REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report .........................
|
Title of each class
|
Trading Symbol |
Name of each exchange on which registered
|
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Emerging growth company |
|
International Financial Reporting Standards as issued by the
International Accounting Standards Board ☐
|
Other ☐
|
(i) |
OEM of heat transfer solutions and aviation components, such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers (through
TAT Israel); |
(ii) |
MRO services for heat transfer components and OEM of heat transfer solutions (through our Limco subsidiary); |
(iii) |
MRO services for aviation components (through our Piedmont subsidiary); and |
(iv) |
Overhaul and coating of jet engine components (through our Turbochrome subsidiary). |
|
Year Ended December 31, |
|||||||||||||||||||||||
|
2023 |
2022 |
2021 |
|||||||||||||||||||||
|
Revenues in Thousands |
% of Total Revenues |
Revenues in Thousands |
% of Total Revenues |
Revenues in Thousands |
% of Total Revenues |
||||||||||||||||||
Revenues |
||||||||||||||||||||||||
OEM of heat transfer solutions and aviation accessories
|
27,555 |
24.2 |
% |
21,844 |
25.8 |
% |
25,997 |
33.3 |
% | |||||||||||||||
MRO services for heat transfer components and OEM of heat transfer
solutions |
32,995 |
29 |
% |
24,796 |
29.3 |
% |
18,846 |
24.2 |
% | |||||||||||||||
MRO services for aviation components |
50,760 |
44.5 |
% |
35,879 |
42.4 |
% |
33,232 |
42.6 |
% | |||||||||||||||
Overhaul and coating of jet engine components |
6,854 |
6 |
% |
5,770 |
6.8 |
% |
3,834 |
4.9 |
% | |||||||||||||||
Eliminations |
(4,370 |
) |
(3.7 |
)% |
(3,733 |
) |
(4.3 |
)% |
(3,916 |
) |
(5 |
)% | ||||||||||||
Total Revenues |
$ |
113,794 |
100 |
% |
$ |
84,556 |
100 |
% |
$ |
77,973 |
100 |
% |
|
Years Ended December 31, |
|||||||||||||||||||||||
|
2023 |
2022 |
2021 |
|||||||||||||||||||||
|
Revenues in Thousands |
% of Total Revenues |
Revenues in Thousands |
% of Total Revenues |
Revenues in Thousands |
% of Total Revenues |
||||||||||||||||||
United States |
$ |
81,999 |
72 |
% |
$ |
56,570 |
66.9 |
% |
$ |
47,947 |
61.5 |
% | ||||||||||||
Israel |
7,698 |
7 |
% |
7,162 |
8.5 |
% |
7,745 |
9.9 |
% | |||||||||||||||
Other |
24,097 |
21 |
% |
20,824 |
24.6 |
% |
22,281 |
28.6 |
% | |||||||||||||||
Total |
$ |
113,794 |
100 |
% |
$ |
84,556 |
100.0 |
% |
$ |
77,973 |
100.0 |
% |
• |
Inventory valuation |
• |
Income taxes |
• |
Allowance for current expected credit losses (CECL) |
|
Year Ended December 31 |
|||||||||||
|
2023 |
2022 |
2021 |
|||||||||
|
(in thousands) |
|||||||||||
Revenues |
||||||||||||
OEM of heat transfer solutions and aviation accessories |
$ |
27,555 |
$ |
21,844 |
$ |
25,977 |
||||||
MRO services for heat transfer components and OEM of heat transfer solutions
|
32,995 |
24,796 |
18,846 |
|||||||||
MRO services for aviation components |
50,760 |
35,879 |
33,232 |
|||||||||
Overhaul and coating of jet engine components |
6,854 |
5,770 |
3,834 |
|||||||||
Eliminations |
(4,370 |
) |
(3,733 |
) |
(3,916 |
) | ||||||
Total revenues |
113,794 |
84,556 |
77,973 |
|||||||||
Cost of revenues |
||||||||||||
OEM of heat transfer solutions and aviation accessories |
20,193 |
18,778 |
24,044 |
|||||||||
MRO services for heat transfer components and OEM of heat transfer solutions
|
30,176 |
20,750 |
16,922 |
|||||||||
MRO services for aviation components |
41,788 |
28,890 |
26,444 |
|||||||||
Overhaul and coating of jet engine components |
4,110 |
3,495 |
2,978 |
|||||||||
Eliminations |
(4,941 |
) |
(3,285 |
) |
(3,685 |
) | ||||||
Total cost of revenues |
91,326 |
68,628 |
66,703 |
|||||||||
Gross profit |
22,468 |
15,928 |
11,270 |
|||||||||
Research and development costs, net |
715 |
479 |
517 |
|||||||||
Selling and marketing |
5,523 |
5,629 |
5,147 |
|||||||||
General and administrative |
10,558 |
9,970 |
8,354 |
|||||||||
Other expenses (income) |
(433 |
) |
(90 |
) |
(468 |
) | ||||||
Restructuring expenses, net |
- |
1,715 |
1,755 |
|||||||||
Operating income (loss) |
6,075 |
(1,775 |
) |
(4,035 |
) | |||||||
Financial income (expense), net |
(1,330 |
) |
127 |
(540 |
) | |||||||
Income (loss) before taxes on income (tax benefit) |
4,745 |
(1,648 |
) |
(4,575 |
) | |||||||
Taxes on income (tax benefit) |
576 |
98 |
(662 |
) |
income (loss) before equity investment |
4,169 |
(1,746 |
) |
(3,913 |
) | |||||||
Share in results of affiliated company and impairment of share in
affiliated companies |
503 |
184 |
(76 |
) | ||||||||
Net income (loss) from continued operation |
$ |
4,672 |
$ |
(1,562 |
) |
$ |
(3,989 |
) | ||||
Net income (loss) from discontinued operation |
- |
- |
427 |
|||||||||
Net income (loss) |
$ |
4,672 |
$ |
(1,562 |
) |
$ |
(3,562 |
) |
|
Year Ended December 31, |
|||||||||||
|
2023 |
2022 |
2021 |
|||||||||
Revenues |
||||||||||||
OEM of heat transfer solutions and aviation components |
24.2 |
% |
25.8 |
% |
33.3 |
% | ||||||
MRO services for heat transfer components and OEM of heat transfer solutions
|
29 |
29.3 |
24.2 |
|||||||||
MRO services for aviation components |
44.5 |
42.4 |
42.6 |
|||||||||
Overhaul and coating of jet engine components |
6 |
6.8 |
4.9 |
|||||||||
Eliminations |
(3.7 |
) |
(4.4 |
) |
(5 |
) | ||||||
Total revenues |
100 |
100 |
100 |
|||||||||
Cost of revenues |
||||||||||||
OEM of heat transfer solutions and aviation components |
17.4
|
22.2
|
30.8
|
|||||||||
MRO services for heat transfer components and OEM of heat transfer solutions
|
26.5 |
24.5 |
21.7 |
|||||||||
MRO services for aviation components |
36.7
|
34.2
|
33.9
|
|||||||||
Overhaul and coating of jet engine components |
3.6
|
4.1
|
3.8
|
|||||||||
Eliminations |
(4 |
) |
(3.9 |
) |
(4.7 |
) | ||||||
Cost of revenues |
80.2
|
81.2
|
85.5
|
|||||||||
Gross profit |
19.7
|
18.8
|
14.5
|
|||||||||
Research and development costs, net |
0.6
|
0.6
|
0.7
|
|||||||||
Selling and marketing |
4.8
|
6.7
|
6.6
|
|||||||||
General and administrative |
9.3
|
11.8
|
10.7
|
|||||||||
Other expenses (income) |
(0.4 |
) |
(0.1 |
) |
(0.6 |
) | ||||||
Restructuring expenses, net |
0
|
2
|
2.2
|
|||||||||
14.3
|
21
|
19.6
|
||||||||||
Operating income (loss) |
5.3
|
(2.1 |
) |
(5.1 |
) | |||||||
Financial income (expense), net |
(1.2 |
) |
0.2
|
(0.7 |
) | |||||||
Income (loss) before taxes on income (tax benefit) |
4.2
|
(1.9 |
) |
(5.8 |
) | |||||||
Taxes on income (tax benefit) |
0.5
|
0.1
|
(0.8 |
) | ||||||||
income (loss) before equity investment |
3.7
|
(2.1 |
) |
(5 |
) | |||||||
Share in results of affiliated company and impairment of share in
affiliated companies |
0.4
|
0.2
|
(0.1 |
) | ||||||||
Net income (loss) from continued operation |
4.1
|
(1.8 |
) |
(5.1 |
) | |||||||
Net income (loss) from discontinued operation |
-
|
-
|
0.5
|
|||||||||
Net income (loss) |
4.1 |
% |
(1.8 |
)% |
(4.6 |
)% |
|
Year Ended December 31, |
|||||||||||
|
(in thousands) |
|||||||||||
|
2023 |
2022 |
2021 |
|||||||||
Net cash provided by (used in) operating activities |
$ |
2,255 |
$ |
(4,867 |
) |
$ |
(2,269 |
) | ||||
Net cash used in investing activities |
(3,579 |
) |
(16,120 |
) |
(15,639 |
) | ||||||
Net cash provided by financing activities |
10,240 |
15,798 |
6,042 |
|||||||||
Net cash provided by (used in) discontinued activities |
- |
- |
777 |
|||||||||
Net increase (decrease) in cash and cash equivalents |
8,916 |
(5,189 |
) |
(11,089 |
)
| |||||||
Cash and cash equivalents at beginning of the year |
8,026 |
13,215 |
24,304 |
|||||||||
Cash and cash equivalents at end of the year |
$ |
16,942 |
$ |
8,026 |
$ |
13,215 |
Contractual Obligations |
Payments due by Period
(Amounts in Thousands of US$) |
|||||||||||||||||||
Total |
Less than 1 year |
1-3 Years |
3-5 Years |
More than 5 years |
||||||||||||||||
Operating lease obligations |
2,730 |
1,033 |
1,147 |
550 |
- |
|||||||||||||||
Purchase commitments |
24,927 |
20,732 |
4,195 |
- |
- |
|||||||||||||||
Total |
$ |
27,657 |
$ |
21,765 |
$ |
5,341 |
$ |
550 |
$ |
- |
101.INS |
Inline XBRL Instance Document. |
|
|
101.SCH |
Inline XBRL Taxonomy Extension Schema Document. |
|
|
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
101.DEF |
Inline XBRL Taxonomy Definition Linkbase Document. |
|
|
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document. |
|
|
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
TAT TECHNOLOGIES LTD. |
|||
By: |
/s/ Ehud Ben-Yair |
||
Ehud Ben-Yair |
|||
Chief Financial Officer
(Principal Financial and Accounting Officer) |