-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Growing Industry
In this issue of PCB007 Magazine, we talk with leading economic experts, advocacy specialists in Washington, D.C., and PCB company leadership to get a well-rounded picture of what’s happening in the industry today. Don’t miss it.
The Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Eltek Reports 2023 Second Quarter Financial Results
August 21, 2023 | PRNewswireEstimated reading time: 2 minutes
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), announced its financial results for the quarter ended June 30, 2023.
Second Quarter 2023 Highlights
- Revenues were $11.0 million, 21% up over Q2 2022
- Operating profit was $1.4 million, 300% up over Q2 2022
- Profit before tax was $1.6 million (2022 Q2 - $1.0 million)
- Net income was $1.3 million or $0.22 per fully diluted share, 74% up over Q2 2022
- As of June 30, 2023 cash and cash equivalents amounted $8.3 million, after full repayment of bank loans.
"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. Despite this, we managed to achieve $11 million in sales," said Eli Yaffe, CEO of Eltek.
"Throughout the quarter, we continued to experience the demand for our high-end, high-reliability products. In light of the continued demand for our products, we continue our efforts to recruit employees and to procure and install new machines that will enable us to increase manufacturing capacity," continued Mr. Yaffe.
"Earlier this month, we were informed by the Ministry of Environmental Protection that it rejected our claim to reduce the clean air penalty imposed on us. Therefore, we have provided a full allowance for this penalty in our Q2 interim financial statements and recorded a one-time expense in the amount of $0.35 million," concluded Mr. Yaffe.
Second Quarter 2023 GAAP Financial Results
- 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;
Second Quarter 2023 Non-GAAP Financial Results
- 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;
First Six Months 2023 GAAP Financial Results
- 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. Financial income primarily results from the erosion of the NIS against the US dollar.
- Profit before income tax for the first six months of 2023 was $3.5 million compared to $1.7 million in the first six months of 2022;
- Net profit for the first six months of 2023 was $2.9 million or $0.49 per fully diluted share compared to net profit of $1.4 million or $0.24 per fully diluted share in the first six months of 2022
First Six Months 2023 Non-GAAP Financial Results
- EBITDA for the first six months of 2023 was a $3.6 million (16% of revenues) compared to EBITDA of $1.9 million (10% of revenues) in the first six months of 2022
Suggested Items
MKS Instruments Reports Q1 2024 Financial Results
05/09/2024 | MKS Instruments, Inc.MKS Instruments, Inc., a global provider of enabling technologies that transform our world, reported first quarter 2024 financial results.
Punching Out: Breaking Out of the Valuation Box
05/09/2024 | Tom Kastner -- Column: Punching Out!Most companies are in a “valuation box.” That is, the value of the company, based on a market multiple, is not equal to the value of the assets. Or worse, once debt is paid off, the net proceeds would actually be negative. Here are some tips for getting out of the box.
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.