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Eltek Reports Revenues of $8.2 million in 2Q19
September 5, 2019 | PRNewswireEstimated reading time: 2 minutes
Eltek Ltd. announced today its financial results for the quarter ended June 30, 2019.
Eli Yaffe, chief executive officer, commented: "We are pleased that this quarter's results reflect the continuing trend of improved results. The improved results are a consequence of the implementation of our turnaround plan. We are continuing our efforts to maintain the trend of improved operating efficiencies, while increasing sales by expanding our business into the vertical markets we currently service."
Highlights of the Second Quarter of 2019 compared to the Second Quarter of 2018
- Revenues for the second quarter of 2019 were $8.2 million compared to revenues of $8.7 million in the second quarter of 2018
- Gross profit increased from $578,000 (6.7% of revenues) in the second quarter of 2018 to $1,256,000 (15.3% of revenues) in the second quarter of 2019
- Operating profit was $7,000 as compared to an operating loss of $721,000 in the second quarter of 2018
- Other Income was $871,000 in the second quarter of 2019, mainly attributable to receipt of payment on an insurance claim made in 2018 for damage to one of our manufacturing machines and the resulting losses that occurred as a result of this event
- Net profit was $790,000, or $0.19 per fully diluted share in the second quarter of 2019 compared to a net loss of $843,000, or ($0.42) per fully diluted share, in the second quarter of 2018
- EBITDA was $1.25 million in the second quarter of 2019 compared to negative EBITDA of $295,000 in the second quarter of 2018
- Net cash used in operating activities amounted to $301,000 in the second quarter of 2019 compared to net cash used in operating activities of $572,000 in the second quarter of 2018
Highlights for the First Six Months of 2019
- Revenues for the first six months of 2019 were $16.9 million compared to $17.6 million in the first six months of 2018
- Gross profit was $2.8 million (16.5% of revenues) compared to gross profit of $1.0 million (5.8% of revenues) in the first six months of 2018
- Operating profit was $440,000 compared to an operating loss of $1.3 million in the first six months of 2018
- Other Income was 877,000 in the first six months of 2019 compared to nil in the first six months of 2018
- Net profit was $1.0 million, or $0.33 per fully diluted share compared to a net loss of $1.5 million, or ($0.75) per fully diluted share in the first six months of 2018
- EBITDA was $2.1 million in the first six months of 2019, compared to negative EBITDA of $481,000 in the first six months of 2018
- Net cash provided by operating activities amounted to $1.3 million compared to net cash used in operating activities of $1.4 million in the first six months of 2018
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 the Israeli leader 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 subsidiaries in North America and in Europe 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.
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