TAT Technologies Ltd.

Earnings Release • Nov 18, 2016

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 November 2016

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- ____________

6-K Items

1. Press Release dated November 18, 2016 re TAT Technologies Ltd. Reports Third Quarter 2016 Results.

TAT Technologies Reports Third Quarter 2016 Results

GEDERA, Israel, November 18, 2016 - TAT Technologies Ltd. (NASDAQ: TATT - News) (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 nine month periods ended September 30, 2016.

Financial Highlights for the Third quarter of 2016 (unaudited):

• Total Revenue: \$23.7 million compared to \$22 million in the third quarter of 2015.
• Operating income: \$1.5 million compared to \$0.5 million in the third quarter of 2015.
• EBITDA: \$2.4 million compared to \$1.1 million in the third quarter of 2015.
• Net income: \$0.9 million compared to \$0.2 million in the third quarter of 2015.
• Earnings per share basic and diluted: \$0.1 per share compared to \$0.02 per share in the third quarter of 2015.
• Net cash provided by (used in) operating activities: \$2.2 million compared to \$(0.1) million in the third quarter of 2015.
• Dividend distribution: on August 9, 2016, the company distributed to shareholders a cash dividend in the total amount of \$3.0 million.

During the second quarter of 2016, the Company recorded an accrual, related to tax expenses, of approximately \$2.4 million of which \$ 2 million is related to a deferred tax liability for future distribution of earnings from foreign subsidiaries of the Company, since the Company's Board of Directors considers future distribution of dividends from these earnings to the Company's shareholders.

Mr. Igal Zamir, TAT's President & CEO commented; "We are pleased with the 2016 third quarter financial results, reflecting improved profitability mainly due to operational efficiencies improvements. Piedmont completed the move to its new, state of the art landing gears and materials plating facility adding new capabilities, Limco continues to enjoy strong demand with increasing growth opportunities in Heat Exchangers MRO and our OEM Heat Exchangers business enjoys a strong backlog."

About TAT Technologies LTD

TAT Technologies Ltd. is a leading provider of products and services 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) Heat Transfer Services and Products (iii) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components; and (iv) overhaul and coating of jet engine blades and components

TAT's activities in the area of OEM Heat Management Solutions are focused on the design, development, manufacture, and sale of the following: (i) a broad range of heat transfer components including 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 Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and to a lesser extent, the manufacture of certain heat transfer product parts. TAT's Limco subsidiary operates an 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 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.

TAT's activities in the area of jet engine overhaul includes the overhaul and coating of jet engine components such as turbine vanes and blades, fan blades, variable inlet guide vanes, afterburner flaps and other components.

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.

4

CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)

(unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents \$ 18,227 Short-term bank deposits Accounts receivable, net 22,639 Other current assets and prepaid expenses Inventory, net 37,974 Total current assets 83,124 NON-CURRENT ASSETS: Investment in affiliates Funds in respect of employee rights upon retirement Deferred income taxes Intangible assets, net 21,172 Property, plant and equipment, net Total non-current assets 26,020 Total assets \$ 109,144 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable Accrued expenses Total current liabilities 17,210 NON CURRENT LIABILITIES: Other long-term liabilities Liability in respect of employee rights upon retirement 2,931 Deferred income taxes 1,715 Total non-current liabilities 4,712 21,922 Total liabilities	951 3,333 507 2,598 530 1,213	\$ \$	(audited) 18,688 8,122 19,151 3,025 36,664 85,650 169 2,626 890 1,314 18,934 23,933 109,583
	8,537		7,022
	8,673		7,815
			14,837
	66		189
			2,871
			262
			3,322
			18,159
EQUITY:
Share capital	2,797		2,793
Additional paid-in capital 64,719			64,529
Treasury stock at cost	(2,088)		(2,088)
Accumulated other comprehensive loss	155		(4)
Retained earnings 21,639			26,194
87,222 Total shareholders' equity			91,424
\$ 109,144 Total liabilities and shareholders' equity 5		\$	109,583

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

	Three months ended Nine months ended					Year ended
				September 30,				December 31,
	2016		2015		2016		2015			2015
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Revenues:
Products	\$	6,940	\$	8,254	\$	22,950	\$	22,980	\$	31,339
Services		16,705		13,694		47,859		40,924		54,268
		23,645		21,948		70,809		63,904		85,607
Cost of goods:
Products		5,147		7,003		18,179		18,591		24,466
Services		13,605		11,547		39,407		33,946		47,476
		18,752		18,550		57,586		52,537		71,942
Gross Profit		4,893		3,398		13,223		11,367		13,665
Operating expenses:
Research and development, net		213		247		951		570		890
Selling and marketing		911		647		2,868		2,130		2,903
General and administrative		2,300		2,033		7,392		5,981		8,469
Other loss (income)		(18)		(1)		(21)		-		631
Gain on bargain purchase										(4,833)
		3,406		2,926		11,190		8,681		8,060
Operating income		1,487		472		2,033		2,686		5,605
Financial (expenses) income, net		(60)		17		(92)		(232)		(349)
Income before taxes on income		1,427		489		1,941		2,454		5,256
Taxes on income		537		317		3,445		1,099		644
Income (loss) before equity investment		890		172		(1,504)		1,355		4,612
Share in results and sale of equity investment of affiliated companies		(37)		-		(51)		1,491		1,237
Net income (loss)	\$	853	\$	172	\$	(1,555)	\$	2,846	\$	5,849
Basic and diluted income (loss) per share
Net income (loss) per share	\$	0.10	\$	0.02	\$	(0.18)	\$	0.32	\$	0.66
Weighted average number of shares outstanding
Basic		8,828,444		8,808,344		8,828,444		8,808,344		8,808,344
Diluted		8,837,714		8,810,824		8,829,894		8,809,844		8,810,689
		6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

		Three months ended				Nine months ended	Year ended
	September 30,							December 31,
		2016		2015		2016		2015		2015
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income (loss)	\$	853	\$	172	\$	(1,555)	\$	2,846	\$	5,849
Other comprehensive income
Net unrealized gains (losses) from derivatives		181		-		373		-		(5)
Reclassification adjustments for gains included in net income and
inventory		(93)		-		(214)		-		1
Total other comprehensive income (loss)	\$	941	\$	172	\$	(1,396)	\$	2,846	\$	5,845
		7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

		Three months ended Nine months ended			Year ended
					September 30,					December 31,
	2016			2015	2016			2015		2015
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) attributable to TAT Technologies Ltd. shareholders	\$	853	\$	172	\$	(1,555)	\$	2,846	\$	5,849
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization		929		675		2,660		1,890		2,781
Gain on sale of property, plant and equipment		(19)		-		(18)		-		-
Interest from short-term bank deposits and restricted deposits		-		(5)		(11)		(20)		(33)
Loss (gain) from change in fair value of derivatives		(122)		-		(170)		-		10
Provision for doubtful accounts		10		144		53		144		206
Share in results and sale of equity investment of affiliated Company		37		-		51		(1,491)		(1,237)
Share based compensation		37		11		64		26		38
Gain on bargain purchase		-		-		-		-		(4,833)
Liability in respect of employee rights upon retirement		47		(68)		60		53		28
Deferred income taxes, net		(287)		30		1,813		672		(21)
Changes in operating assets and liabilities:
Increase in trade accounts receivable		(44)		(1,261)		(3,541)		(3,903)		(2,375)
Decrease (increase) in other current assets and prepaid expenses		(913)		35		31		(276)		(85)
Decrease (increase) in inventory		(862)		779		(1,367)		(418)		(571)
Increase (decrease) in trade accounts payable		1,503		(396)		1,379		(801)		436
Increase (decrease) in accrued expenses		1,013		(236)		1,358		1,052		525
Increase (decrease) in other long-term liabilities		(1)		39		(123)		25		15
Net cash provided by (used in) operating activities	\$	2,181	\$	(81)	\$	684	\$	(201)	\$	733
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of subsidiary, net of cash acquired		-		-		-		-		(1,796)
Investment in affiliated company		(376)		-		(389)		-		-
Proceeds from sale of equity investment of affiliated Company		-		-		-		3,624		3,624
Funds in respect of employee rights upon retirement		98		76		75		(61)		8
Proceeds from sale of property and equipment		17		3		18		9		9
Purchase of property and equipment		(1,078)		(745)		(4,661)		(2,444)		(3,315)
Investments in short-term deposits		-		-		-		-		(8,109)
Maturities of short-term deposits		5,182		-		7,182		-		5,109
Cash flows provided by (used in) investing activities	\$	3,843	\$	(666)	\$	2,225	\$	1,128	\$	(4,470)
Cash flows used in financing activities	\$	(3,500)		-	\$	(3,370)		-	\$	(469)
Net increase (decrease) in cash and cash equivalents		2,524		(747)		(461)		927		(4,206)
Cash and cash equivalents at beginning of period		15,703		24,568		18,688		22,894		22,894
Cash and cash equivalents at end of period	\$	18,227	\$	23,821	\$	18,227	\$	23,821	\$	18,688
		8

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: November 18, 2016