Eltek Ltd

NASDAQ:ELTKUnited States

Nov 19, 2024

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• -- Earnings Flash (ELTK) ELTEK Reports Q3 Revenue $13.5M, vs. Street Est of $12.4M, from 7:35AM ET on Tuesday Nov 19, 2024 by MT Newswires

  7:35AM ET on Tuesday Nov 19, 2024 by MT Newswires
  Companies Mentioned: ELTK
  07:35 AM EST, 11/19/2024 (MT Newswires) -- ...

• Eltek Ltd. Reports 2024 Third Quarter Financial Results, from 7:30AM ET on Tuesday Nov 19, 2024 by PR Newswire

  7:30AM ET on Tuesday Nov 19, 2024 by PR Newswire
  Companies Mentioned: ELTK

  Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended September 30, 2024.

• Eltek Ltd. Reports 2024 Third Quarter Financial Results, from 7:30AM ET on Tuesday Nov 19, 2024 by Dow Jones

  7:30AM ET on Tuesday Nov 19, 2024 by Dow Jones
  Companies Mentioned: ELTK
  ========== ======== ========= ======== Weighted average number of ordinary shares used to compute basic net profit per ordinary share (in thousands) 6,710 5,914 6,597 5,890 ========== ======== ========= ======== Weighted average number of ordinary shares used to compute diluted net profit per ordinary share (in thousands) 6,768 5,987 6,675 5,927 ========== ======== ========= ======== Eltek Ltd. Consolidated Balance Sheets U.S dollars in thousands September December 30, 31, ----------- ----------- 2024 2023 ----------- ----------- Assets Current assets: Cash and cash equivalents 8,548 9,278 Short-term bank deposits 9,530 2,862 Receivables: Trade, net of provision for doubtful accounts 12,800 10,898 Other 83 689 Inventories 6,775 6,135 Prepaid expenses 225 245 ----------- ----------- Total current assets 37,961 30,107 ----------- ----------- Long term assets: Severance pay fund 56 57 Deferred tax asset, net 663 1,098 Operating lease right of use assets 5,933 6,555 Total long term assets 6,652 7,710 ----------- ----------- Fixed assets, less accumulated depreciation 14,166 9,354 ----------- ----------- Total Assets 58,779 47,171 =========== =========== Liabilities and Shareholder's equity Current liabilities: Accounts payable: Trade 6,166 7,503 Other 5,812 5,689 Short-term operating lease liabilities 799 789 Total current liabilities 12,777 13,981 ----------- ----------- Long-term liabilities: Employee severance benefits 436 447 Long-term operating lease liabilities 5,240 5,871 ----------- ----------- Total long-term liabilities 5,676 6,318 ----------- ----------- Shareholders' equity: Ordinary shares of NIS 3.0 par value -- Authorized: 10,000,000 shares at September 30, 2024 and December 31, 2023; Issued and outstanding: 6,712,040 shares at September 30, 2024 and 6,020,693 shares at December 31, 2023 6,009 5,443 Additional paid-in capital 32,611 23,587 Cumulative foreign currency translation adjustments (1) 783 Capital reserve 2,346 1,900 Accumulated deficit (639) (4,841) Total shareholders' equity 40,326 26,872 Total liabilities and shareholders' equity 58,779 47,171 =========== =========== Eltek Ltd. Unaudited Non-GAAP EBITDA Reconciliations U.S dollars in thousands Three months ended Nine months ended -------------------- ------------------- September 30, September 30, -------------------- ------------------- 2024 2023 2024 2023 --------- --------- --------- -------- GAAP net income 1,712 2,147 4,202 5,022 Add back items: Financial income, net (137) (279) (976) (756) Income tax expenses 333 442 808 1,027 Depreciation and amortization 388 299 1,141 929 --------- --------- --------- -------- Non-GAAP EBITDA 2,296 2,609 5,175 6,222 Eltek Ltd. Consolidated Statement of Cash flow U.S dollars in thousands Three months ended Nine months ended -------------------- ------------------- September 30, September 30, -------------------- ------------------- 2024 2023 2024 2023 ---------- -------- ---------- ------- Cash flows from operating activities: Net Income 1,712 2,147 4,202 5,022 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 388 299 1,141 929 Accrued interest 115 - (71) - Stock-based compensation 160 72 446 216 Decrease in deferred tax assets and long term tax receivable 313 432 404 998 976 803 1,920 2,143 ---------- -------- ---------- ------- Decrease (increase) in operating lease right-of-use assets 1 - 4 (22) Decrease (increase) in trade receivables (2,735) 985 (2,218) (799) Decrease (increase) in other receivables and prepaid expenses 292 87 601 (224) Decrease (increase) in inventories (256) (47) (821) (856) Increase (decrease) in trade payables 1,087 (74) 551 31 Increase (decrease) in other liabilities and accrued expenses 538 (263) 289 1,214 Increase (decrease) in employee severance benefits, net 32 11 2 33 (1,041) 699 (1,592) (623) ---------- -------- ---------- ------- Net cash provided by operating activities 1,647 3,649 4,530 6,542 ---------- -------- ---------- ------- Cash flows from investing activities: Purchase of property and equipment (1,967) (475) (7,914) (1,186) Insurance Proceeds - - - 2,000 Investment in short-term bank deposits, net (134) - (6,668) - Restricted deposits - - - 192 ---------- Net cash provided by (used in) investing activities (2,101) (475) (14,582) 1,006 ---------- -------- ---------- ------- Cash flows from financing activities: Exercise of options 17 29 278 328 Repayment of long-term loans from bank - - - (3,348) Issuance of shares, net - - 9,312 - Net cash provided by (used in) financing activities 17 29 9,590 (3,020) ---------- -------- ---------- ------- Effect of translation adjustments 108 (228) (268) (589) Net increase (decrease) in cash and cash equivalents (329) 2,975 (730) 3,939 ---------- -------- ---------- ------- Cash and cash equivalents at the beginning of the period 8,877 8,330 9,278 7,366 ---------- -------- ---------- ------- Cash and cash equivalents at the end of the period 8,548 11,305 8,548 11,305 ========== ======== ========== =======
  

• *DJ Eltek 3Q EPS 25c >ELTK, from 7:30AM ET on Tuesday Nov 19, 2024 by Dow Jones

  7:30AM ET on Tuesday Nov 19, 2024 by Dow Jones
  Companies Mentioned: ELTK