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Eltek Reports Third Quarter and Nine Months Financial Results



        Eltek Reports Third Quarter and Nine Months Financial Results

PR Newswire

PETACH-TIKVA, Israel, Nov. 27, 2013

PETACH-TIKVA, Israel, Nov. 27, 2013 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK),
the leading Israeli manufacturer of advanced circuitry solutions, including
complex build ups of rigid and flex-rigid printed circuit boards, announced
today its financial results for the quarter ended September 30, 2013.

Third Quarter 2013:

Revenues for the quarter ended September 30, 2013 were $12.8 million compared
with revenues of $10.8 million recorded in the third quarter of 2012.

Gross profit for the third quarter of 2013 was $2.3 million (18.3% of
revenues) compared with gross profit of $1.7 million (16.1% of revenues) in
the third quarter of 2012.

Operating profit for the third quarter of 2013 was $735,000 compared to
operating profit of $285,000 in the third quarter of 2012.

Net profit for the third quarter of 2013 was $585,000 or $0.09 per fully
diluted share, compared to net profit of $135,000 or $0.02 per fully diluted
share, in the third quarter of 2012. The earnings per share calculation does
not include the effect of our sale of 3,532,655 shares to Nistec Ltd. in
November 2013.

First nine months of 2013:

Revenues for the nine-month period ended September 30, 2013 were $37.6 million
compared to revenues of $34.3 million recorded in the first nine months of
2012. 

Gross profit for the first nine months of 2013 was $6.2 million (16.6% of
revenues) compared to gross profit of $6.0 million (17.4% of revenues) in the
first nine months of 2012.

Operating profit for the first nine months of 2013 was $1.5 million similar to
the operating profit of $1.5 million in the first nine months of 2012.

Net profit for the first nine months of 2013 was $1.1 million, or $0.16 per
fully diluted share, compared with net profit of $1.0 million, or $0.15 per
fully diluted share, in the first nine months of 2012. The earnings per share
calculation does not include the effect of our sale of 3,532,655 shares to
Nistec Ltd. in November 2013.

EBITDA:

In the third quarter of 2013, Eltek had EBITDA of $1.2 million compared with
EBITDA of $680,000 in the third quarter of 2012. In the first nine months of
2013, Eltek had EBITDA of $2.7 million compared with EBITDA of $2.8 million in
the same period in 2012.

ELTEK uses EBITDA as a non-GAAP financial performance measurement. EBITDA is
calculated by adding back to net income interest, taxes, depreciation and
amortization. EBITDA is provided to investors to complement results provided
in accordance with GAAP, as management believes the measure helps illustrate
underlying operating trends in the Company's business and uses the measure to
establish internal budgets and goals, manage the business and evaluate
performance. EBITDA should not be considered in isolation or as a substitute
for comparable measures calculated and presented in accordance with GAAP.
Reconciliation between the company's results on a GAAP and non-GAAP basis is
provided in a table immediately following the Consolidated Statement of
Operations

Management Comments:

Erez Meltzer, Eltek's former Chairman of the Board of Directors commented:
"Although I continue to serve on the Board of Directors of Eltek, I am pleased
to wrap up my service as Chairman of the Board after such a profitable quarter
and record breaking revenues. I am confident that Mr. Yitzhak Nissan, my
successor as Chairman of the Board, will lead the Company in the path of
growth and success, helping generate added value for our investors and
strengthen the Company's leading position in the high-end PCB market."

Arieh Reichart, President and Chief Executive Officer of Eltek commented: "I
am pleased to report that this is the eleventh consecutive quarter of
profitability (excluding the one-time goodwill impairment in Q4-2012) – with
record revenues. Nistec's investment in the company validates Eltek's
leadership in the printed circuit boards market and greatly supports our
long-term growth plans, leveraging the company's growth potential towards
additional opportunities in the diverse markets we serve."

About Eltek
Eltek is Israel's leading manufacturer of printed circuit boards, the core
circuitry of most electronic devices. It specializes in the complex high-end
of PCB manufacturing, i.e., HDI, multi-layered and flex-rigid boards. Eltek's
technologically advanced circuitry solutions are used in today's increasingly
sophisticated and compact electronic products.. For more information, visit
Eltek's website at www.eltekglobal.com.

Forward Looking Statement:
Certain matters discussed in this news release are forward-looking statements
that involve a number of risks and uncertainties including, but not limited to
statements regarding expected results in future quarters, risks in product and
technology development and rapid technological change, product demand, the
impact of competitive products and pricing, market acceptance, the sales
cycle, changing economic conditions and other risk factors detailed in the
Company's Annual Report on Form 20-F and other filings with the United States
Securities and Exchange Commission.

 

Contact:
Amnon Shemer
V.P. Finance & CFO
Eltek ltd
Tel: +972 3 939 5023
amnons@eltek.co.il

www.eltekglobal.com

 

Eltek Ltd.
Consolidated Statements of Operations
(In thousands US$, except per share data)
                                       Three months ended  Nine months ended
                                       September  30,      September  30,
                                       2013       2012     2013      2012
                                       Unaudited           Unaudited
Revenues                               12,758     10,779   37,560    34,291
Costs of revenues                      (10,417)   (9,045)  (31,337)  (28,321)
Gross profit                           2,341      1,734    6,224     5,970
Selling, general and administrative    (1,606)    (1,449)  (4,767)   (4,503)
expenses
Operating profit                       735        285      1,456     1,467
Financial income (expenses), net       (100)      (128)    (345)     (394)
Profit before other income, net        636        157      1,112     1,072
Other income, net                      6          (4)      (4)       5
Profit before income tax expenses      642        154      1,108     1,078
Income tax (expenses), net             (52)       (9)      (70)      (43)
Net Profit                             590        145      1,038     1,035
Net profit (loss) attributable to non  5          10       (12)      23
controlling interest
Net Profit attributable to             585        135      1,050     1,012
controlling interest / Eltek
Earnings per share
Basic and diluted net gain (loss) per  0.09       0.02     0.16      0.15
ordinary share
Weighted average number of ordinary
shares 
used to compute basic and diluted net
gain (loss) per
ordinary share (in thousands)          6,610      6,610    6,610     6,610
Eltek Ltd.
Consolidated Balance Sheets
(In thousands US$)
                                                           September  30,
                                                           2013      2012
                                                           Unaudited
Assets
Current assets
Cash and cash equivalents                                  1,378     1,434
Receivables:   Trade, net of                               9,678     6,808
provision for doubtful accounts
                     Other                                 192       285
Inventories                                                6,323     5,124
Prepaid expenses                                           332       212
Total current assets                                       17,903    13,863
Assets held for employees' severance                       50        44
benefits
Fixed assets, less accumulated                             9,870     8,445
depreciation
Goodwill                                                   73        486
Total assets                                               27,896    22,838
Liabilities and Shareholder's equity
Current liabilities
Short-term credit and current                              4,799     5,167
maturities of long-term debts
Accounts payable: Trade                                    7,988     5,940
                            Related                        1,556     1,035
parties
                            Other                          4,983     4,024
Total current liabilities                                  19,326    16,166
Long-term liabilities
Long term debt, excluding current                          1,508     898
maturities
Employee severance benefits                                185       138
Total long-term liabilities                                1,693     1,036
Equity
Ordinary shares, NIS 0.6  par value
authorized 50,000,000 shares, issued                       1,384     1,384
and outstanding 6,610,107 
Additional paid-in capital                                 14,328    14,295
Cumulative foreign currency                                3,012     2,507
translation adjustments
Capital reserve                                            695       695
Accumulated deficit                                        (12,658)  (13,386)
Shareholders' equity                                       6,761     5,495
Non controlling interest                                   116       141
Total equity                                               6,877     5,636
Total liabilities and shareholders'                        27,896    22,838
equity
Eltek Ltd.
Unaudited Non-GAAP EBITDA Reconciliations
For the period ended September 30, 2013
(In thousands US$, except per share data)
Non-GAAP EBITDA Reconciliations        Three months ended  Nine months ended
                                       September  30,      September  30,
                                       2013       2012     2013      2012
                                       Unaudited           Unaudited
GAAP net Income (loss)                 585        135      1,050     1,012
Add back items:
Financial (income) expenses, net       100        128      345       394
Income tax (benefit) expense           52         9        70        43
Depreciation                           422        408      1,241     1,343
Adjusted EBITDA                        1,159      680      2,706     2,792

 

 

SOURCE Eltek Ltd.

Website: http://www.eltekglobal.com
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