6-K 1 zk1110081.htm 6-K zk1110081.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
________________________
 
FORM 6-K
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of June 2011
 
________________________
 
TAT TECHNOLOGIES LTD.
(Translation of registrant’s name into English)
 
________________________
 
P.O.BOX 80, Gedera 70750 Israel
(Address of registrant’s principal executive office)
 
________________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ý 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 the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes ¨ No ý
 
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 Corporate Presentation.
 
 
 

 
 
ITEM 1

TAT Technologies Corporate Presentation
 
GEDERA, Israel, Tuesday, June 28, 2011 --- TAT Technologies Ltd. (NASDAQ: TATT - News), a leading provider of services and products to the commercial and military aerospace and ground defense industries, presents its corporate presentation which is available on its website: http://www.tat-technologies.com/template/default.aspx?catId=6&PageId=54 .
 
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 37% of the equity of First Aviation Services, a world-wide distributor of products and services to the aerospace industry and a one-stop-shop for MRO services (wheels, breaks, propellers and landing gear) for the General Aviation Industry.
 
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.
 
 
 

 

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.
 
For more information of TAT Technologies, please visit our web-site: www.tat-technologies.com
 
Contact:
 
Miri Segal-Scharia
Yaron Shalem
   
MS-IR LLC
CFO
   
Tel: 1-917-607-8654
Tel: +972-88628501
   
msegal@ms-ir.com
yarons@tat-technologies.com
 
 
 

 
 
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, thereto duly authorized.
 
 
TAT TECHNOLOGIES LTD.
 
   
(Registrant)
 
       
  By:
/s/ Yaron Shalem
 
   
Yaron Shalem
 
   
Chief Financial Officer
 

Date: June 28, 2011
 
 
 

 

TAT Technologies
Corporate Presentation - June 2011
 
 

 
2
This presentation may contain certain forward-looking statements within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,”
“targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and
similar expressions identify forward-looking statements and any statements regarding TAT’s future financial
condition, results of operations and business are also forward-looking statements. These forward-looking statements
involve certain risks and uncertainties. Factors that could cause actual results to differ materially from those
contemplated by the forward-looking statements include, among others, the following factors: continued compliance
with government regulations; competition in the industry in which TAT does business; TAT’s business strategy and
plans; exchange rate fluctuations; general economic conditions; and political, economic and military conditions in
Israel.
Any forward-looking statements in this presentation are not guarantees of future performance, and actual results,
developments and business decisions may differ from those contemplated by those forward-looking statements,
possibly materially. Except as otherwise required by applicable law, TAT disclaims any duty to update any forward
-looking statements.
Additional discussions of risks and uncertainties that may affect the accuracy of forward-looking statements
included in this presentation or which may otherwise affect TAT’s business is included under the heading “RISK
FACTORS” in TAT’s filings on Forms 20-F and 6-K, which are filed from time to time.
Forward Looking Statements
 
 

 
3
TAT Group - Business Card
 World leader in design, manufacturing and maintenance of
 aviation components
 Vast international operation in its operating businesses:
 ü Heat Management Solutions
  Design and Manufacturing (OEM)
  Maintenance, repair and overhaul (MRO)
 ü MRO Services of aviation components
 ü OEM of Electric Motion Systems
 Global presence
 ü 600 employees in 4 manufacturing facilities in Israel and the
                           U.S.
 ü Highly capable engineering centers
 ü Marketing and sales round the globe
 ü Distribution capabilities (through FAvS)
 
 

 
4
 Traded on NASDAQ (TATT) since 1987 and on TASE since 2005
 Balance operations - Commercial/Defense; OEM/MRO; By Geography
 Revenues in FY2010: $80M’
  in Q1/2011: $21M’ 
 Cash - $36M’ (as of March 31, 2011);
 Cash net of debt - $26M’ (as of March 31, 2011)
 Shareholders’ equity - $90M’ (as of March 31, 2011)
 Backlog of approximately $50M’ (as of March 31, 2011)
 ($27M’ expected to be realized through December 31, 2011)
 Long term engagements with many of its customers
TAT Group - Business Card
 
 

 
5
Highlights
•  Anti Icing valves for U.S. Army Helicopters - approximately $20M’ over 5 years
•  New MRO contracts for Piedmont and Limco - Austrian Airlines, Delta, Allicance
•  F35 heat exchanges for Lockheed Martin and Hamilton Sundstrand
•  F16 TPU MRO for Honeywell
•  Electric Motion Systems - projects with the Israeli MOD
Reorganization
•  Focusing on the core business while selling Parts and Propellers operations
•  Building marketing team
•  Enhancing joint development programs for Gedera and Limco
•  Acquiring new capabilities for the MRO of aviation components business
•  Improving manufacturing and operating processes (Lean)
•  Synergy between the group’s companies
TAT Group - Recent Developments
 
 

 
43%
70%
100%
100%
40%*
10%
80%
Traded on TASE
Traded on TASE/NASDAQ
6
TAT Group - Ownership Stracture
* Affiliated company: Revenues in
FY2011 - approximately $120M’
 
 

 
7
TAT Group - Senior Management
Rimon Ben Shaul - Chairman of the Board
•  In position since April 2011
•  Board member in Nice Systems, Mind CTI
•  Prior experience : CEO - Polar Communication
   CEO - Clal Industries and Investments
Dr. Shmuel Fledel - CEO
•  In position since May 2008
•  Prior experience: VP Maintenance and Engineering - El-Al Israel Airlines
  CEO - Cyclone Aviation Products (Elbit group)
Yaron Shalem - CFO
•  In position since August 2008
•  Prior experience : CFO - Organitech Inc.
  CFO - Arelnet Ltd. (Airspan Israel)
 
 

 
8
TAT Group - Global Presence
Distribution Centers (FAvS)
MRO; OEM
Distribution
OEM; MRO
Engineering center
Production lines
 
 

 
9
OEM
Air Lines
Service centers
Air Forces
Respective Customer Base
 
 

 
10
Balanced operation - by Geography; by Industry
Break down of FY 2010 revenues - 80M$  (Percentages are rounded)
 
 

 
11
Capabilities and Expertise
Authorized Repair Station
Honeywell
Hamilton
Hartzel
Certifications
AS 9100
ISO 9001
Preferred Supplier in:
 Boeing, Lockheed Martin
Aviation Authorities Certifications:
 (FAA, EASA, DGAC, Thai, CAAV
 
 

 
12
 Organic growth in core businesses - Heat Management Solutions
 ü Enter new platforms - Aviation and Ground
 ü Move up the value chain - from products to systems
 ü Expand MRO capabilities for new heat exchange products
 ü Penetrate additional countries
 ü Enhance joint operation Gedera-Limco
 Organic growth in the business of Electrical Motion Systems
 Expand capabilities of MRO of aviation components business
 Increase market share with strategic customers in the U.S. and Europe
 Increase market share with military customers
 Expand operation in complementary business -
 ground air-conditions; flow control accessories
 Pursue synergetic M&A in the core business
Strategy - Organic Growth and M&A
 
 

 
Bombardier CRJ
Cessna Citation
Piper Jet
Boeing 747
ATR
Airbus A340
Boeing 767
Boeing 777
V-22
F-16
Boeing 737
Commercial
13
Defense
Heat Management Solutions - OEM
 
 

 
Heat Management Solutions
Systems/Sub Systems
New Cold Plates for
Electronic Systems
After Market MRO
of Heat Exchangers
Developing Heat Exchangers for
new Aviation/Ground platforms
14
Heat Management Solutions - OEM
 
 

 
New Actuators
Electric APU
15
Electrical Motion Solutions - OEM
Growth Engines
 
 

 
Armor Vehicles
New Platforms
Joint ventures
16
Freon Cooling Systems - OEM
Growth Engines
 
 

 
 
Landing Gear - New Models
APU - New Models
17
Growth Engines
Maintenance Repair and Overhaul
 
 

 
18
Aviation Market - trends
 
 

 
Source: Airbus 2011
19
Market Trends - All Regions are Growing
 
 

 
Source: Airbus 2011
20
Market Trends - Demand for Air Travel Expects to Increase
 
 

 
Source: Embraer 2011
21
Market Trends - Air Fleets Expect to Grow
 
 

 
Financial Highlights
22
 
 

 
                   
                   
PPS *
PPS *
PPS *
PPS *
23
Constant Growth in Revenues
* Commencing FY2010 - without Parts services and Propellers MRO businesses which were contributed to FAvS
 
 

 
2009
2010
Q1/2011
24
Strong & Solid Financials - P&L
 2009 - Reorganization
 2010 - presented after adjusting one time events (Non GAAP) - (i) $3.5M’ Inventory write down; (ii) $4.2M’ Impairment of Goodwill and Intangibles; (iii) $3.0M’
 Write down on investment in FAvS, net of tax.
 
 

 
2009
2010
Q1/2011
25
Strong & Solid Financials - Balance Sheet
 
 

 
26
Summary
 World leader in design, manufacturing and maintenance of
 aviation components
 Experienced management team
 Growing markets
 Strong, stable, tier one customers
 Balance operations - Commercial/Defense; OEM/MRO; By
 Geography
 Long term engagement with many of its customers
 Strong, solid financials
 
 

 
Thank You