Business
Eltek Ltd. Reports 2023 Second Quarter Financial Results
PETACH TIKVA, Israel, Aug. 21, 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, 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.\nSecond Quarter 2023 Highlights\nRevenues were $11.0 million, 21% up over Q2 2022Operating profit was $1.4 million, 300% up over Q2 2022Profit 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 2022As 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.\n\"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.\n\"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.\nSecond Quarter 2023 GAAP Financial Results\nRevenues for the second quarter of 2023 were $11.0 million, compared to $9.1 million in the second quarter of 2022;\nGross 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;\nOperating 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;\nProfit before income tax for the second quarter of 2023 was $1.6 million compared to $1.0 million in the second quarter of 2022;\nNet 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...