SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 May 2007
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 [ ]
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 [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 re TAT Technologies Limited Reports a 53% Increase in
Revenues and a 106% Increase in Net Profit for the First Quarter 2007
dated May 29, 2007.
ITEM 1
Press Release Source: TAT Technologies Ltd
TAT Technologies Limited Reports a 53% Increase in Revenues and a 106% Increase
in Net Profit for the First Quarter 2007
Tuesday May 29, 9:31 am ET
GEDERA, Israel, May 29 /PRNewswire-FirstCall/ -- TAT Technologies Limited
(NASDAQ/NMS: TATTF - News), a leader in the manufacture, repair and overhaul of
heat transfer equipment and other various accessories used in aircraft, today
reported revenues of $25,026,987 and net profit of $2,585,242 in the quarter
ended March 31, 2007 compared to a revenues of $ 16,407,030 and net profit of
$1,254,916 for the same period in 2006.
Income before taxes for the quarter increased by 50% to $3,074,203 compared to
income before taxes of $2,044,394 for the first quarter of 2006.
The Company adopted the FASB Interpretation No. 48 "Accounting for Uncertainty
in Income Taxes", an interpretation of SFAS 109, "Accounting for Income Taxes".
As a result of the first time adoption, the Company recorded additional tax
benefit of about $ 500 thousands in its interim result, with respect of tax
returns for the years 2003 -2005, based on the more likely than not compromise
settlement to be achieved with the Israeli Tax authorities.
Net profit after tax for the quarter has increased by 106% to $2,585,242
compared to net profit after tax of $1,254,916 for the first quarter of 2006. As
a consequence of the decrease in our income tax assessment for the years
2003-2005 the resulting income tax for the first quarter of 2007 amounts to
$489,000 compared to the $789,000 tax payment for the first quarter of 2006.
TAT, together with its subsidiaries, is principally engaged in the manufacture,
repair and overhaul of heat transfer equipment, such as heat exchangers,
precoolers and oil/fuel hydraulic coolers used in aircraft, defense systems,
electronic equipment and other applications. In addition the company
manufactures and overhauls aircraft accessories and systems such as pumps,
valves, power systems, turbines, etc.
Certain matters discussed in this news release are forward-looking
statements that involve a number of risks and uncertainties including, but not
limited to statements regarding expected results in future quarters, risks in
product and technology development, product demand, the impact of competitive
pricing, changing economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange Commission.
TAT TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands U.S dollars)
Three Months Ended
March 31,
2007 2006
(unaudited)
Revenues $25,027 $16,407
Gross profit 6,601 4,491
Income from operations
before Income Taxes 3,074 2,042
Other income - 2
Net income before taxes 3,074 2,044
Income taxes 489 789
Net income after taxes 2,585 1,255
Basic income per share $0.46 $0.21
Diluted income per share 0.44 0.21
Weighed average number of
basic shares outstanding 6,264,893 6,042,671
Weighed average number of
diluted shares outstanding 6,474,137 6,055,897
Company Contact:
Mr. Israel Ofen
Executive Vice-President and Chief Financial Officer
+972-8-859-5411
SIGNATURES
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.
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(Registrant)
By: /s/Israel Ofen
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Israel Ofen
Executive Vice President and
Chief Financial Officer
Date: May 29, 2007