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 August 2017

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 August 13, 2017 re TAT Technologies Ltd. Reports Second Quarter 2017 Results.

2
 
ITEM 1

Press Release
Source: TAT Technologies Limited

TAT Technologies Reports Continued Improvement in Profitability and revenue growth in Q2 2017

Revenue growth of 13% in Q2/17 compare to Q2/16 and 14% in H1/17 compared to H1/16.

Company achieves Adjusted EBITDA of $2.4 million for the quarter compared with $1.2 million in
Q2/16, an increase of 100% and $5.3 million for the first half of the year compared with $2.3
million in H1/16, an increase of 130%.

GEDERA, Israel, August 13, 2017 - 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 six month periods ended June 30, 2017.

Key Financial Highlights:

·
Revenues for Q2 2017 were $26.6 million compared with $23.5 million in Q2 2016, a 13.2% growth.  Revenues for H1 2017 were $53.6 million compared with $47.2 million in H1 2016, a 13.6% growth.

·
Profitability showed significant improvement, both quarter-over-quarter and first half-over-first half:

o
Adjusted EBITDA for Q2 2017 increased to $2.4 million compared with $1.2 million in Q2 2016, an increase of 100%. Adjusted EBITDA for H1 2017 increased to $5.3 million compared with $2.3 million in H1 2016, an increase of 130%.
o
The Company achieved GAAP net income of $0.6 million, or $0.07 per diluted share in Q2 2017, compared with a loss of $(2.5) million, or $(0.28) per diluted share, in Q2 2016.
o
Non-GAAP net income reached $0.8 million, or $0.09 per diluted share in Q2 2017, compared with a loss of $(0.1) million, or $(0.01) per diluted share in Q2 2016.

·
Last Twelve Months (“LTM”) results for the period ended June 30, 2017 improved with revenues of $102.3 million compared to $90.8 million in the LTM period ended June 30, 2016, a growth of 12.7%. Adjusted EBITDA for the LTM period ended June 30, 2017 was $10.9 million compared to $2.5 million in the LTM period ended June 30, 2016, a growth of 336%.
 
Mr. Igal Zamir, CEO and President of TAT Technologies stated, “Our second quarter results reflect the continued implementation of the Company’s plan to improve efficiencies and cost reduction. This is the fourth consecutive quarter in which we demonstrate consistent and significant improvement resulting from streamlining operations, leveraging additional synergies between our various business activities and having certain new marketing processes. In addition, we are systematically focusing on tenders that guarantee present profitability compared to those that characterized our past activities, as reflected in the change of our product mix.”

Mr. Zamir added, “The aviation industry is benefiting from an increase in fleet sizes as well as passenger traffic on the one hand and low fuel prices on the other; we are working to leverage these trends in order to strengthen our business and competitive position. We are thrilled that the 14% sales growth was achieved concurrently with a decrease in operating expenses, resulting in Adjusted EBITDA doubling in the first six months of 2017 compared to the comparable period in 2016. The Adjusted EBITDA ratio also grew to more than 9% of total revenues during this period. We believe that our long term strategy will enable TAT to better utilize business opportunities and maintain our growth momentum.”

3

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.

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.

4
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
 
Guy Nathanzon, CFO
TAT Technologies Ltd.
Tel: 972-8-862-8500
guyn@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, 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)

 
June 30,
    
December 31,
  
   
2017
    
2016
  
   
(unaudited)
    
(audited)
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
20,096
    
$
21,433
  
Short-term bank deposits
    
464
      
964
  
Accounts receivable, net
    
22,819
      
21,572
  
Other current assets and prepaid expenses
    
3,020
      
1,687
  
Inventory, net
    
36,406
      
39,269
  
                 
Total current assets
    
82,805
      
84,925
  
                 
NON-CURRENT ASSETS:
                
 Investment in affiliates
    
1,164
      
1,019
  
Funds in respect of employee rights upon retirement
    
2,816
      
2,660
  
 Deferred income taxes
    
1,032
      
896
  
Intangible assets, net
    
1,112
      
1,179
  
Property, plant and equipment, net
    
20,902
      
21,298
  
                 
Total non-current assets
    
27,026
      
27,052
  
                 
Total assets
  
$
109,831
    
$
111,977
  
                 
LIABILITIES AND EQUITY
                
                 
CURRENT LIABILITIES:
                
Accounts payable
    
7,120
      
8,406
  
Accrued expenses
    
9,453
      
9,836
  
                 
Total current liabilities
    
16,573
      
18,242
  
                 
NON CURRENT LIABILITIES:
                
Other long-term liabilities
    
176
      
151
  
Liability in respect of employee rights upon retirement
    
3,164
      
2,994
  
Deferred income taxes
    
1,790
      
1,938
  
                 
Total non-current liabilities
    
5,130
      
5,083
  
                 
Total liabilities
    
21,703
      
23,325
  
                 
EQUITY:
                
Share capital
    
2,797
      
2,797
  
Additional paid-in capital
    
64,875
      
64,760
  
Treasury stock at cost
    
(2,088
)
    
(2,088
)
Accumulated other comprehensive loss
    
476
      
(73
)
Retained earnings
    
22,068
      
23,256
  
Total shareholders' equity
    
88,128
      
88,652
  
                 
Total liabilities and shareholders' equity
  
$
109,831
    
$
111,977
  

6
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)

   
Three months ended
    
Six months ended
    
Year ended
  
   
June 30,
    
December 31,
  
   
2017
    
2016
    
2017
    
2016
    
2016
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
Revenues:
                              
Products
  
$
9,369
    
$
7,941
    
$
18,919
    
$
16,010
    
$
30,431
  
Services
    
17,199
      
15,589
      
34,730
      
31,154
      
65,363
  
     
26,568
      
23,530
      
53,649
      
47,164
      
95,794
  
                                         
Cost of goods:
                                        
Products
    
7,532
      
6,341
      
14,443
      
13,032
      
23,788
  
Services
    
13,993
      
12,794
      
28,606
      
25,802
      
52,969
  
     
21,525
      
19,135
      
43,049
      
38,834
      
76,757
  
Gross Profit
    
5,043
      
4,395
      
10,600
      
8,330
      
19,037
  
                                         
Operating expenses:
                                        
Research and development, net
    
176
      
474
      
405
      
738
      
1,140
  
Selling and marketing
    
1,296
      
947
      
2,438
      
1,957
      
3,876
  
General and administrative
    
2,239
      
2,682
      
4,506
      
5,092
      
10,023
  
Other loss (income)
    
-
      
(4
)
    
28
      
(3
)
    
(138
)
     
3,711
      
4,099
      
7,377
      
7,784
      
14,901
  
Operating income
    
1,332
      
296
      
3,223
      
546
      
4,136
  
                                         
Financial expenses, net
    
(100
)
    
(13
)
    
(272
)
    
(32
)
    
(154
)
                                         
Income before taxes on income
    
1,232
      
283
      
2,951
      
514
      
3,982
  
                                         
Taxes on income
    
535
      
2,722
      
1,033
      
2,908
      
3,865
  
                                         
Income (loss) before equity investment
    
697
      
(2,439
)
    
1,918
      
(2,394
)
    
117
  
                                         
Share in results of affiliated companies
    
(86
)
    
(14
)
    
(106
)
    
(14
)
    
(55
)
                                         
Net income (loss)
  
$
611
    
$
(2,453
)
  
$
1,812
    
$
(2,408
)
  
$
62
  
                                         
Basic and diluted income (loss) per share
                                        
                                         
Net income (loss) per share
  
$
0.07
    
$
(0.28
)
  
$
0.21
    
$
(0.27
)
  
$
0.01
  
                                         
Weighted average number of shares outstanding
                                        
Basic
    
8,828,444
      
8,828,444
      
8,828,444
      
8,828,444
      
8,828,444
  
Diluted
    
8,832,080
      
8,828,444
      
8,892,756
      
8,828,444
      
8,830,764
  

7
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)

   
Three months ended
    
Six months ended
    
Year ended
  
   
June 30,
    
December 31,
  
   
2017
    
2016
    
2017
    
2016
    
2016
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
Net income (loss)
  
$
611
    
$
(2,453
)
  
$
1,812
    
$
(2,408
)
  
$
62
  
Other comprehensive income
                                        
Net unrealized gains (losses) from derivatives
    
(227
)
    
(173
)
    
(324
)
    
192
      
174
  
Reclassification adjustments for gains included in net income and inventory
    
336
      
(74
)
    
873
      
(121
)
    
(243
)
Total other comprehensive income (loss)
  
$
720
    
$
(2,700
)
  
$
2,361
    
$
(2,337
)
  
$
(7
)

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
  
   
June 30,
  
   
2017
    
2016
  
             
Reported net income (loss) on GAAP basis
  
$
611
    
$
(2,453
)
Adjustments:
                
Tax adjustments re non-GAAP adjustments (1)
    
-
      
2,360
  
Share in results of equity investment of affiliated company
    
86
      
14
  
Share based compensation
    
58
      
13
  
 Non-GAAP net income (loss)
  
$
755
    
$
(66
)
                 
 Non-GAAP net income per share (loss)
  
$
0.09
    
$
(0.01
)
                 
Weighted average number of shares outstanding
                
 Basic
    
8,828,444
      
8,828,444
  
 Diluted
    
8,832,080
      
8,828,444
  
 
(1)
During the second quarter of 2016 the Company distributed dividend from its foreign subsidiaries earnings. As a result, the company accrued deferred tax liability due to actual distribution of earnings from foreign subsidiaries of the Company and due to the possibility of future distribution of earnings from such foreign subsidiaries.

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, 2014 (audited)
    
9,082,817
    
$
2,793
    
$
64,491
    
$
-
    
$
(2,088
)
  
$
20,345
    
$
85,541
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2015 (audited):
                                                        
Comprehensive income (loss)
    
-
      
-
      
-
      
(4
)
    
-
      
5,849
      
5,845
  
Share based compensation expenses
    
-
      
-
      
38
      
-
      
-
      
-
      
38
  
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 SIX MONTHS ENDED JUNE 30, 2017 (unaudited):
                                                        
Comprehensive income
    
-
      
-
      
-
      
549
      
-
      
1,812
      
2,361
  
 Dividend distributed
    
-
      
-
      
-
      
-
      
-
      
(3,000
)
    
(3,000
)
 Share based compensation expenses
    
-
      
-
      
115
      
-
      
-
      
-
      
115
  
BALANCE AT JUNE 30, 2017 (unaudited)
    
9,102,917
    
$
2,797
    
$
64,875
    
$
476
    
$
(2,088
)
  
$
22,068
    
$
88,128
  

10


TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
Three months ended
    
Six months ended
    
Year ended
  
   
June 30,
    
December 31,
  
   
2017
    
2016
    
2017
    
2016
    
2016
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                               
CASH FLOWS FROM OPERATING ACTIVITIES:
                              
Net income (loss) attributable to TAT Technologies Ltd. shareholders
  
$
611
    
$
(2,453
)
  
$
1,812
    
$
(2,408
)
  
$
62
  
                                         
Adjustments to reconcile net income to net cash provided by operating activities:
                                        
                                         
Depreciation and amortization
    
980
      
880
      
1,949
      
1,731
      
3,636
  
Loss on sale of  property, plant and equipment
    
-
      
-
      
28
      
1
      
12
  
Interest from short-term bank deposits and restricted deposits
    
-
      
-
              
(11
)
    
(24
)
Loss (gain) from change in fair value of derivatives
    
(43
)
    
5
      
(60
)
    
(48
)
    
(152
)
Provision for doubtful accounts
    
19
      
-
      
38
      
43
      
(29
)
Share in results and sale of equity investment of affiliated Company
    
86
      
14
      
106
      
14
      
55
  
Share based compensation
    
58
      
13
      
115
      
27
      
105
  
Liability in respect of employee rights upon retirement
    
68
      
(5
)
    
170
      
13
      
123
  
Deferred income taxes, net
    
(342
)
    
2,218
      
(284
)
    
2,100
      
1,670
  
Changes in operating assets and liabilities:
                                        
    Increase in trade accounts receivable
    
(1,820
)
    
(2,060
)
    
(1,285
)
    
(3,497
)
    
(2,392
)
   Decrease (increase) in other current assets and prepaid expenses
    
324
      
1,480
      
(618
)
    
944
      
1,487
  
Decrease (increase) in inventory
    
1,407
      
(677
)
    
2,672
      
(505
)
    
(2,707
)
    Increase (decrease) in trade accounts payable
    
67
      
(551
)
    
(1,371
)
    
(124
)
    
1,192
  
    Increase (decrease) in  accrued expenses
    
(1,613
)
    
(207
)
    
(383
)
    
345
      
2,521
  
    Increase (decrease) in other long-term liabilities
    
(11
)
    
25
      
25
      
(122
)
    
(38
)
Net cash provided by (used in) operating activities
  
$
(209
)
  
$
(1,318
)
  
$
2,914
    
$
(1,497
)
  
$
5,521
  
                                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                                        
Investment in affiliated company
    
(164
)
    
(13
)
    
(251
)
    
(13
)
    
(905
)
Funds in respect of employee rights upon retirement
    
(35
)
    
117
      
(71
)
    
(23
)
    
2
  
Proceeds from sale of property and equipment
                            
1
      
17
  
Purchase of property and equipment
    
(809
)
    
(2,915
)
    
(1,429
)
    
(3,583
)
    
(5,702
)
Maturities of short-term deposits
    
500
      
-
      
500
      
2,000
      
7,182
  
Cash flows provided by (used in) investing activities
  
$
(508
)
  
$
(2,811
)
  
$
(1,251
)
  
$
(1,618
)
  
$
594
  
                                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                                        
Realization of contingency
    
-
      
-
      
-
      
-
      
(500
)
Payment of cash dividend
    
(3,000
)
    
-
      
(3,000
)
    
-
      
(3,000
)
 Exercise of options
    
-
      
-
      
-
      
130
      
130
  
Cash flows  provided by (used in) financing activities
  
$
(3,000
)
  
$
-
      
(3,000
)
  
$
130
    
$
(3,370
)
                                         
Net increase (decrease) in cash and cash equivalents
    
(3,717
)
    
(4,129
)
    
(1,337
)
    
(2,985
)
    
2,745
  
                                         
Cash and cash equivalents at beginning of period
    
23,813
      
19,832
      
21,433
      
18,688
      
18,688
  
                                         
Cash and cash equivalents at end of period
  
$
20,096
    
$
15,703
    
$
20,096
    
$
15,703
    
$
21,433
  

11
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)
 
   
Three months ended
    
Six months ended
    
Twelve months ended
  
   
June 30,
    
June 30,
    
June 30,
  
   
2017
    
2016
    
2017
    
2016
    
2017
    
2016
  
                                     
Net income (loss)
  
$
611
    
$
(2,453
)
  
$
1,812
    
$
(2,408
)
  
$
4,282
    
$
767
  
Adjustments:
                                                
Share in results and sale of equity investment of affiliated companies
    
86
      
14
      
106
      
14
      
147
      
268
  
Taxes on income
    
535
      
2,722
      
1,033
      
2,908
      
1,990
      
2,770
  
Financial expenses, net
    
100
      
13
      
272
      
32
      
394
      
132
  
Gain on bargain purchase
    
-
      
-
      
-
      
-
      
-
      
(4,833
)
Depreciation and amortization
    
980
      
880
      
1,949
      
1,731
      
3,854
      
3,297
  
Share based compensation
    
58
      
13
      
115
      
27
      
193
      
50
  
Adjusted EBITDA
  
$
2,370
    
$
1,189
    
$
5,287
    
$
2,304
    
$
10,860
    
$
2,451
  

12
 
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/ Guy Nathanzon
  
   
Guy Nathanzon
  
   
Chief Financial Officer
  

Date: August 13, 2017
 
13