Eltek Ltd. Reports 2023 Second Quarter Financial Results

Gross profit for the second quarter of 2023 was $3.0 million (27% of revenues) compared to $1.7 million (18% of revenues) in the second quarter of 2022;

Operating profit for the second quarter of 2023 was $1.4 million compared to operating profit of $0.3 million in the second quarter of 2022;

Profit before income tax for the second quarter of 2023 was $1.6 million compared to $1.0 million in the second quarter of 2022;

Net income for the second quarter of 2023 was $1.3 million or $0.22 per fully diluted share compared to net income of $0.8 million or $0.13 per fully diluted share in the second quarter of 2022;

Second Quarter 2023 Non-GAAP Financial Results

EBITDA for the second quarter of 2023 was $1.7 million (15.3% of revenues) compared to EBITDA of $0.8 million (8.7% of revenues) in the second quarter of 2022;

First Six Months 2023 GAAP Financial Results

Revenues for the first six months of 2023 were $22.5 million compared to $18.8 million in the first six months of 2022;

Gross profit for the first six months of 2023 was $6.0 million (26% of revenues) compared to $3.6 million (19% of revenues) in the first six months of 2022;

Operating profit for the first six months of 2023 was $3.0 million compared to operating profit of $1.0 million in the first six months of 2022;

Financial income for the first six months of 2023 was $0.4 million compared to financial income of $0.7 million in the first six months of 2022. Financial income primarily results from the erosion of the NIS against the US dollar.

Profit before income tax for the first six months of 2023 was $3.5 million compared to $1.7 million in the first six months of 2022;

Net profit for the first six months of 2023 was $2.9 million or $0.49 per fully diluted share compared to net profit of $1.4 million or $0.24 per fully diluted share in the first six months of 2022;

First Six Months 2023 Non-GAAP Financial Results

EBITDA for the first six months of 2023 was a $3.6 million (16% of revenues) compared to EBITDA of $1.9 million (10% of revenues) in the first six months of 2022;

About our Non-GAAP Financial Information

The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company's operations internally. The Company is also providing this information to assist investors in performing additional financial analysis. Reconciliation between the Company's results on a GAAP and non-GAAP basis is provided in a table below.

Conference Call

Today, Monday, August 21, 2023, at 8:30am Eastern Time (15:30pm Israel Time, 5:30am Pacific Time), Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Ron Freund, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:

United States:             1-866-860-9642
Israel:                          03-918-0691
International:               +972-3-918-0691

To Access a Replay of the Call

A replay of the call will be available for 30 days on the Investor Info section on Eltek's corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed.

About Eltek

Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek's web site at www.nisteceltek.com

Forward Looking Statement

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

Investor Contact

Ron Freund
Chief Financial Officer
Investor-Contact@nisteceltek.com
+972-3-939-5023

Eltek Ltd.
Consolidated Statements of Income
(Unaudited, in thousands US$, except per share data)
		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 Werbung Mehr Nachrichten zur Eltek Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - dpa-AFX ROUNDUP/Aktien New York Schluss: Alphabet und Microsoft sorgen für Nasdaq-Rally 26.04.24 - ARIVA.DE Redaktion Tesla-Aktie mit Kursverlusten (157,3817 €) 26.04.24 - ARIVA.DE Redaktion Aktie von Nvidia im Höhenflug: Papier legt um 6,02 Prozent zu (818,7400 €) Biotech-Einhorn!    FDA Zulassung für das CBD-Wunder?! weiterlesen» Anzeige wo-site-teaser-box-16773_site-teaser-box_2024-04-27_09%253A00%253A00_2024-04-28_09%253A00%253A59