◾ |
Revenues were $9.1 million
|
◾ |
Operating profit was $0.3 million
|
◾ |
Profit before tax was $1.0 million.
|
◾ |
Net profit was $0.8 million or $0.13 per fully diluted share
|
◾ |
Net cash provided by operating activities amounted to $0.5 million
|
◾ |
Repair of the damaged production line was completed and production has returned to normal capacity
|
United States:
|
1-866-860-9642
|
Israel:
|
03-918-0691
|
International:
|
+972-3-918-0691
|
Chief Financial Officer
Investor-Contact@nisteceltek.com
Eltek Ltd.
|
Consolidated Statements of Operations
|
(In thousands US$, except per share data)
|
Three months ended
|
Six months ended
| |||||||||||||||
June 30,
|
June 30,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Revenues
|
9,089
|
9,132
|
18,844
|
16,337
| ||||||||||||
Costs of revenues
|
(7,411
|
)
|
(6,743
|
)
|
(15,205
|
)
|
(12,806
|
)
| ||||||||
Gross profit
|
1,678
|
2,389
|
3,639
|
3,531
| ||||||||||||
Selling, general and administrative expenses
|
(1,306
|
)
|
(1,332
|
)
|
(2,598
|
)
|
(2,332
|
)
| ||||||||
R&D expenses, net
|
(26
|
)
|
(10
|
)
|
(44
|
)
|
(10
|
)
| ||||||||
Operating profit
|
346
|
1,047
|
997
|
1,189
| ||||||||||||
Financial income (expenses), net
|
611
|
(84
|
)
|
732
|
20
| |||||||||||
Other income (loss), net
| - |
-
| - |
(2
|
)
| |||||||||||
Profit before income tax
|
957
|
963
|
1,729
|
1,207
| ||||||||||||
Tax expenses
|
204
|
35
|
344
|
50
| ||||||||||||
Net Profit
|
753
|
928
|
1,385
|
1,157
| ||||||||||||
Earnings per share
| ||||||||||||||||
Basic and diluted net profit per ordinary share
|
0.13
|
0.16
|
0.24
|
0.20
| ||||||||||||
Weighted average number of ordinary shares used to compute
| ||||||||||||||||
basic net profit per ordinary share (in thousands)
|
5,850
|
5,840
|
5,846
|
5,840
| ||||||||||||
Weighted average number of ordinary shares used to compute
| ||||||||||||||||
diluted net profit per ordinary share (in thousands)
|
5,850
|
5,871
|
5,846
|
5,868
|
June 30,
|
December 31,
| |||||||
2022
|
2021
| |||||||
Assets
| ||||||||
Current assets
| ||||||||
Cash and cash equivalents
|
8,246
|
9,283
| ||||||
Receivables: Trade, net of provision for doubtful accounts
|
8,533
|
7,021
| ||||||
Other
|
762
|
798
| ||||||
Inventories
|
5,079
|
4,893
| ||||||
Prepaid expenses
|
385
|
586
| ||||||
Total current assets
|
23,005
|
22,581
| ||||||
Long term assets
| ||||||||
Restricted deposits
|
202
|
226
| ||||||
Severance pay fund
|
59
|
66
| ||||||
Deferred tax assets and long term tax receivables, net
|
2,842
|
3,563
| ||||||
Operating lease right of use assets
|
7,833
|
8,979
| ||||||
Total long term assets
|
10,936
|
12,834
| ||||||
Fixed assets, less accumulated depreciation
|
6,213
|
7,368
| ||||||
Total Assets
|
40,154
|
42,783
| ||||||
Liabilities and Shareholder's equity
| ||||||||
Current liabilities
| ||||||||
Short-term credit and current maturities of long-term debts
|
723
|
708
| ||||||
Accounts payable: Trade
|
4,310
|
4,044
| ||||||
Other
|
3,471
|
3,577
| ||||||
Short-term operating lease liabilities
|
859
|
931
| ||||||
Total current liabilities
|
9,363
|
9,260
| ||||||
Long-term liabilities
| ||||||||
Long term debt, excluding current maturities
|
3,136
|
3,921
| ||||||
Employee severance benefits
|
306
|
344
| ||||||
Long-term operating lease liabilities
|
7,093
|
8,186
| ||||||
Total long-term liabilities
|
10,535
|
12,451
| ||||||
Equity
| ||||||||
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 5,849,678 at June 30, 2022 and 5,840,357 at December 31, 2021
|
5,305
|
5,296
| ||||||
Additional paid-in capital
|
22,862
|
22,846
| ||||||
Cumulative foreign currency translation adjustments
|
1,364
|
3,716
| ||||||
Capital reserve
|
1,404
|
1,287
| ||||||
Accumulated deficit
|
(10,688
|
)
|
(12,073
|
)
| ||||
Shareholders' equity
|
20,247
|
21,072
| ||||||
Total liabilities and shareholders' equity
|
40,145
|
42,783
|
Non-GAAP EBITDA Reconciliations
|
Three months ended
|
Six months ended
| ||||||||||||||
June 30,
|
June 30,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Unaudited
|
Unaudited
| |||||||||||||||
GAAP net Income
|
753
|
928
|
1,385
|
1,157
| ||||||||||||
Add back items: | ||||||||||||||||
Financial expenses (income), net
|
(611
|
)
|
84
|
(732
|
)
|
(20
|
)
| |||||||||
Income tax expenses
|
204
|
35
|
344
|
50
| ||||||||||||
Depreciation and amortization
|
445
|
442
|
880
|
885
| ||||||||||||
Non-GAAP EBITDA
|
791
|
1,489
|
1,877
|
2,072
|
Three months ended
|
Six months ended
| |||||||||||||||
June 30,
|
June 30,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
Cash flows from operating activities:
| ||||||||||||||||
Net Income
|
753
|
928
|
1,385
|
1,157
| ||||||||||||
Adjustments to reconcile net profit to net
| ||||||||||||||||
cash flows provided by operating activities:
| ||||||||||||||||
Depreciation and amortization
|
445
|
442
|
880
|
886
| ||||||||||||
Stock-based compensation
|
64
|
67
|
117
|
73
| ||||||||||||
Decrease in deferred tax assets and long term tax receivable
|
194
|
9
|
335
|
16
| ||||||||||||
703
|
518
|
1,332
|
975
| |||||||||||||
Decrease (increase) in operating lease right-of-use assets
|
(8
|
)
|
20
|
(4
|
)
|
24
| ||||||||||
Decrease (increase) in trade receivables
|
(1,140
|
)
|
(1,482
|
)
|
(2,300
|
)
|
1,546
| |||||||||
Decrease (increase) in other receivables and prepaid expenses
|
165
|
315
|
83
|
95
| ||||||||||||
Decrease (increase) in inventories
|
(57
|
)
|
252
|
(731
|
)
|
(250
|
)
| |||||||||
Increase (decrease) in trade payables
|
301
|
(211
|
)
|
786
|
(411
|
)
| ||||||||||
Increase (decrease) in other liabilities and accrued expenses
|
(204
|
)
|
44
|
302
|
(279
|
)
| ||||||||||
Increase (decrease) in employee severance benefits, net
|
(2
|
)
|
(4
|
)
|
-
|
(10
|
)
| |||||||||
(945
|
)
|
(1,066
|
)
|
(1,864
|
)
|
715
| ||||||||||
Net cash provided by operating activities
|
511
|
380
|
853
|
2,847
| ||||||||||||
Cash flows from investing activities:
| ||||||||||||||||
Purchase of fixed assets
|
(326
|
)
|
(331
|
)
|
(615
|
)
|
(538
|
)
| ||||||||
Restricted deposits
|
(1
|
)
|
(154
|
)
|
(1
|
)
|
(154
|
)
| ||||||||
Net cash used in investing activities
|
(327
|
)
|
(485
|
)
|
(616
|
)
|
(692
|
)
| ||||||||
Cash flows from financing activities:
| ||||||||||||||||
Short- term bank credit, net
|
-
|
-
|
-
|
(377
|
)
| |||||||||||
Exercise of options
|
-
|
-
|
25
|
-
| ||||||||||||
Repayment of long-term loans from bank
|
(144
|
)
|
(38
|
)
|
(258
|
)
|
(77
|
)
| ||||||||
Proceeds from long-term loans
|
-
|
3,062
|
-
|
3,062
| ||||||||||||
Repayment of credit from fixed asset payables
|
(3
|
)
|
(274
|
)
|
(7
|
)
|
(285
|
)
| ||||||||
Net cash provided by (used in) financing activities
|
(147
|
)
|
2,750
|
(240
|
)
|
2,323
| ||||||||||
Effect of translation adjustments
|
(845
|
)
|
118
|
(1,034
|
)
|
(44
|
)
| |||||||||
Net increase (decrease) in cash and cash equivalents
|
(808
|
)
|
2,763
|
(1,037
|
)
|
4,434
| ||||||||||
Cash and cash equivalents at beginning of the period
|
9,054
|
6,406
|
9,283
|
4,735
| ||||||||||||
Cash and cash equivalents at period end
|
8,246
|
9,169
|
8,246
|
9,169
|
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Disclaimer
Eltek Ltd. published this content on 17 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2022 11:13:03 UTC.