PR Newswire Eltek Ltd.
45 minutes ago
PETACH-TIKVA, Israel, March 23, 2016 /PRNewswire/ — Eltek Ltd. (ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of Printed Circuit Boards, announced today its financial results for the fourth quarter and full year ended December 31, 2015.
Mr. Yitzhak Nissan, Chairman of the Board and Chief Executive Officer, commented: “We are pleased with the results of the fourth quarter and full year of 2015, which reflect a significant and continued improvement in Eltek’s gross profit and gross margins, and a transition to a net profit. This was achieved mainly due to cross organizational processes implemented in 2015 in order to improve manufacturing efficiency, marketing, sales and customer service.
We expect these actions and our ability to offer our high-end customers cutting edge PCBs and advanced solutions to their most complicated requests, to advance Eltek’s success in future quarters.”
Highlights of the Full Year of 2015 compared to the Full Year of 2014
Revenues in the full year of 2015 amounted to $41.4 million; compared to revenues of $46.6 million recorded in 2014, a decrease of approximately 11.3%, mainly due to a decrease in revenues from the Israeli market, which was partially offset by an increase in the North American market.
Gross profit was $6.6 million (15.8% of revenues), an increase of 8.7% compared to gross profit of $6.0 million (12.9% of revenues) in 2014;
Operating profit was $1.5 million compared to an operating loss of $903,000 in 2014;
Net profit was $1.0 million or $0.1 per fully diluted share, compared to a net loss of $2.7 million or $0.26 per fully diluted share in 2014;
EBITDA amounted to $3.3 million (8.1% of revenues) compared to $1.2 million (2.6% revenues) in 2014;
Net cash provided by operating activities amounted to $1.7 million compared to $79,000 in 2014;
The Company’s equity as of December 31, 2015 amounted to $10.2 million, compared to $9.2 million as of December 31, 2014;
Cash and cash equivalents as of December 31, 2015 were $1.0 million, compared to $1.1 million as of December 31, 2014. In addition, the Company has un-utilized lines of credit in the amount of $2.7 million as of December 31, 2015.
Highlights of the Fourth Quarter of 2015 compared to the Fourth Quarter of 2014
Revenues for the fourth quarter of 2015 were $10.4 million compared with revenues of $10.6 million in the fourth quarter of 2014;
Gross profit was $1.7 million (16.3% of revenues), an increase of 27.4% compared with a gross profit of $1.3 million (12.5% of revenues) in the fourth quarter of 2014;
Operating profit was $455,000 compared to an operating loss of $270,000 in the fourth quarter of 2014;
Net profit was $228,000 or $0.02 per fully diluted share, compared to a net loss of $1.8 million or $0.18 per fully diluted share in the fourth quarter of 2014;
EBITDA amounted to $940,000 (9.0% of revenues) compared to EBITDA of $250,000 (2.4% of revenues) in the fourth quarter of 2014;
Net cash provided by operating activities amounted to $1.4 million, compared to $274,000 in the fourth quarter of 2014.
Mr. Nissan added: “Our sales in the North American market increased by 27% and amounted to $7.5 million in 2015. Our ITAR license, together with our prestigious AS-9100C and NADCAP Electronics accreditations, support our penetration of leading defense, aerospace and medical customers in North America”
“I believe that with continued focus on improved profitability and competitiveness, Eltek is now well positioned for growth in the global markets in 2016.” Mr. Nissan concluded.
Conference Call for Fourth Quarter and Full Year 2015 Financial Results
Today, Wednesday, March 23, 2016 at 9:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results. The call will feature remarks by Mr. Yitzhak Nissan, Chairman of the Board of Directors and Chief Executive Officer, Mr. Roberto Tulman, Deputy CEO and Chief Technology Officer, and Mr. Amnon Shemer, Chief Financial Officer.
To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:
United States: 1-888-668-9141
9:30 a.m. Eastern Time
6:30 a.m. Pacific Time
15:30 p.m. Israel Time