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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.11 | 1.06% | 10.45 | 10.21 | 11.00 | 10.6199 | 10.38 | 10.38 | 15,045 | 01:00:00 |
99.1
|
Press Release: Eltek Reports Full Year and Fourth Quarter 2023 Financial Results.
|
ELTEK LTD. | |||
(Registrant)
|
|||
|
By: /s/Ron Freund
|
||
Ron Freund | |||
Chief Financial Officer
|
|
||
Date: March 11, 2024
|
EXHIBIT NO.
|
|
DESCRIPTION
|
|
|
|
◾ |
Revenues: Full-year revenue soared to a record $46.7 million in 2023, representing 18% year-over-year growth. This remarkable growth is attributed to our increased production capacity and to our
continued commitment to delivering high-quality PCB solutions to our valued customers.
|
◾ |
Profitability: Net income reached $6.4 million in 2023, reflecting almost two times 2022 net income. EBITDA reached $8.6 million, a 91% increase compared to $4.5 million in 2022. This substantial
growth underscores the efficiency of our operations, strategic initiatives, and the unwavering trust our customers place in Eltek.
|
◾ |
Earnings per Share (EPS): Diluted EPS jumped to $1.07 in 2023, an increase of 93% compared to 2022. This accomplishment reflects the dedication of our team and the effectiveness of our business
strategies.
|
◾ |
Q4 Highlights: Revenue climbed to $12.3 million in Q4, marking an 18% increase from the same period last year. Net income for the quarter reached $1.3 million and EBITDA for the quarter reached
$2.4 million.
|
◾ |
Innovation: Our relentless pursuit of innovation has allowed us to stay at the forefront of technological advancements, meeting the evolving needs of the defense, aerospace, and medical industries.
|
◾ |
Customer Focus: Building strong, long-lasting relationships with our customers has been a cornerstone of our success. We understand the unique challenges faced by the defense, aerospace and medical sectors, and our tailored solutions have
contributed to our customers' success.
|
◾ |
Operational Efficiency: Eltek continues to invest in state-of-the-art manufacturing processes and quality control measures, ensuring the production of reliable and high-performance PCBs.
|
◾ |
Increasing Demand for Advanced Electronics: The defense and aerospace industries are witnessing a growing need for sophisticated electronic components, driving the demand for high-performance PCBs. Eltek's focus on innovation aligns
perfectly with this trend.
|
◾ |
Emphasis on Reliability and Quality: With critical applications in defense, aerospace and medical devices, reliability and quality are non-negotiable. Eltek has consistently delivered PCB solutions that meet the stringent standards of
these industries, reinforcing our position as a trusted partner.
|
◾ |
Global Supply Chain Challenges: The industry has faced challenges related to the global supply chain. Eltek has proactively managed these challenges through strategic partnerships and diversified sourcing, ensuring minimal impact on our
operations.
|
United States:
|
1-866-860-9642 |
Israel: | 03-918-0691 |
International: | +972-3-918-0691 |
Eltek Ltd.
|
Consolidated Statements of Income
|
(In thousands US$, except per share data)
|
Three months ended
|
Twelve months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Revenues
|
12,321
|
10,479
|
46,695
|
39,650
|
||||||||||||
Costs of revenues
|
(8,865
|
)
|
(8,267
|
)
|
(33,593
|
)
|
(31,380
|
)
|
||||||||
Gross profit
|
3,456
|
2,212
|
13,102
|
8,270
|
||||||||||||
Selling, general and administrative expenses
|
(1,405
|
)
|
(1,348
|
)
|
(5,722
|
)
|
(5,207
|
)
|
||||||||
Research and development expenses, net
|
(49
|
)
|
(15
|
)
|
(85
|
)
|
(92
|
)
|
||||||||
Operating profit
|
2,002
|
849
|
7,295
|
2,971
|
||||||||||||
Financial income (expenses), net
|
(334
|
)
|
100
|
422
|
887
|
|||||||||||
Profit before income tax
|
1,668
|
949
|
7,717
|
3,858
|
||||||||||||
Tax expenses
|
337
|
144
|
1,364
|
664
|
||||||||||||
Net Profit
|
1,331
|
805
|
6,353
|
3,194
|
||||||||||||
Earnings per share:
|
||||||||||||||||
Basic net profit per ordinary share
|
0.22
|
0.14
|
1.08
|
0.55
|
||||||||||||
Diluted net profit per ordinary share
|
0.22
|
0.14
|
1.07
|
0.55
|
||||||||||||
Weighted average number of ordinary shares used to compute
|
||||||||||||||||
basic net profit per ordinary share (in thousands)
|
5,977
|
5,850
|
5,902
|
5,848
|
||||||||||||
Weighted average number of ordinary shares used to compute
|
||||||||||||||||
diluted net profit per ordinary share (in thousands)
|
6,074
|
5,850
|
5,956
|
5,848
|
Eltek Ltd.
|
Consolidated Balance Sheets
|
(In thousands US$)
|
December 31,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
9,278
|
7,366
|
||||||
Short-term bank deposits
|
2,862
|
-
|
||||||
Receivables: Trade, net of provision for doubtful accounts
|
10,898
|
10,116
|
||||||
Other
|
689
|
282
|
||||||
Inventories
|
6,135
|
5,130
|
||||||
Prepaid expenses
|
245
|
504
|
||||||
Total current assets
|
30,107
|
23,398
|
||||||
Long term assets:
|
||||||||
Restricted deposits
|
-
|
202
|
||||||
Severance pay fund
|
57
|
59
|
||||||
Deferred tax assets and long term tax receivables, net
|
1,098
|
2,496
|
||||||
Operating lease right of use assets
|
6,555
|
7,156
|
||||||
Total long term assets
|
7,710
|
9,913
|
||||||
Fixed assets, less accumulated depreciation
|
9,354
|
7,674
|
||||||
Total Assets
|
47,171
|
40,985
|
||||||
Liabilities and Shareholder's equity
|
||||||||
Current liabilities:
|
||||||||
Short-term credit and current maturities of long-term debts
|
-
|
702
|
||||||
Accounts payable: Trade
|
7,503
|
4,793
|
||||||
Other
|
5,689
|
4,133
|
||||||
Short-term operating lease liabilities
|
789
|
846
|
||||||
Total current liabilities
|
13,981
|
10,474
|
||||||
Long-term liabilities:
|
||||||||
Long term debt, excluding current maturities
|
-
|
2,768
|
||||||
Employee severance benefits
|
447
|
280
|
||||||
Long-term operating lease liabilities
|
5,871
|
6,443
|
||||||
Total long-term liabilities
|
6,318
|
9,491
|
||||||
Shareholders' equity:
|
||||||||
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 6,020,693 at December 31, 2023 and 5,849,678 at December 31, 2022
|
5,443
|
5,305
|
||||||
Additional paid-in capital
|
23,587
|
22,862
|
||||||
Cumulative foreign currency translation adjustments
|
783
|
1,189
|
||||||
Capital reserve
|
1,900
|
1,537
|
||||||
Accumulated deficit
|
(4,841
|
)
|
(9,873
|
)
|
||||
Total shareholders' equity
|
26,872
|
21,020
|
||||||
Total liabilities and shareholders' equity
|
47,171
|
40,985
|
Eltek Ltd.
|
Unaudited Non-GAAP EBITDA Reconciliation
|
(In thousands US$)
|
Three months ended
|
Twelve months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
GAAP Net Income
|
1,331
|
805
|
6,353
|
3,194
|
||||||||||||
Add back items:
|
||||||||||||||||
Financial expenses (income), net
|
334
|
(100
|
)
|
(422
|
)
|
(887
|
)
|
|||||||||
Income tax expenses
|
337
|
144
|
1,364
|
664
|
||||||||||||
Depreciation and amortization
|
388
|
357
|
1,317
|
1,541
|
||||||||||||
Non-GAAP EBITDA
|
2,390
|
1,206
|
8,612
|
4,512
|
Eltek Ltd.
|
Consolidated Statements of Cash Flows
|
(In thousands US$)
|
Three months ended
|
Twelve months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net Income
|
1,331
|
805
|
6,353
|
3,194
|
||||||||||||
Adjustments to reconcile net income to net cash flows
|
||||||||||||||||
provided by operating activities:
|
||||||||||||||||
Depreciation and amortization
|
388
|
357
|
1,317
|
1,541
|
||||||||||||
Stock-based compensation
|
147
|
62
|
363
|
250
|
||||||||||||
Decrease in deferred tax assets and long term tax receivable
|
304
|
151
|
1,302
|
653
|
||||||||||||
839
|
570
|
2,982
|
2,444
|
|||||||||||||
Decrease (increase) in operating lease right-of-use assets
|
(1 | ) |
3
|
(23 | ) |
11
|
||||||||||
Decrease (increase) in trade receivables
|
(211
|
)
|
(446
|
)
|
(1,010
|
)
|
(3,941
|
)
|
||||||||
Decrease (increase) in other receivables and prepaid expenses
|
55
|
42
|
(169
|
)
|
437
|
|||||||||||
Decrease (increase) in inventories
|
(283
|
)
|
(463
|
)
|
(1,139
|
)
|
(806
|
)
|
||||||||
Increase (decrease) in trade payables
|
958
|
380
|
989
|
1,543
|
||||||||||||
Increase (decrease) in other liabilities and accrued expenses
|
(507
|
)
|
402
|
707 |
972
|
|||||||||||
Increase (decrease) in employee severance benefits, net
|
139
|
(36
|
)
|
172
|
(25
|
)
|
||||||||||
150
|
(118
|
)
|
(473
|
)
|
(1,809
|
)
|
||||||||||
Net cash provided by operating activities
|
2,320
|
1,257
|
8,862
|
3,829
|
||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of fixed assets
|
(1,246
|
)
|
(571
|
)
|
(2,432
|
)
|
(3,027
|
)
|
||||||||
Repayment from insurance
|
-
|
-
|
2,000
|
-
|
||||||||||||
Investment in short-term bank deposits
|
(2,719
|
)
|
-
|
(2,719
|
)
|
-
|
||||||||||
Restricted deposits
|
-
|
-
|
192
|
(2
|
)
|
|||||||||||
Net cash used in investing activities
|
(3,965
|
)
|
(571
|
)
|
(2,959
|
)
|
(3,029
|
)
|
||||||||
Cash flows from financing activities:
|
||||||||||||||||
Exercise of options
|
535
|
-
|
863
|
25
|
||||||||||||
Dividend distribution
|
(1,321
|
)
|
(994
|
)
|
(1,321
|
)
|
(994
|
)
|
||||||||
Repayment of long-term loans from bank
|
-
|
(227
|
)
|
(3,348
|
)
|
(669
|
)
|
|||||||||
Net cash used in financing activities
|
(786
|
)
|
(1,221
|
)
|
(3,806
|
)
|
(1,638
|
)
|
||||||||
Effect of translation adjustments
|
404
|
54
|
(185
|
)
|
(1,079
|
)
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(2,027
|
)
|
(481
|
)
|
1,912
|
(1,917
|
)
|
|||||||||
Cash and cash equivalents at the beginning of the period
|
11,305
|
7,847
|
7,366
|
9,283
|
||||||||||||
Cash and cash equivalents at the end of the period
|
9,278
|
7,366
|
9,278
|
7,366
|
1 Year Eltek Chart |
1 Month Eltek Chart |
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