Associated tags: Electronics, Eltek, ITAR, HDI, Polychlorinated biphenyl, Cryptocurrency, Video game, EBITDA
Locations: NIS, ISRAEL, UNITED STATES OF AMERICA, NEW YORK
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Tuesday, September 19, 2023
PETACH TIKVA, Israel, Sept. 19, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that the company has received a purchase order in the amount of $2.9 million from an existing customer.
Key Points:
- PETACH TIKVA, Israel, Sept. 19, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that the company has received a purchase order in the amount of $2.9 million from an existing customer.
- The order will be supplied by Eltek over a period of 16 months commencing in February 2024.
- "The order is the result of a product development process with a customer that took place over four years.
- We are happy that the project concluded with our receiving an order from the customer.
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Eltek PETACH TIKVA, Israel, Aug. 21, 2023 /PRNewswire/ -- 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 June 30, 2023.
Key Points:
- PETACH TIKVA, Israel, Aug. 21, 2023 /PRNewswire/ -- 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 June 30, 2023.
- "We are proud to announce our strong second quarter results for 2023, with a growth of 21% in sales compared to the same quarter last year.
- The second quarter is characterized by a relatively low number of working days due to holidays.
- Revenues for the second quarter of 2023 were $11.0 million, compared to $9.1 million in the second quarter of 2022;
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;
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;
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.
PETACH-TIKVA, Israel, Aug. 14, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it will release its financial results for the second quarter of 2023 before the market opens on Monday, August 21, 2023.
Key Points:
- PETACH-TIKVA, Israel, Aug. 14, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it will release its financial results for the second quarter of 2023 before the market opens on Monday, August 21, 2023.
- Eltek's financial results will be released over the news wires and will be posted on its corporate website at: http://www.nisteceltek.com .
- On Monday, August 21, 2023, at 8:30 a.m. Eastern 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.
As of June 27, 2023 the Company's cash balance is $7 million.
Key Points:
- As of June 27, 2023 the Company's cash balance is $7 million.
- In addition, the Company has decided to accelerate its current investments in production equipment.
- "Our cash flows from operating activities together with the cash we received from our insurance carrier have allowed us to repay the balance of our bank debt, which will reduce our interest expenses going forward.
- We are pleased that our strong cash position has enabled us to repay our bank debt, expedite our current investments in production equipment in order to meet the current high demand for our products and to continue with our $15 million accelerated investment plan, " said Eli Yaffe, CEO of Eltek.
PETACH-TIKVA, Israel, June 21, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it reached a settlement with its insurance carrier under which the insurance company will pay an additional $2 million to cover costs and damages incurred by Eltek with respect to the fire in its plant in June 2022.
Key Points:
- PETACH-TIKVA, Israel, June 21, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it reached a settlement with its insurance carrier under which the insurance company will pay an additional $2 million to cover costs and damages incurred by Eltek with respect to the fire in its plant in June 2022.
- The Company previously received an interim payment of $1 million in August 2022.
- "We are very satisfied with the agreement which covers all of the damages incurred and our subsequent costs, mainly the purchase of new production equipment, construction costs and the replacement of damaged raw materials," said Eli Yaffe, CEO of Eltek.
PETACH TIKVA, Israel, May 18, 2023 /PRNewswire/ -- 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 March 31, 2023.
Key Points:
- PETACH TIKVA, Israel, May 18, 2023 /PRNewswire/ -- 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 March 31, 2023.
- "Throughout the quarter, we continued to execute on our accelerated investment plan and ordered three new plating lines valued at 5.5 million Euros.
- Revenues for the first quarter of 2023 were $11.5 million, compared to $9.8 million in the first quarter of 2022;
Gross profit for the first quarter of 2023 was $3.0 million (26% of revenues) compared to $2.0 (20% of revenues) in the first quarter of 2022;
Operating profit for the first quarter of 2023 was $1.6 million compared to operating profit of $0.7 million in the first quarter of 2022;
Profit before income tax for the first quarter of 2023 was $1.9 million compared to $0.8 million in the first quarter of 2022;
Net income for the first quarter of 2023 was $1.6 million or $0.27 per fully diluted share compared to net income of $0.6 million or $0.11 per fully diluted share in the first quarter of 2022;
EBITDA for the first quarter of 2023 was $1.9 million (17% of revenues) compared to EBITDA of $1.1 million (11% of revenues) in the first quarter of 2022.
- Today, Thursday, May 18, 2023, at 8:30am Eastern Time (15:30pm Israel Time, 5:30am Pacific Time), Eltek will conduct a conference call to discuss the results.
PETACH-TIKVA, Israel, May 9, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it will release its financial results for the first quarter of 2023 before the market opens on Thursday, May 18, 2023.
Key Points:
- PETACH-TIKVA, Israel, May 9, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it will release its financial results for the first quarter of 2023 before the market opens on Thursday, May 18, 2023.
- Eltek's financial results will be released over the news wires and will be posted on its corporate website at: http://www.nisteceltek.com .
- On Thursday, May 18, 2023, at 8:30 a.m. Eastern 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.
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Eltek Revenues for the fourth quarter of 2022 were $10.5 million compared to $9.5 million in the fourth quarter of 2021.
Key Points:
- Revenues for the fourth quarter of 2022 were $10.5 million compared to $9.5 million in the fourth quarter of 2021.
- Gross profit for the fourth quarter of 2022 was $2.2 million (21% of revenues) compared to $2.0 (21% of revenues) in the fourth quarter of 2021.
- Operating profit for the fourth quarter of 2022 was $0.8 million compared to operating profit of $0.6 million in the fourth quarter of 2021.
- Profit before income tax for the fourth quarter of 2022 was $0.9 million compared to $0.2 million in the fourth quarter of 2021.
PETACH-TIKVA, Israel, March 1, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it will release its financial results for the fourth quarter and year ended December 31, 2022 before the market opens on Thursday, March 9, 2023.
Key Points:
- PETACH-TIKVA, Israel, March 1, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it will release its financial results for the fourth quarter and year ended December 31, 2022 before the market opens on Thursday, March 9, 2023.
- Eltek's financial results will be released over the news wires and will be posted on its corporate website at: http://www.nisteceltek.com .
- On Thursday, March 9, 2023, at 8:30 a.m. Eastern 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.
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Tuesday, January 17, 2023
PETACH-TIKVA, Israel, Jan. 17, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, informed today that it received a notification from the Ministry of Environmental Protection about its intention to impose a penalty of approximately $0.6 million for an alleged breach of the Clean Air Law during the years 2019-2020.
Key Points:
- PETACH-TIKVA, Israel, Jan. 17, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, informed today that it received a notification from the Ministry of Environmental Protection about its intention to impose a penalty of approximately $0.6 million for an alleged breach of the Clean Air Law during the years 2019-2020.
- The Company intends to seek a reduction in the amount of the penalty, in accordance with provisions of the Clean Air Law.
