20-F/A 1 zk1516484.htm 20-F/A zk1516484.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 
FORM 20-F/A
 
o
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
 
OR
 
x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2014
 
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ______________ to _____________
 
o
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
 
 
Date of event requiring this shell company report
 
Commission file number: 0-16050
 
TAT TECHNOLOGIES LTD.
(Exact name of Registrant as specified in its charter
and translation of Registrant’s name into English)
 
Israel
(Jurisdiction of incorporation or organization)
P.O. Box 80, Gedera 70750, Israel
(Address of principal executive offices)
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Name of each exchange on which registered
 
Ordinary Shares, NIS 0.90 Par Value
NASDAQ Global Market
 
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
 
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or Common stock as of the close of the period covered by the annual report:
 
Ordinary Shares, par value NIS 0.90 per share…………… 8,808,344
(as of December 31, 2014)
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 
Yes o No x
 
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
 
Yes o No x
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes x No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer o
Accelerated filer o
Non-accelerated filer x
 
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP x
International Financial Reporting Standards as issued by the International
Accounting Standards Board o
Other o
 
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:
 
Item 17 o Item 18 o
 
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes o No x

 
 

 
 
Explanatory Note
 
This Amendment No. 1 to the Annual Report on Form 20-F for the fiscal year ended December 31, 2014 originally filed with the Securities and Exchange Commission on March 23, 2015 (“2014 Form 20-F”), is being filed for purposes of amending the following typographical error:

In page 4 of the 2014 Form 20-F (Income Statement Data), the number "3,819" shall replace the number "13,281" in the row titled "Operating income (loss) from continuing operations".

The table titled "Income Statement Data" is replaced with the following table to reflect the amendment of such typographical error:
 
Income Statement Data:
 
   
Year Ended December 31,
 
   
2014
   
2013
   
2012
   
2011
   
2010
 
   
(in thousands, except share and per share data)
 
Revenues:
             
 
   
 
   
 
 
Products
  $ 31,363     $ 34,364     $ 36,263     $ 36,837     $ 25,908  
Services
    49,363       45,187       41,652       36,902       40,801  
Total revenues
    80,726       79,551       77,915       73,739       66,709  
Cost of revenues:
                                       
Products
    23,340       24,892       25,177       24,914       21,859  
Services
    40,286       35,987       33,362       31,794       29,136  
    Write down of inventory and impairment charges of  long lived assets
    -       -       -       5,465       3,500  
Total cost of revenues
    63,626       60,879       58,539       62,173       54,495  
Gross profit
    17,100       18,672       19,376       11,566       12,214  
Operating expenses:
                                       
Research and development, net
    1,070       713       995       455       274  
Selling and marketing
    3,203       3,150       2,899       2,819       2,948  
General and administrative
    9,019       9,512       10,110       9,450       11,262  
Impairment of goodwill and intangible assets
            -       -       -       4,704  
    Other income
    (11 )     (20 )     (13 )     (190 )     -  
Operating income (loss) from continuing operations
   
3,819
      5,317       5,385       (968 )     (6,974 )
Financial expenses, net
    (1,294 )     (50 )     (106 )     (420 )     (33 )
Other expenses, net
    -       -       -       -       (200 )
Gain from dilution of interests in affiliated company
    -       -       -       240       -  
Income (loss) from continuing operations before taxes on income
    2,525       5,267       5,267       (1,148 )     (7,207 )
Taxes on income (tax benefit)
    1,360       1,041       2,090       (335 )     (4,262 )
Net income (loss) from continuing operations after taxes on income
    1,165       4,226       3,189       (813 )     (2,945 )
Share in results of affiliated company and impairment of share in affiliated company
    267       1,025       (3,756 )     331       (4,510 )
Net income (loss) from continuing operations
    1,432       5,251       (567 )     (482 )     (7,455 )
Net income (loss) from discontinued operations, net of tax
    -       (2,429 )     (1,147 )     (548 )     169  
Net income (loss) attributable to TAT Technologies’ shareholders
  $ 1,432     $ 2,822     $ (1,714 )   $ (1,030 )   $ (7,286 )
Basic and diluted net income (loss)  per share
                                       
Net income (loss) from continuing operations per share attributable to controlling interest
    0.16       0.60       (0.06 )     (0.05 )     (0.84 )
Discontinued operations attributable to controlling interest
    -       (0.28 )     (0.13 )     (0.07 )     0.02  
    $ 0.16     $ 0.32     $ (0.19 )   $ (0.12 )   $ (0.82 )
Weighted average number of shares used in computing
                                       
Basic net income (loss) per share
    8,805,495       8,799,237       8,808,075       8,815,003       8,815,003  
Diluted net income (loss) per share
    8,826,542       8,808,920       8,808,075       8,815,003       8,815,003  
Cash dividend per share
  $ 0.23     $ -     $ 0.28     $ -     $ -  
 
Other than as expressly set forth above, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any other item of the 2012 Form 20-F, or reflect any events that have occurred after the 2012 Form 20-F was originally filed.
 
 
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SIGNATURES
 
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.
 
 
TAT TECHNOLOGIES LTD.
 
       
 
By:
/s/ Tiko Gadot
 
   
Tiko Gadot
 
   
Chief Financial Officer
(Principal Accounting Officer)
 
       
Date: March 23, 2015
     
 
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