ELTEK LTD.
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(Registrant)
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By:
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/s/ Alon Mualem | ||
Alon Mualem | |||
Chief Financial Officer
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EXHIBIT
NO.
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DESCRIPTION
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|
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Press Release
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• |
Revenues of $9.1 million in the second quarter of 2021 compared to $8.8 million in the second quarter of 2020
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• |
Gross profit of $2.4 million in the second quarter of 2021 compared to $1.9 million in the second quarter of 2020
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• |
Net profit of $825,000 in the second quarter of 2021 compared to net profit of $704,000 in the second quarter of 2020
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• |
Achieved EBITDA of $1.4 million in the second quarter of 2021, or 15.2% of total sales compared to EBITDA of $1.2 million in the second quarter of 2020
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• |
Cash and cash equivalents as of June 20, 2021 were $9.2 million
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• |
Revenues for the second quarter of 2021 were $9.1 million compared to revenues of $8.8 million in the second quarter of 2020;
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• |
Gross profit increased to $2.4 million (25.9% of revenues) in the second quarter of 2021 compared to $1.9 million (21.6% of revenues) in the second quarter of 2020;
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• |
Operating profit increased to $944,000 (10.3% of revenues) during the second quarter of 2021 as compared to operating profit of $809,000 (9.2% of revenues)in the second quarter of 2020;
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• |
Net profit was $825,000, or $0.14 per fully diluted share in the second quarter of 2021 compared to net profit of $704,000, or $0.16 per fully diluted share, in the second quarter of 2020;
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EBITDA was $1.4 million in the second quarter of 2021 compared to EBITDA of $1.2 million in the second quarter of 2020;
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• |
Net cash provided by operating activities amounted to $380,000 in the second quarter of 2021 compared to net cash provided by operating activities of $1.4
million in the second quarter of 2020.
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• |
Cash and cash equivalents as of June 30, 2021 were $9.2 million compared to $4.7 million as of December 31, 2020.
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Revenues for the first six months of 2021 were $16.3 million compared to $17.9 million in the first six months of 2020;
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Gross profit was $3.5 million (21.5% of revenues) compared to gross profit of $3.7 million (20.6% of revenues) in the first six months of 2020;
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Operating profit was $1.1 million compared to operating profit of $1.4 million in the first six months of 2020;
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Net profit was $1.0 million, or $0.18 per fully diluted share compared to net profit of $1.2 million, or $0.28 per fully diluted share in the first six months of 2020;
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EBITDA was $2.0 million in the first six months of 2021, compared to EBITDA of $2.2 million in the first six months of 2020;
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Net cash provided by operating activities amounted to $2.8 million in the first six months of 2021 compared to net cash provided by operating activities of $2.9 million in the first six months of
2020.
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United States:
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1-888-723-3164
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Israel: | 03-9180691 |
International: | +972-3-9180691 |
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At:
8:00 a.m. Eastern Time
5:00 a.m. Pacific Time
15:00 p.m. Israel Time
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Three months ended
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Six months ended
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|||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2021
|
2020
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2021
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2020
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|||||||||||||
Revenues
|
9,132
|
8,792
|
16,338
|
17,949
|
||||||||||||
Costs of revenues
|
(6,765
|
)
|
(6,892
|
)
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(12,827
|
)
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(14,246
|
)
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||||||||
Gross profit
|
2,367
|
1,900
|
3,511
|
3,703
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||||||||||||
Selling, general and administrative expenses
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(1,413
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)
|
(1,095
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)
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(2,421
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)
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(2,284
|
)
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||||||||
R&D expenses, net
|
(10
|
)
|
4
|
(10
|
)
|
2
|
||||||||||
Operating profit
|
944
|
809
|
1,080
|
1,421
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||||||||||||
Financial expenses, net
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(84
|
)
|
(83
|
)
|
20
|
(139
|
)
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|||||||||
Other income, net
|
-
|
-
|
(3
|
)
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-
|
|||||||||||
Profit before income tax
|
860
|
726
|
1,097
|
1,282
|
||||||||||||
Tax expenses
|
(35
|
)
|
(22
|
)
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(50
|
)
|
(38
|
)
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||||||||
Net Profit
|
825
|
704
|
1,047
|
1,244
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||||||||||||
Earnings per share
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||||||||||||||||
Basic and diluted net profit per ordinary share
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0.14
|
0.16
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0.18
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0.28
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||||||||||||
Weighted average number of ordinary shares used to compute
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||||||||||||||||
basic net profit per ordinary share (in thousands)
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5,840
|
4,380
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5,840
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4,380
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||||||||||||
Weighted average number of ordinary shares used to compute
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||||||||||||||||
diluted net profit per ordinary share (in thousands)
|
5,871
|
4,380
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5,868
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4,380
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June 30,
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December 31,
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|||||||
2021
|
2020
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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9,169
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4,735
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||||||
Receivables: Trade, net of provision for doubtful accounts
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7,388
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9,062
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Other
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784
|
700
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||||||
Inventories
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3,904
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3,704
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Prepaid expenses
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422
|
619
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||||||
Total current assets
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21,667
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18,820
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||||||
Long term assets
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||||||||
Restricted deposits
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215
|
62
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||||||
Severance pay fund
|
63
|
64
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||||||
Operating lease right of use assets
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8,801
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8,948
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||||||
Total long term assets
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9,079
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9,074
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Fixed assets, less accumulated depreciation
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6,893
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7,263
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||||||
Total Assets
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37,639
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35,157
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||||||
Liabilities and Shareholder's equity
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||||||||
Current liabilities
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||||||||
Short-term credit and current maturities of long-term debts
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502
|
676
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||||||
Accounts payable: Trade
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3,881
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4,452
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||||||
Other
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3,499
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3,831
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Short-term operating lease liabilities
|
806
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742
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||||||
Total current liabilities
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8,688
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9,701
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Long-term liabilities
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||||||||
Long term debt, excluding current maturities
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4,125
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1,495
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||||||
Employee severance benefits
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323
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338
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||||||
Deferred tax liabilities
|
99
|
84
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||||||
Long-term operating lease liabilities
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8,085
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8,272
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||||||
Total long-term liabilities
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12,632
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10,189
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Equity
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||||||||
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 5,840,357
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5,296
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5,296
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||||||
Additional paid-in capital
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22,846
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22,846
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Cumulative foreign currency translation adjustments
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2,975
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3,153
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Capital reserve
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1,267
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1,084
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Accumulated deficit
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(16,065
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)
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(17,112
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)
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Shareholders' equity
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16,319
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15,267
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||||||
Total liabilities and shareholders' equity
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37,639
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35,157
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Non-GAAP EBITDA Reconciliations
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Three months ended
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Six months ended
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||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2021
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2020
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2021
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2020
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|||||||||||||
Unaudited
|
Unaudited
|
|||||||||||||||
GAAP net Income (loss)
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825
|
704
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1,047
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1,244
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Add back items:
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||||||||||||||||
Financial expenses, net
|
84
|
83
|
(20
|
)
|
139
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|||||||||||
Income tax expense
|
35
|
22
|
50
|
38
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||||||||||||
Depreciation and amortization
|
442
|
391
|
885
|
786
|
||||||||||||
Non-GAAP EBITDA
|
1,386
|
1,200
|
1,962
|
2,207
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Three months ended
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Six months ended
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|||||||||||||||
June 30,
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June 30,
|
|||||||||||||||
2021
|
2020
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2021
|
2020
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net Income
|
825
|
704
|
1,047
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1,244
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||||||||||||
Adjustments to reconcile net profit to net
|
||||||||||||||||
cash flows provided by operating activities:
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||||||||||||||||
Depreciation and amortization
|
442
|
391
|
886
|
786
|
||||||||||||
Stock-based compensation
|
170
|
17
|
183
|
43
|
||||||||||||
Revaluation of long term loans
|
-
|
(6
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)
|
-
|
4
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|||||||||||
Increase in deferred tax liabilities
|
9
|
6
|
16
|
12
|
||||||||||||
621
|
408
|
1,085
|
845
|
|||||||||||||
Decrease (increase) in operating lease right-of-use assets
|
20
|
1
|
24
|
(4
|
)
|
|||||||||||
Decrease (increase) in trade receivables
|
(1,482
|
)
|
280
|
1,546
|
149
|
|||||||||||
Decrease in other receivables and prepaid expenses
|
315
|
49
|
95
|
187
|
||||||||||||
Decrease (increase) in inventories
|
252
|
27
|
(250
|
)
|
248
|
|||||||||||
Decrease in trade payables
|
(211
|
)
|
(113
|
)
|
(411
|
)
|
(370
|
)
|
||||||||
Increase (decrease) in other liabilities and accrued expenses
|
44
|
17
|
(279
|
)
|
538
|
|||||||||||
Increase (decrease) in employee severance benefits, net
|
(4
|
)
|
24
|
(10
|
)
|
40
|
||||||||||
(1,066
|
)
|
285
|
715
|
788
|
||||||||||||
Net cash provided by operating activities
|
380
|
1,397
|
2,847
|
2,877
|
||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of fixed assets
|
(331
|
)
|
(250
|
)
|
(538
|
)
|
(454
|
)
|
||||||||
Restricted deposits
|
(154
|
)
|
(58
|
)
|
(154
|
)
|
(58
|
)
|
||||||||
Net cash used in investing activities
|
(485
|
)
|
(308
|
)
|
(692
|
)
|
(512
|
)
|
||||||||
Cash flows from financing activities:
|
||||||||||||||||
Short- term bank credit, net
|
-
|
(326
|
)
|
(377
|
)
|
(765
|
)
|
|||||||||
Repayment of short- term shareholder loan
|
-
|
(571
|
)
|
-
|
(571
|
)
|
||||||||||
Repayment of long-term loans from bank
|
(38
|
)
|
(35
|
)
|
(77
|
)
|
(108
|
)
|
||||||||
Proceeds from long-term loans
|
3,062
|
1,141
|
3,062
|
1,141
|
||||||||||||
Repayment of credit from fixed asset payables
|
(274
|
)
|
(152
|
)
|
(285
|
)
|
(304
|
)
|
||||||||
Net cash used in financing activities
|
2,750
|
57
|
2,323
|
(607
|
)
|
|||||||||||
Effect of translation adjustments
|
119
|
47
|
(44
|
)
|
21
|
|||||||||||
Net increase (decrease) in cash and cash equivalents
|
2,764
|
1,193
|
4,434
|
1,779
|
||||||||||||
Cash and cash equivalents at beginning of the period
|
6,406
|
2,214
|
4,735
|
1,628
|
||||||||||||
Cash and cash equivalents at period end
|
9,169
|
3,407
|
9,169
|
3,407
|
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