Business
Eltek Ltd. Reports Full year and Fourth Quarter 2022 Financial Results
PETACH TIKVA, Israel, March 9, 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, March 9, 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 full year and fourth quarter ended December 31, 2022.\nFull Year and Fourth Quarter 2022 Highlights\nRevenues were $39.6 million (Q4 - $10.5 million)Operating profit was $3.0 million (Q4 - $0.8 million)Profit before tax was $3.9 million (Q4 - $0.9 million)Net profit was $3.2 million or $0.55 per fully diluted share (Q4 - $0.8 million or $0.14 per fully diluted share)Net cash provided by operating activities amounted to $3.8 million (Q4 - $1.3 million)\"We are pleased to announce strong growth in revenues and earnings for the year 2022. This was due to increased demand for our high-quality printed circuit boards. The growth in revenues is a testament to the hard work and dedication of our team, as well as the loyalty of our customers. We are excited to continue building upon this momentum in the coming year,\" said Eli Yaffe, CEO of Eltek.\n\"The global PCB market is expected to continue to grow in the coming years, with the military, aerospace and defense sectors being the key drivers. As a leading provider of PCBs to these industries, Eltek is well-positioned to capitalize on this trend and continues to deliver strong results for our shareholders. We ended 2022 with a 70% growth in backlog.\nDuring Q4 we received final approval from the Israel Innovation Authority (\"IIA\") for a 40%, royalty bearing participation in an approximately $800,000 one-year development program, which started in January 2023. This program is part of our investments in CapEx and research and development to bring new, high-quality products to the market and further drive growth in the future,\" continued Mr. Yaffe.\n\"We have a strong balance sheet and a talented team, and we will continue to invest in our operations, products and people to sustain our long-term success,\" concluded Mr. Yaffe.\n2022 Full Year GAAP Financial ResultsRevenues for 2022 were $39.7 million compared to $33.8 million in 2021.Gross profit for 2022 was $8.3 million (21% of revenues) compared to $6.9 million (20% of revenues) in 2021.Operating profit for 2022 was $3.0 million compared to operating profit of $1.9 million in 2021.Financial in...