Business
Eltek Reports 2020 First Quarter Financial Results
- Revenues of $9.2 million in the first quarter of 2020 compared to $8.7 million in the first quarter of 2019 - Gross profit of $1.8 million in the first
About this update from Eltek Ltd.
[{"type":"text","content":"- Revenues of $9.2 million in the first quarter of 2020 compared to $8.7 million in the first quarter of 2019\n - Gross profit of $1.8 million in the first quarter of 2020 compared to $1.5 million in the first quarter of 2019\n - Net profit of $541,000 in the first quarter of 2020 compared to net profit of $242,000 in the first quarter of 2019\n\n\nPETACH-TIKVA, Israel, June 2, 2020 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the quarter ended March 31, 2020.\n \n \nMr. Eli Yaffe, Chief Executive Officer, commented: \"We are gratified that despite the global Covid-19 related challenges encountered in the first quarter we were able to continue the growth and profitability we achieved in 2019. During this year, we plan to significantly increase our investment in new equipment and the expansion of our facilities and infrastructure, in order to support our continued growth, despite the impact of the Covid-19 pandemic.\" \n\"We are operating in a challenging business environment and making the necessary adjustments to increase operating efficiencies, improve customer satisfaction, increase revenues and reach sustained profitability,\" concluded Mr. Yaffe.\nHighlights of the First Quarter of 2020 compared to the First Quarter of 2019\nRevenues for the first quarter of 2020 were $9.2 million compared to revenues of $8.7 million in the first quarter of 2019; Gross profit increased from $1.5 million (17.6% of revenues) in the first quarter of 2019 to $1.8 (19.7% of revenues) in the first quarter of 2020; Operating profit was $612,000 as compared to an operating profit of $433,000 in the first quarter of 2019; Net profit was $541,000, or $0.12 per fully diluted share compared to a net profit of $242,000, or $0.12 per fully diluted share, in the first quarter of 2019; EBITDA was a $1.0 million (11.0% of revenues) compared to EBITDA of $811,000 (9.3% of revenues) in the first quarter of 2019; Net cash provided by operating activities amounted to $1.5 million compared to net cash provided by operating activities of $1.6 million in the first quarter of 2019. Conference Call \nToday, Tuesday, June 2, 2020, at 8:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results....