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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eltek Ltd | NASDAQ:ELTK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.63% | 9.51 | 9.45 | 9.67 | 9.54 | 9.40 | 9.40 | 11,568 | 01:00:00 |
ELTEK LTD.
|
(Registrant)
|
By: /s/ Ron Freund
|
Ron Freund
|
Chief Financial Officer
|
EXHIBIT NO.
|
|
DESCRIPTION
|
|
|
|
|
||
◾ |
Revenues were $11.0 million, 21% up over Q2 2022
|
◾ |
Operating profit was $1.4 million, 300% up over Q2 2022
|
◾ |
Profit before tax was $1.6 million (2022 Q2 - $1.0 million)
|
◾ |
Net income was $1.3 million or $0.22 per fully diluted share, 74% up over Q2 2022
|
◾ |
As of June 30, 2023 cash and cash equivalents amounted $8.3 million, after full repayment of bank loans.
|
United States:
|
1-866-860-9642
|
Israel:
|
03-918-0691
|
International:
|
+972-3-918-0691
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Revenues
|
11,043
|
9,089
|
22,513
|
18,844
|
||||||||||||
Costs of revenues
|
(8,091
|
)
|
(7,411
|
)
|
(16,546
|
)
|
(15,205
|
)
|
||||||||
Gross profit
|
2,952
|
1,678
|
5,967
|
3,639
|
||||||||||||
Selling, general and administrative expenses
|
(1,543
|
)
|
(1,306
|
)
|
(2,960
|
)
|
(2,598
|
)
|
||||||||
R&D expenses, net
|
(15
|
)
|
(26
|
)
|
(24
|
)
|
(44
|
)
|
||||||||
Operating profit
|
1,394
|
346
|
2,983
|
997
|
||||||||||||
Financial income (expenses), net
|
190
|
611
|
477
|
732
|
||||||||||||
Income before income tax
|
1,584
|
957
|
3,460
|
1,729
|
||||||||||||
Taxes on income
|
271
|
204
|
585
|
344
|
||||||||||||
Net income
|
1,313
|
753
|
2,875
|
1,385
|
||||||||||||
Earnings per share:
|
||||||||||||||||
Basic and diluted net profit per ordinary share
|
0.22
|
0.13
|
0.49
|
0.24
|
||||||||||||
Weighted average number of ordinary shares used to compute
|
||||||||||||||||
basic net profit per ordinary share (in thousands)
|
5,908
|
5,850
|
5,879
|
5,846
|
||||||||||||
Weighted average number of ordinary shares used to compute
|
||||||||||||||||
diluted net profit per ordinary share (in thousands)
|
5,943
|
5,850
|
5,897
|
5,846
|
June 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
8,330
|
7,366
|
||||||
Receivables: Trade, net of provision for doubtful accounts
|
11,383
|
10,116
|
||||||
Other
|
733
|
282
|
||||||
Inventories
|
5,688
|
5,130
|
||||||
Prepaid expenses
|
326
|
504
|
||||||
Total current assets
|
26,460
|
23,398
|
||||||
Long term assets:
|
||||||||
Restricted deposits
|
-
|
202
|
||||||
Severance pay fund
|
56
|
59
|
||||||
Deferred tax assets and long term tax receivables, net
|
1,808
|
2,496
|
||||||
Operating lease right of use assets
|
6,742
|
7,156
|
||||||
Total long term assets
|
8,606
|
9,913
|
||||||
Fixed assets, less accumulated depreciation
|
6,399
|
7,674
|
||||||
Total Assets
|
41,465
|
40,985
|
||||||
Liabilities and Shareholder's equity
|
||||||||
Current liabilities:
|
||||||||
Short-term credit and current maturities of long-term debts
|
-
|
702
|
||||||
Accounts payable: Trade
|
4,690
|
4,793
|
||||||
Other
|
6,352
|
4,133
|
||||||
Short-term operating lease liabilities
|
788
|
846
|
||||||
Total current liabilities
|
11,830
|
10,474
|
||||||
Long-term liabilities:
|
||||||||
Long term debt, excluding current maturities
|
-
|
2,768
|
||||||
Employee severance benefits
|
288
|
280
|
||||||
Long-term operating lease liabilities
|
6,058
|
6,443
|
||||||
Total long-term liabilities
|
6,346
|
9,491
|
||||||
Shareholders' equity:
|
||||||||
Ordinary shares of NIS 3.0 par value – Authorized: 10,000,000 shares at June 30, 2023 and December 31, 2022; Issued and outstanding: 5,907,715 shares at June 30, 2023 and 5,849,678 shares at
December 31, 2022
|
5,353
|
5,305
|
||||||
Additional paid-in capital
|
23,113
|
22,862
|
||||||
Cumulative foreign currency translation adjustments
|
140
|
1,189
|
||||||
Capital reserve
|
1,681
|
1,537
|
||||||
Accumulated deficit
|
(6,998
|
)
|
(9,873
|
)
|
||||
Total shareholders' equity
|
23,289
|
21,020
|
||||||
Total liabilities and shareholders' equity
|
41,465
|
40,985
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
GAAP net Income
|
1,313
|
753
|
2,875
|
1,385
|
||||||||||||
Add back items:
|
||||||||||||||||
Financial expenses (income), net
|
(190
|
)
|
(611
|
)
|
(477
|
)
|
(732
|
)
|
||||||||
Income tax expenses
|
271
|
204
|
585
|
344
|
||||||||||||
Depreciation and amortization
|
301
|
445
|
630
|
880
|
||||||||||||
Non-GAAP EBITDA
|
1,695
|
791
|
3,613
|
1,877
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net Income
|
1,313
|
753
|
2,875
|
1,385
|
||||||||||||
Adjustments to reconcile net income to net cash flows
|
||||||||||||||||
provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
301
|
445
|
630
|
880
|
||||||||||||
Stock-based compensation
|
72
|
64
|
144
|
117
|
||||||||||||
Decrease in deferred tax assets and long term tax receivable
|
260
|
194
|
566
|
335
|
||||||||||||
633
|
703
|
1,340
|
1,332
|
|||||||||||||
Decrease (increase) in operating lease right-of-use assets
|
11
|
(8
|
)
|
(22
|
)
|
(4
|
)
|
|||||||||
Decrease (increase) in trade receivables
|
(1,896
|
)
|
(1,140
|
)
|
(1,784
|
)
|
(2,300
|
)
|
||||||||
Decrease (increase) in other receivables and prepaid expenses
|
214
|
165
|
(311
|
)
|
83
|
|||||||||||
Decrease (increase) in inventories
|
(496
|
)
|
(57
|
)
|
(809
|
)
|
(731
|
)
|
||||||||
Increase (decrease) in trade payables
|
(307
|
)
|
301
|
105
|
786
|
|||||||||||
Increase (decrease) in other liabilities and accrued expenses
|
629
|
(204
|
)
|
1,477
|
302
|
|||||||||||
Increase (decrease) in employee severance benefits, net
|
17
|
(2
|
)
|
22
|
-
|
|||||||||||
(1,828
|
)
|
(945
|
)
|
(1,322
|
)
|
(1,864
|
)
|
|||||||||
Net cash provided by operating activities
|
118
|
511
|
2,893
|
853
|
||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of fixed assets
|
(406
|
)
|
(326
|
)
|
(711
|
)
|
(615
|
)
|
||||||||
Insurance Proceeds
|
2,000
|
-
|
2,000
|
-
|
||||||||||||
Restricted deposits
|
192
|
(1
|
)
|
192
|
(1
|
)
|
||||||||||
Net cash provided by (used in) investing activities
|
1,786
|
(327
|
)
|
1,481
|
(616
|
)
|
||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Exercise of options
|
299
|
-
|
299
|
25
|
||||||||||||
Repayment of long-term loans from bank
|
(1,768
|
)
|
(144
|
)
|
(3,348
|
)
|
(258
|
)
|
||||||||
Repayment of credit from fixed asset payables
|
-
|
(3
|
)
|
-
|
(7
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
(1,469
|
)
|
(147
|
)
|
(3,049
|
)
|
(240
|
)
|
||||||||
Effect of translation adjustments
|
(164
|
)
|
(845
|
)
|
(361
|
)
|
(1,034
|
)
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
271
|
(808
|
)
|
964
|
(1,037
|
)
|
||||||||||
Cash and cash equivalents at the beginning of the period
|
8,059
|
9,054
|
7,366
|
9,283
|
||||||||||||
Cash and cash equivalents at the end of the period
|
8,330
|
8,246
|
8,330
|
8,246
|
1 Year Eltek Chart |
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