zk1312992.htm
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 April 2013

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 x   Form 40-F o

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): o
 
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): o

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 o   No x

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 April 22, 2013 re TAT Technologies Reporting a Correction to Fourth Quarter and Full Year 2012 Results.

 
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ITEM 1
 
Press Release
Source: TAT Technologies Limited
 
TAT Technologies Reports a Correction to Fourth Quarter and Full Year 2012 Results

GEDERA, Israel, Monday, April 22, 2013 - TAT Technologies Ltd. (NASDAQ: TATT - News) (“the Company”), a leading provider of services and products to the commercial and military aerospace and ground defense industries, reported today that following the reconciliation of an audit of royalties payable by the Company to one of its suppliers in the MRO business, the Company’s net income (loss) for the three months and year ended December 31, 2012 was $0.13 million and $(1.71) million, respectively, rather than the net income (loss) of $0.37 million and $(1.48) million, respectively as previously reported in the Form 6K dated March 22, 2013. The audited results will be included in the Company’s 20F released by end of April 2013.
 
 
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TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share data)

   
December 31,
    
December 31,
  
   
2012
    
2011
  
ASSETS
            
Current Assets:
            
Cash and cash equivalents
   $ 16,581     $ 26,232  
Short-term bank deposits
     10,048       -  
Marketable securities at fair value
     -       1,900  
Short-term restricted deposits
     2,307       954  
Trade accounts receivable (net of allowance for
  doubtful accounts of  $376 and $190 at December
  31, 2012 and 2011, respectively)
     20,930       20,621  
Other accounts receivable and prepaid expenses
     4,587       6,479  
Inventories, net
     33,031       31,303  
                 
Total current assets
     87,484       87,489  
                 
Long-term assets:
                
Long-term restricted deposits
     -       2,300  
Investment in affiliated company
     1,264       5,020  
Funds in respect of employee right upon retirement
     3,318       2,859  
Long-term deferred tax
     2,535       3,669  
Property, plant and equipment, net
     12,910       12,939  
Goodwill, net
     -       1,042  
                 
Total Long-term assets
     20,027       27,829  
                 
Total assets
   $ 107,511     $ 115,318  
                 
LIABILITIES AND EQUITY
                
                 
Current Liabilities:
                
Current maturities of long-term loans
     3,274       4,916  
Trade accounts payables
     5,373       5,073  
Other accounts payable and accrued expenses
     7,407       6,835  
                 
Total current liabilities
     16,054       16,824  
                 
Long-term liabilities:
                
Long-term loans, net of current maturities
     1,116       4,420  
Other long-term liabilities
     -       86  
Liability in respect of employee rights upon retirement
     3,815       3,414  
Long-term deferred tax liability
     1,490       1,413  
                 
Total long-term liabilities
     6,421       9,333  
                 
EQUITY:
                
Share capital
                
Ordinary shares of NIS 0.9 par value – Authorized: 10,000,000 shares at December 31, 2012 and 2011;  
  Issued: 9,073,043 shares at December 31, 2012 and 2011; Outstanding: 8,798,570 and 8,815,003 shares
  at December 31, 2012 and 2011, respectively
     2,790       2,790  
Additional paid-in capital
     64,410       64,402  
Treasury stock, at cost, 274,473 and 258,040 shares at December 31, 2012 and 2011, respectively
     (2,088 )     (2,018 )
Accumulated other comprehensive loss
     (897 )     (1,036 )
Retained earnings
     18,018       22,232  
Total TAT Technologies Ltd. shareholders' equity
     82,233       86,370  
Noncontrolling interest
     2,803       2,791  
                 
Total equity:
     85,036       89,161  
                 
Total liabilities and equity
   $ 107,511     $ 115,318  
 
 
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TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except share and per share data)
 
   
Three months ended
    
Twelve months ended
  
   
December 31,
    
December 31,
  
   
2012
    
2011
    
2012
    
2011
  
                         
Revenues:
  
 
                    
OEM of Heat Management Solutions
   $ 8,311     $ 8,424     $ 31,032     $ 30,020  
Heat Transfer Services and Products
     7,167       7,638       27,709       27,603  
MRO services for Aviation Components
     5,776       5,343       22,442       20,146  
OEM of Electric Motion Systems
     3,092       3,103       10,007       11,658  
Eliminations
     (1,307 )     (1,118 )     (3,268 )     (4,030 )
      23,039       23,390       87,922       85,397  
                                 
Cost and operating expenses:
                                
OEM of Heat Management Solutions
     6,256       6,270       23,105       22,660  
Heat Transfer Services and Products
     4,925       5,801       19,671       20,173  
MRO services for Aviation Components
     5,346       4,973       19,044       17,882  
OEM of Electric Motion Systems
     2,464       2,524       8,043       9,388  
Write down of inventory and impairment charges of  long lived assets
     -       -       -       5,763  
Eliminations
     (1,212 )     (1,127 )     (3,281 )     (3,884 )
      17,779       18,441       66,582       71,982  
Gross Profit
     5,260       4,949       21,340       13,415  
                                 
Research and development costs, net
     313       143       1,152       786  
Selling and marketing expenses
     830       958       3,426       3,439  
General and administrative expenses
     3,233       2,939       11,487       10,949  
Other expenses (income)
     (1 )     (44 )     9       (169 )
Impairment of goodwill
     -       -       1,015       -  
      4,375       3,996       17,089       15,005  
Operating income (loss)
     885       953       4,251       (1,590 )
                                 
Financial expenses
     (577 )     (630 )     (2,229 )     (2,203 )
Financial income
     560       296       2,048       1,823  
Gain from dilution of interests in affiliated company
     -       -       -       240  
                                 
Income (loss) before taxes on income
     868       619       4,070       (1,730 )
                                 
Taxes on income (benefit)
     190       363       2,086       (316 )
Net income (loss) after taxes on income
     678       256       1,984       (1,414 )
                                 
Share in results of affiliated company and impairment of share in affiliated company
     (540 )     (119 )     (3,756 )     331  
Net income (loss)
     138       137       (1,772 )     (1,083 )
Net loss (income) attributable to Noncontrolling interest
     (8 )     (20 )     58       53  
Net income (loss) attributable to TAT Technologies Ltd. shareholders
   $ 130     $ 117     $ (1,714 )   $ (1,030 )
Earning per share
                                
Basic and diluted net income (loss) per share attributable to controlling interest
   $ 0.01     $ 0.01     $ (0.19 )   $ (0.12 )
                                 
Weighted average number of shares – basic and diluted
     8,798,570       8,815,003       8,808,075       8,815,003  
 
 
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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 or “OEM” of Heat Management Solutions (ii) OEM of Electric Motion Systems (iii) Heat Transfer Services and Products and (iv) Maintenance, Repair and Overhaul or “MRO” services of Aviation Components.

TAT’s activities in the area of OEM of Heat Management Solutions primarily include the design, development, manufacture and sale of (i) a broad range of heat transfer components (such as 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 OEM of Electric Motion Systems primarily include the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems.

TAT’s activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and in a lesser extent, the manufacturing of certain heat transfer products. TAT’s Limco subsidiary operates FAA certified repair station, which provides heat transfer MRO services and products 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 maintenance, repair and overhaul of APUs, Landing Gear 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 also holds approximately 30% of the equity of First Aviation Services, a one-stop-shop for MRO services (wheels, breaks, propellers and landing gear) for the General Aviation Industry.
 
 
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TAT’s executive offices are located in the Re’em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT’s telephone number is 972-8-862-8500.

For more information of TAT Technologies, please visit our web-site:  www.tat-technologies.com

Yaron Shalem – CFO
TAT Technologies Ltd.
Tel: 972-8-862-8500
yarons@tat-technologies.com
 
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, 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.

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/ Yaron Shalem  
   
Yaron Shalem
  
   
Chief Financial Officer
  
       
Date: April 22, 2013
 
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