Business
Eltek Reports 2020 Second Quarter Financial Results
- Revenues of $8.8 million - Gross profit of $1.9 million - Net Profit of $704,000 PETACH-TIKVA, Israel, Aug. 12, 2020 /PRNewswire/ -- Eltek Ltd. (NASDAQ:
About this update from Eltek Ltd.
[{"type":"text","content":"- Revenues of $8.8 million\n - Gross profit of $1.9 million\n - Net Profit of $704,000\n\n\nPETACH-TIKVA, Israel, Aug. 12, 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 June 30, 2020.\nMr. Eli Yaffe, Chief Executive Officer, commented: \"We are pleased that our second quarter reflects the continuing trend of improved results. We are gratified that despite the global Covid-19 pandemic and its related challenges, we were able to grow our top line by 7.2% compared to the second quarter of 2019 and improve our gross margins from 15.3% in Q2 2019 to 21.6% in Q2 2020.\"\n\"We are operating in a challenging business environment and making the necessary adjustments to protect our staff, expand our business, improve customer satisfaction, increase revenues, maintain the trend of improved operating efficiencies and reach sustained profitability,\" concluded Mr. Yaffe.\n Highlights of the Second Quarter of 2020 compared to the Second Quarter of 2019\nRevenues for the second quarter of 2020 were $8.8 million compared to revenues of $8.2 million in the second quarter of 2019; Gross profit increased from $1.3 million (15.3% of revenues) in the second quarter of 2019 to $1.9 million (21.6% of revenues) in the second quarter of 2020; Operating profit increased to $809,000 during the second quarter of 2020 as compared to operating profit of $7,000 in the second quarter of 2019; Other expenses were nil during the second quarter of 2020 as compared to other income of $871,000 in the second quarter of 2019 that was mainly attributable to receipt of a non-recurring insurance payment relating to the damage to one of our manufacturing machines and the resulting losses; Net profit was $704,000, or $0.16 per fully diluted share in the second quarter of 2020 compared to net profit of $790,000, or $0.19 per fully diluted share, in the second quarter of 2019; EBITDA was $1.2 million in the second quarter of 2020 compared to EBITDA of $1.25 million in the second quarter of 2019; Net cash provided by operating activities amounted to $1.4 million in the second quarter of 2020 compared to net cash used in operating activities of $301,000 in the second quarter of 2019. Highlights for the F...