Business
Eltek Ltd. Reports 2023 First Quarter Financial Results
PETACH TIKVA, Israel, May 18, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the
About this update from Eltek Ltd.
[{"type":"text","content":"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.\nFirst Quarter 2023 Highlights\nRevenues were $11.5 million, 18% up over Q1 2022Operating profit was $1.6 million, 144% up over Q1 2022Profit before tax was $1.9 million (2022 Q1 - $0.8 million) Net income was $1.6 million or $0.27 per fully diluted share, 147% up over Q1 2022Net cash provided by operating activities amounted to $2.8 million\"Eltek is proud to announce its strong first quarter results for 2023, with growth of 18% in sales compared to the same quarter last year, and an impressive 147% increase in net income. These results are a testament to the success of the Company's strategy to invest in innovative equipment to increase production volumes, and an unwavering commitment to product quality to meet customer satisfaction and provide technological solutions for every customer's needs. As of today our backlog increased 10% from the beginning of the year.\nOur strong cash flows from operating activities in the first quarter of $2.8 million allowed us to repay $1.6 of our long-term debt and consequently lower our interest expenses, given the current high rates,\" said Eli Yaffe, CEO of Eltek.\n\"Throughout the quarter, we continued to execute on our accelerated investment plan and ordered three new plating lines valued at 5.5 million Euros. The deployment of these coating lines is scheduled for the latter half of 2023, 2024 and 2025, which will enable the simultaneous additional enhancement of production capacity, efficiency, and diversification of our product offerings,\" continued Mr. Yaffe.\n\"Concurrently with our accelerated investment plan, we are also allocating resources towards acquiring additional machinery and equipment, as well as enhancing our manufacturing procedures. These endeavors supported the increase in both revenues and net income, resulting in our quarterly net income of $1.6 million,\" concluded Mr. Yaffe.\nFirst Quarter 2023 GAAP Financial Results\nRevenues for the first quarter of 2023 were $11.5 million, compared to $9.8 million in the first quarter of 2022;\nGross profit for the first quarter of 2023 was $3.0 million (26% o...