Eltek Ltd. Reports 2024 First Quarter Financial Results
PETACH TIKVA, Israel,
First Quarter 202 4 Highlights
- Revenues were
$11.8 million , up 3% over Q1 2023 - Operating profit was
$1.7 million , up 8% over Q1 2023 - Net income was
$1.7 million or$0.27 per fully diluted share, up 11% over Q1 2023 - Net cash provided by operating activities amounted to
$1.3 million .
"We have ended another successful quarter with net income of
"Looking ahead to 2024 and 2025, we anticipate significant challenges as we undertake extensive construction work and integrate additional new production lines and machines. Our focus is on ensuring the smooth installation of new equipment while sustaining full production capacity on our existing lines. Despite a slight delay of several months in our investment program, our progress remains steady, with the successful installation of the first of three ordered coating lines during the quarter," continued
"We continue to seek a suitable PCB manufacturing company to acquire in the American market to enhance our presence in
First Quarter 202 4 GAAP Financial Results
-
Revenues for the first quarter of 2024 were
$11.8 million , compared to$11.5 million in the first quarter of 2023; -
Gross profit for the first quarter of 2024 was
$3.3 million (28% of revenues) compared to$3.0 (26% of revenues) in the first quarter of 2023; -
Operating profit for the first quarter of 2024 was
$1.7 million compared to operating profit of$1.6 million in the first quarter of 2023; -
Net income for the first quarter of 2024 was
$1.7 million or$0.27 per fully diluted share compared to net income of$1.6 million or$0.27 per fully diluted share in the first quarter of 2023; -
Cash and short-term bank deposits amounted to
$19.9 million as ofMarch 31, 2024 , with no outstanding debt.
First Quarter 2024 Non-GAAP Financial Results
EBITDA for the first quarter of 2024 was
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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
About our Non-GAAP Financial Information
The Company reports financial results in accordance with
Investor Contact
Chief Financial Officer
Investor-Contact@nisteceltek.com
+972-3-939-5023
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Consolidated Statements of Income |
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Three months ended |
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2024 |
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2023 |
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Revenues |
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11,783 |
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11,470 |
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Costs of revenues |
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(8,531) |
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(8,455) |
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Gross profit |
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3,252 |
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3,015 |
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Research and development, expenses, net |
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(15) |
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(9) |
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Selling, general and administrative expenses |
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(1,516) |
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(1,417) |
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Operating income |
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1,721 |
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1,589 |
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Financial income, net |
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350 |
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287 |
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Income before income taxes |
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2,071 |
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1,876 |
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Income tax expenses |
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332 |
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314 |
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Net Income |
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1,739 |
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1,562 |
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Earnings per share: |
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Basic net income per ordinary share |
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0.27 |
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0.27 |
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Diluted net income per ordinary share |
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0.27 |
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0.27 |
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Weighted average number of ordinary shares used to compute |
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basic net income per ordinary share (in thousands) |
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6,376 |
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5,850 |
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Weighted average number of ordinary shares used to compute |
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diluted net income per ordinary share (in thousands) |
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6,491 |
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5,852 |
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Consolidated Balance Sheets |
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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10,610 |
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9,278 |
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Short-term bank deposits |
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9,264 |
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2,862 |
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Receivables: Trade, net of provision for doubtful accounts |
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9,977 |
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10,898 |
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Other |
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471 |
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689 |
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Inventories |
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6,420 |
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6,135 |
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Prepaid expenses |
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372 |
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245 |
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Total current assets |
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37,114 |
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30,107 |
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Long term assets: |
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Severance pay fund |
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56 |
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57 |
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Deferred tax assets and long term tax receivables, net |
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889 |
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1,098 |
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Operating lease right of use assets |
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6,280 |
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6,555 |
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Total long term assets |
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7,225 |
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7,710 |
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Fixed assets, less accumulated depreciation |
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10,996 |
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9,354 |
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Total Assets |
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55,335 |
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47,171 |
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Liabilities and Shareholder's equity |
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Current liabilities: |
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Accounts payable: Trade |
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5,343 |
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7,503 |
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Other |
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5,389 |
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5,689 |
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Short-term operating lease liabilities |
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778 |
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789 |
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Total current liabilities |
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11,510 |
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13,981 |
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Long-term liabilities: |
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Employee severance benefits |
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457 |
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447 |
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Long-term operating lease liabilities |
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5,606 |
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5,871 |
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Total long-term liabilities |
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6,063 |
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6,318 |
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Shareholders' equity: |
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Ordinary shares,
outstanding 6,704,830 at Additional paid-in capital |
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6,003 |
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5,443 |
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32,584 |
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23,587 |
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Cumulative foreign currency translation adjustments |
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245 |
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783 |
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Capital reserve |
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2,032 |
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1,900 |
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Accumulated deficit |
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(3,102) |
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(4,841) |
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Total shareholders' equity |
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37,762 |
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26,872 |
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Total liabilities and shareholders' equity |
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55,335 |
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47,171 |
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Unaudited Non-GAAP EBITDA Reconciliations |
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Three months ended |
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2024 |
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2023 |
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GAAP net Income |
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1,739 |
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1,562 |
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Add back items: |
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Financial income, net |
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(350) |
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(287) |
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Income tax expenses |
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332 |
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314 |
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Depreciation and amortization |
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365 |
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329 |
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Non-GAAP EBITDA |
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2,086 |
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1,918 |
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Consolidated Statements of Cash Flows |
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Three months ended |
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2024 |
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2023 |
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Cash flows from operating activities: |
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Net Income |
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1,739 |
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1,562 |
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Adjustments to reconcile net income to net cash flows |
|
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provided by operating activities: |
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Depreciation and amortization |
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365 |
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329 |
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Stock-based compensation |
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132 |
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72 |
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Decrease in deferred tax assets and long term tax receivable |
|
322 |
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306 |
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819 |
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707 |
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Decrease (increase) in operating lease right-of-use assets |
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1 |
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(33) |
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Decrease (increase) in trade receivables |
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736 |
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112 |
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Decrease (increase) in other receivables and prepaid expenses |
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75 |
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(525) |
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Decrease (increase) in inventories |
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(396) |
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(313) |
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Increase (decrease) in trade payables |
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(1,491) |
|
412 |
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Increase (decrease) in other liabilities and accrued expenses |
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(201) |
|
847 |
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Increase (decrease) in employee severance benefits, net |
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18 |
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5 |
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(1,258) |
|
505 |
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Net cash provided by operating activities |
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1,300 |
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2,774 |
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Cash flows from investing activities: |
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Purchase of fixed assets |
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(2,731) |
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(305) |
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Investment in short-term bank deposits, net |
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(6,490) |
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- |
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Net cash used in investing activities |
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(9,221) |
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(305) |
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Cash flows from financing activities: |
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Exercise of options |
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246 |
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- |
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Repayment of long-term loans from bank |
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- |
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(1,580) |
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Issuance of shares, net |
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9,180 |
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- |
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Net cash provided by (used in) financing activities |
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9,426 |
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(1,580) |
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Effect of translation adjustments |
|
(173) |
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(196) |
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Net increase (decrease) in cash and cash equivalents |
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1,332 |
|
693 |
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Cash and cash equivalents at the beginning of the period |
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9,278 |
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7,366 |
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Cash and cash equivalents at the end of the period |
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10,610 |
|
8,059 |
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