80,230
      
106,527
  
                                         
Cost of goods:
                                        
Products
    
5,752
      
7,557
      
18,733
      
22,000
      
28,096
  
Services
    
14,399
      
13,930
      
44,838
      
42,536
      
57,987
  
     
20,151
      
21,487
      
63,571
      
64,536
      
86,083
  
Gross Profit
    
3,034
      
5,094
      
8,803
      
15,694
      
20,444
  
                                         
Operating expenses:
                                        
Research and development, net
    
(35
)
    
215
      
460
      
620
      
731
  
Selling and marketing
    
1,171
      
1,205
      
3,806
      
3,643
      
4,974
  
General and administrative
    
1,987
      
2,182
      
6,733
      
6,688
      
9,409
  
Other loss (income)
    
(1
)
    
(1
)
    
(1
)
    
27
      
53
  
     
3,122
      
3,601
      
10,998
      
10,978
      
15,167
  
Operating income (loss)
    
(88
)
    
1,493
      
(2,195
)
    
4,716
      
5,277
  
                                         
Financial income (expenses), net
    
(58
)
    
21
      
(39
)
    
(251
)
    
(338
)
                                         
Income (loss) before taxes on income
    
(146
)
    
1,514
      
(2,234
)
    
4,465
      
4,939
  
                                         
Taxes on income
    
356
      
623
      
326
      
1,656
      
2,333
  
                                         
Income (loss) before equity investment
    
(502
)
    
891
      
(2,560
)
    
2,809
      
2,606
  
                                         
Share in results of affiliated companies
    
(42
)
    
(50
)
    
(102
)
    
(156
)
    
(210
)
                                         
Net income (loss)
  
$
(544
)
  
$
841
    
$
(2,662
)
  
$
2,653
    
$
2,396
  
                                         
Basic and diluted income (loss) per share
                                        
                                         
Net income (loss) per share
  
$
(0.06
)
  
$
0.10
    
$
(0.30
)
  
$
0.30
    
$
0.27
  
                                         
Weighted average number of shares outstanding
                                        
Basic
    
8,874,696
      
8,848,028
      
8,861,567
      
8,848,028
      
8,848,028
  
Diluted
    
8,874,696
      
8,924,358
      
8,861,567
      
8,920,054
      
8,909,072
  


7

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)


   
Three months ended
    
Nine months ended
     Year ended  
   
September 30,
     December 31,  
   
2018
    
2017
    
2018
    
2017
    
2017
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
Net income (loss)
  
$
(544
)
  
$
841
    
$
(2,662
)
  
$
2,653
    
$
2,396
  
Other comprehensive income
                                        
Net unrealized gains (losses) from derivatives
    
16
      
(221
)
    
(332
)
    
(545
)
    
(686
)
Reclassification adjustments for gains (losses) included in net income and inventory
    
123
      
(113
)
    
165
      
760
      
894
  
       Total other comprehensive income (loss)
  
$
(405
)
  
$
507
    
$
(2,829
)
  
$
2,868
    
$
2,604
  


8
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (UNAUDITED)
(In thousands, except share and per share data)

   
Three months ended
  
   
September 30, 
  
   
2018
    
2017
  
             
Reported net income (loss) on GAAP basis
  
$
(544
)
  
$
841
  
Adjustments:
                
Share in results of equity investment of affiliated company
    
42
      
50
  
Share based compensation
    
46
      
36
  
       Non-GAAP net income (loss)
  
$
(456
)
  
$
927
  
                 
       Non-GAAP net income per share (loss)
  
$
(0.05
)
  
$
0.10
  
                 
Weighted average number of shares outstanding
                
 Basic
    
8,874,696
      
8,848,028
  
 Diluted
    
8,874,696
      
8,924,358
  
 

 
9
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)

   
TAT Technologies Ltd. Shareholders
        
   
Share capital
          
Accumulated
                    
   
Number of shares issued
    
Amount
    
Additional paid-in capital
    
other comprehensive income (loss)
    
Treasury shares
    
Retained earnings
    
Total equity
  
                                           
BALANCE AT DECEMBER 31, 2015 (audited)
    
9,082,817
    
$
2,793
    
$
64,529
    
$
(4
)
  
$
(2,088
)
  
$
26,194
    
$
91,424
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2016 (audited):
                                                        
Comprehensive income (loss)
    
-
      
-
      
-
      
(69
)
    
-
      
62
      
(7
)
Share based compensation expenses
    
-
      
-
      
105
      
-
      
-
      
-
      
105
  
 Exercise of option
    
20,100
      
4
      
126
      
-
      
-
      
-
      
130
  
 Dividend distributed
    
-
      
-
      
-
      
-
      
-
      
(3,000
)
    
(3,000
)
BALANCE AT DECEMBER 31, 2016 (audited)
    
9,102,917
    
$
2,797
    
$
64,760
    
$
(73
)
  
$
(2,088
)
  
$
23,256
    
$
88,652
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2017 (audited):
                                                        
Comprehensive income
    
-
      
-
      
-
      
208
      
-
      
2,396
      
2,604
  
 Share based compensation expenses
    
-
      
-
      
174
      
-
      
-
      
-
      
174
  
 Exercise of options
    
19,584
      
5
      
139
      
-
      
-
      
-
      
144
  
 Dividend distributed
    
-
      
-
      
-
      
-
      
-
      
(3,000
)
    
(3,000
)
BALANCE AT DECEMBER 31, 2017 (audited)
    
9,122,501
    
$
2,802
    
$
65,073
    
$
135
    
$
(2,088
)
  
$
22,652
    
$
88,574
  
CHANGES DURING THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (unaudited):
                                                        
Comprehensive loss
    
-
      
-
      
-
      
(167
)
    
-
      
(2,662
)
    
(2,829
)
Share based compensation expenses
    
-
      
-
      
165
      
-
      
-
      
-
      
165
  
 Exercise of options
    
26,668
      
7
      
190
      
-
      
-
      
-
      
197
  
BALANCE AT SEPTEMBER 30, 2018 (unaudited)
    
9,149,169
    
$
2,809
    
$
65,428
    
$
(32
)
  
$
(2,088
)
  
$
19,990
    
$
86,107
  


10

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
   
Three months ended
    
Nine months ended
    
Year ended
  
   
September 30,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
    
2017
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
CASH FLOWS FROM OPERATING ACTIVITIES:
                              
Net income (loss) attributable to TAT Technologies Ltd. shareholders
  
$
(544
)
  
$
841
    
$
(2,662
)
  
$
2,653
    
$
2,396
  
                                         
Adjustments to reconcile net income to net cash provided by operating activities:
                                        
                                         
Depreciation and amortization
    
1,048
      
987
      
3,085
      
2,936
      
3,941
  
Loss on sale of  property, plant and equipment
    
-
      
-
      
-
      
28
      
54
  
Interest from short-term bank deposits and restricted deposits
    
-
      
-
      
-
      
-
      
(6
)
Loss (gain) from change in fair value of derivatives
    
35
      
(40
)
    
422
      
(100
)
    
(490
)
Provision for doubtful accounts
    
(474
)
    
-
      
(347
)
    
38
      
321
  
Share in results and sale of equity investment of affiliated Company
    
42
      
50
      
102
      
156
      
210
  
Share based compensation
    
46
      
36
      
165
      
151
      
174
  
Liability in respect of employee rights upon retirement
    
16
      
190
      
(287
)
    
360
      
241
  
Deferred income taxes, net
    
181
      
341
      
126
      
57
      
382
  
Changes in operating assets and liabilities:
                                        
    Decrease (increase)  in trade accounts receivable
    
2,015
      
(3,185
)
    
5,036
      
(4,470
)
    
(4,493
)
    Decrease (increase) in other current assets and prepaid expenses
    
172
      
(521
)
    
(576
)
    
(1,138
)
    
488
  
     Decrease (increase) in inventory
    
(569
)
    
(1,353
)
    
(481
)
    
1,319
      
210
  
    Increase in trade accounts payable
    
1,042
      
2,805
      
10
      
1,433
      
578
  
    Increase (decrease) in  accrued expenses
    
151
      
(701
)
    
(1,741
)
    
(1,084
)
    
(1,505
)
    Increase (decrease) in other long-term liabilities
    
(25
)
    
(13
)
    
54
      
12
      
(5
)
Net cash provided by (used in) operating activities
  
$
3,136
    
$
(563
)
  
$
2,906
    
$
2,351
    
$
2,496
  
                                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                                        
Investment in affiliated company
    
-
      
(133
)
    
-
      
(384
)
    
(383
)
Funds in respect of employee rights upon retirement
    
-
      
(26
)
    
(22
)
    
(97
)
    
(156
)
Proceeds from sale of property and equipment
    
-
      
-
      
7
      
-
      
-
  
Purchase of property and equipment
    
(1,177
)
    
(1,203
)
    
(3,362
)
    
(2,632
)
    
(3,520
)
Maturities of short-term deposits
    
-
      
-
      
-
      
500
      
500
  
Cash flows used in investing activities
  
$
(1,177
)
  
$
(1,362
)
  
$
(3,377
)
  
$
(2,613
)
  
$
(3,559
)
 
11
 
 
   
Three months ended
    
Nine months ended
    
Year ended
  
   
September 30,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
    
2017
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
CASH FLOWS FROM FINANCING ACTIVITIES:
                              
Payment of cash dividend
    
-
      
-
      
-
      
(3,000
)
    
(3,000
)
 Exercise of options
    
95
      
144
      
197
      
144
      
144
  
Cash flows  provided by (used in) financing activities
  
$
95
    
$
144
    
$
197
    
$
(2,856
)
  
$
(2,856
)
                                         
Net increase (decrease) in cash and cash equivalents
    
2,054
      
(1,781
)
    
(274
)
    
(3,118
)
    
(3,919
)
                                         
Cash and cash equivalents at beginning of period
    
15,186
      
20,096
      
17,514
      
21,433
      
21,433
  
                                         
Cash and cash equivalents at end of period
  
$
17,240
    
$
18,315
    
$
17,240
    
$
18,315
    
$
17,514
  

 

12
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)

   
Three months ended
    
Nine months ended
    
Year ended
  
   
September 30,
    
September 30,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
    
2017
  
                               
Net income (loss)
  
$
(544
)
  
$
841
    
$
(2,662
)
  
$
2,653
    
$
2,396
  
Adjustments:
                                        
Share in results and sale of equity investment of affiliated companies
    
42
      
50
      
102
      
156
      
210
  
Taxes on income
    
356
      
623
      
326
      
1,656
      
2,333
  
Financial expenses (income), net
    
58
      
(21
)
    
39
      
251
      
338
  
Depreciation and amortization
    
1,048
      
987
      
3,085
      
2,936
      
3,941
  
Share based compensation
    
46
      
36
      
165
      
151
      
174
  
Adjusted EBITDA
  
$
1,006
    
$
2,516
    
$
1,055
    
$
7,803
    
$
9,392
  

 
13

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
TAT TECHNOLOGIES LTD.
             (Registrant)
 
By: /s/ Ehud Ben-Yair
      Ehud Ben-Yair
      Chief Financial Officer

Date: November 28, 2018
 
14