99.1
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Announcement: Eltek Reports 2022 First Quarter Financial Results.
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ELTEK LTD.
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(Registrant)
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By: /s/ Ron Freund
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Ron Freund
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Chief Financial Officer
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EXHIBIT NO.
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DESCRIPTION
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Press Release
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Revenues of $9.8 million in the first quarter of 2022 compared to $7.2 million in the first quarter of 2021
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Gross profit of $2.0 million in the first quarter of 2022 compared to $1.1 million in the first quarter of 2021
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Profit before income tax of $0.8 million in the first quarter of 2022 compared to $0.2 million in the first quarter of 2021
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Net profit of $0.6 million in the first quarter of 2022 compared to net profit of $0.2 million in the first quarter of 2021
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Net cash provided by operating activities of $0.3 million during the first quarter of 2022
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Cash and cash equivalents as of March 31, 2022 were $9.1 million
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Revenues were $9.8 million in the first quarter of 2022 compared to revenues of $7.2 million in the first quarter of 2021;
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Gross profit was $2.0 million (20.1% of revenues) in the first quarter of 2022 compared to $1.1 (15.9% of revenues) in the first quarter of 2021;
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Operating profit was $0.7 million in the first quarter of 2022 compared to operating profit of $0.1 million in the first quarter of 2021;
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Profit before income tax was $0.8 million in the first quarter of 2022 compared to $0.2 million in the first quarter of 2021;
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Net profit was $0.6 million or $0.11 per fully diluted share for the first quarter of 2022 compared to net profit of $0.2 million or $0.04 per fully diluted share in the first quarter of 2021;
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EBITDA was a $1.1 million (11% of revenues) in the first quarter of 2022 compared to EBITDA of $0.6 million (8% of revenues) in the first quarter of 2021;
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Net cash provided by operating activities amounted to $0.3 million in the first quarter of 2022 compared to net cash provided by operating activities of $2.5 million in the first quarter of 2021;
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Cash and cash equivalents as of March 31, 2022 were $9.1 million compared to $9.3 million as of December 31, 2021.
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United States:
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1-866-860-9642
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Israel:
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03-918-0691
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International:
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+972-3-918-0691
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at:
8:30am Eastern Time
5:30am Pacific Time
15:30pm Israel Time
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Eltek Ltd.
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||||||
Consolidated Statements of Operations
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(In thousands US$, except per share data)
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Three months ended
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||||||||
March 31,
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||||||||
2022
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2021
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|||||||
Revenues
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9,755
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7,205
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||||||
Costs of revenues
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(7,794
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)
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(6,063
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)
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||||
Gross profit
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1,961
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1,142
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||||||
Selling, general and administrative expenses
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1,293
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1,000
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||||||
R&D expenses, net
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17
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-
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||||||
Operating profit
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651
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142
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||||||
Financial income, net
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121
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104
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||||||
Other income (loss), net
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-
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(2
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)
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|||||
Profit before income tax
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772
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244
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||||||
Tax expenses
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140
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15
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||||||
Net Profit
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632
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229
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||||||
Earnings per share
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||||||||
Basic and diluted net profit per ordinary share
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0.11
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0.04
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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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5,843
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5,840
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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)
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5,843
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5,866
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Eltek Ltd.
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||||||
Consolidated Balance Sheets
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(In thousands US$)
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March 31,
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December 31,
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|||||||
2022
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2021
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Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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9,054
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9,283
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||||||
Receivables: Trade, net of provision for doubtful accounts
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8,043
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7,021
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||||||
Other
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856
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798
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||||||
Inventories
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5,469
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4,893
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||||||
Prepaid expenses
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582
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586
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||||||
Total current assets
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24,004
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22,581
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||||||
Long term assets
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||||||||
Restricted deposits
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222
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226
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||||||
Severance pay fund
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65
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66
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||||||
Deferred tax assets and long term tax receivables, net
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3,348
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3,563
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||||||
Operating lease right of use assets
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8,536
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8,979
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Total long term assets
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12,171
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12,834
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||||||
Fixed assets, less accumulated depreciation
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7,192
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7,368
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Total Assets
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43,367
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42,783
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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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783
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708
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||||||
Accounts payable: Trade
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4,568
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4,044
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Other
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4,011
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3,577
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Short-term operating lease liabilities
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861
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931
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Total current liabilities
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10,223
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9,260
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Long-term liabilities
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Long term debt, excluding current maturities
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3,631
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3,921
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Employee severance benefits
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339
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344
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||||||
Long-term operating lease liabilities
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7,814
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8,186
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Total long-term liabilities
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11,784
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12,451
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Equity
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||||||||
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding
5,849,678 at March 31. 2022 and 5,840,357 at December 31, 2021
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5,305
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5,296
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Additional paid-in capital
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22,862
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22,846
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Cumulative foreign currency translation adjustments
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3,294
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3,716
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Capital reserve
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1,340
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1,287
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Accumulated deficit
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(11,441
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)
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(12,073
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)
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Shareholders' equity
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21,360
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21,072
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||||||
Total liabilities and shareholders' equity
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43,367
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42,783
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Eltek Ltd.
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||||||
Unaudited Non-GAAP EBITDA Reconciliations
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||||||
(In thousands US$)
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Non-GAAP EBITDA Reconciliations
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Three months ended
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March 31,
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||||||||
2022
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2021
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|||||||
Unaudited
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||||||||
GAAP net Income
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632
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229
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||||||
Add back items:
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Financial income, net
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(121
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)
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(104
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)
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Income tax expenses
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140
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15
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||||||
Depreciation and amortization
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435
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443
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Non-GAAP EBITDA
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1,086
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583
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Eltek Ltd.
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||||||
Consolidated Statement of Cash flow
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||||||
(In thousands US$)
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Three months ended
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||||||||
March 31,
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||||||||
2022
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2021
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|||||||
Cash flows from operating activities:
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||||||||
Net Income
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632
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229
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||||||
Adjustments to reconcile net profit to net
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||||||||
cash flows provided by operating activities:
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Depreciation and amortization
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435
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443
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Stock-based compensation
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53
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7
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Decrease in deferred tax assets and long term tax receivable
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140
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8
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||||||
628
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458
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Decrease (increase) in operating lease right-of-use assets
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4
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4
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Decrease (increase) in trade receivables
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(1,160
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)
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3,028
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|||||
Decrease (increase) in other receivables and prepaid expenses
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(82
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)
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(220
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)
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Decrease (increase) in inventories
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(674
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)
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(502
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)
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||||
Increase (decrease) in trade payables
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485
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(200
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)
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|||||
Increase (decrease) in other liabilities and accrued expenses
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506
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(323
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)
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|||||
Increase (decrease) in employee severance benefits, net
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2
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(6
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)
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|||||
(919
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)
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1,781
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||||||
Net cash provided by operating activities
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341
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2,468
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||||||
Cash flows from investing activities:
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||||||||
Purchase of fixed assets
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(289
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)
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(208
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)
|
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Net cash used in investing activities
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(289
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)
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(208
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)
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||||
Cash flows from financing activities:
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||||||||
Short- term bank credit, net
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-
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(377
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)
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|||||
Exercise of options
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25
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-
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||||||
Repayment of long-term loans from bank
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(114
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)
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(38
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)
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||||
Repayment of credit from fixed asset payables
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(3
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)
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(11
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)
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Net cash used in financing activities
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(92
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)
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(426
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)
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||||
Effect of translation adjustments
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(189
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)
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(163
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)
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||||
Net increase (decrease) in cash and cash equivalents
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(229
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)
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1,671
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|||||
Cash and cash equivalents at beginning of the period
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9,283
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4,735
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||||||
Cash and cash equivalents at period end
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9,054
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6,406
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