-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueAdditive Manufacturing
In this month’s issue, we explore additive manufacturing technology for the PCB fabricator: where it stands today, the true benefits, and where it seems to be headed.
The 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.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Eltek Reports Q1 2024 Financial Results
May 22, 2024 | 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 March 31, 2024.
First Quarter 2024 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 $1.74 million, compared to $1.56 million in the first quarter of 2023, an increase of 11%. Revenues reached $11.8 million, marking a 3% rise compared to the same period last year. These results are the outcome of our continuous investment in increasing efficiency and quality. We have seen a consistent uptrend in both product orders and requests for quotations during the quarter. Recently, we secured a repeat order worth $1.6 million from a defense client for PCB supply, with $1 million due by the end of 2024 and the remainder by the end of 2025. We anticipate sustained high demand in the defense sector, for the next 2-3 years. Our current principal production constraint lies in manpower and not in machine capacity. To manage this increased demand for our products, we're actively seeking to boost our workforce by 15% in the short term and an additional 10% thereafter," said Eli Yaffe, CEO of Eltek.
"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 Mr. Yaffe.
"We continue to seek a suitable PCB manufacturing company to acquire in the American market to enhance our presence in North America. Concurrently, we are exploring additional options for expanding production at our plant in Israel to support our growth strategy," concluded Mr. Yaffe.
First Quarter 2024 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 of March 31, 2024, with no outstanding debt.
First Quarter 2024 Non-GAAP Financial Results
EBITDA for the first quarter of 2024 was $2.1 million (18% of revenues) compared to EBITDA of $1.9 million (17% of revenues) in the first quarter of 2023;
Suggested Items
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
06/14/2024 | Nolan Johnson, PCB007This week’s must-reads are comprised of news which moves the industry forward. We’ve had quite a lot of news on a global scale, and they’re all good reads. To winnow down to just five, I chose either new information or interesting takes on ongoing industry stories. To that end, we have news about new capital equipment for advanced packaging, discussions of material selection and the imaging process during PCB fabrication, a columnist's ode to the best engineer she knows, and some optimistic news from the semiconductor industry.
Technology Days 2024 at Rehm: #opentochange
06/14/2024 | Rehm Thermal Systems“The only constant is change” – this is particularly true in electronics manufacturing. In an industry that is constantly evolving and changing, it is crucial to be open to change.
IPC Masters 2024 Aims to Enhance Operator Skills in China
06/14/2024 | IPCTo meet the needs of China's electronics industry, IPC Asia and Pudong New Area Association For Quality And Technology Shanghai, will jointly organize a comprehensive skill competition event called IPC Masters 2024 in Shanghai, China.
Fabrinet Appoints Forbes Alexander to Board of Directors
06/14/2024 | BUSINESS WIREFabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, announced that Forbes Alexander has been appointed to the Company’s Board of Directors, expanding the Board to eight members.
eCADSTAR Sets New Standards for Compact PCB Design with Etched Inductor Parts
06/12/2024 | ZukenZuken announces the 2024 release of eCADSTAR, Zuken’s next-generation PCB design system for small and medium businesses. The new release includes a number of improvements ranging from enhanced design reuse, simplified revision tracking and more robust schematic design.