Eltek Ltd 6-K, filed Jun 2, 2020

Eltek Ltd (ELTK)

6-K 2020-06-02 For: 2020-06-02

Added on April 09, 2026

About this 6-K

Eltek Ltd filed this 6-K on June 2, 2020.

EXHIBIT NO.		DESCRIPTION

99.1		Announcement: Eltek Reports 2020 First Quarter Financial Results.

Eltek Ltd.
Consolidated Statements of Operations
(In thousands US$, except per share data)

	Three months ended
	March 31,
	2020			2019

Revenues		9,157			8,735
Costs of revenues		(7,354	)		(7,196	)

Gross profit		1,803			1,539

Selling, general and administrative expenses		(1,189	)		(1,106	)

R&D expenses, net		(2	)		-

Operating profit		612			433

Financial expenses, net		(55	)		(184	)
Other income, net		(1	)		6

Profit before income tax		556			255

Tax expenses		(15	)		(13	)

Net Profit		541			242

Earnings per share

Basic and diluted net profit per ordinary share		0.12			0.12

Weighted average number of ordinary shares
used to compute basic and diluted net profit per
ordinary share (in thousands)		4,380			2,029

Eltek Ltd.
Consolidated Balance Sheets
(In thousands US$)

	March 31,			December 31,
	2020			2019
Assets

Current assets
Cash and cash equivalents		2,214			1,628
Receivables: Trade, net of provision for doubtful accounts		7,379			7,480
Other		164			145
Inventories		3,404			3,735
Prepaid expenses		354			530

Total current assets		13,515			13,518

Long term assets
Severance pay fund		58			60
Operating lease right of use assets		2,140			2,490
Total long term assets		2,198			2,550

Fixed assets, less accumulated depreciation		6,506			6,761

Total Assets		22,219			22,829

Liabilities and Shareholder's equity

Current liabilities
Short-term credit and current maturities of long-term debts		1,589			2,120
Short-term credit from related party		3,366			3,472
Accounts payable: Trade		4,277			4,673
Other		3,533			3,118
Short-term operating lease liabilities		1,091			1,383

Total current liabilities		13,856			14,766

Long-term liabilities
Long term debt, excluding current maturities		340			387
Employee severance benefits		275			268
Deferred tax liabilities		49			45
Long-term operating lease liabilities		1,033			1,094

Total long-term liabilities		1,697			1,794

Equity
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 4,380,268		3,964			3,964
Additional paid-in capital		18,583			18,583
Cumulative foreign currency translation adjustments		2,310			2,479
Capital reserve		989			963
Accumulated deficit		(19,180	)		(19,720	)
Shareholders' equity		6,666			6,269
Total liabilities and shareholders' equity		22,219			22,829

Eltek Ltd.
Unaudited Non-GAAP EBITDA Reconciliations
(In thousands US$)

Non-GAAP EBITDA Reconciliations	Three months ended
	March 31,
	2020		2019

GAAP net Income (loss)		541		242
Add back items:

Financial expenses, net		55		184
Income tax expense		15		13
Depreciation and amortization		395		372
Non-GAAP EBITDA		1,006		811

Eltek Ltd.
Consolidated Statement of Cash flow
(In thousands US$)

	Three months ended
	March 31,
	2020			2019

Cash flows from operating activities:

Net Income		541			242

Adjustments to reconcile net profit to net
cash flows provided by operating activities:
Depreciation and amortization		395			372
Stock-based compensation		26			31
Transaction with controlling shareholder		-			14
Revaluation of long term loans		10			(16	)
Increase in deferred tax liabilities		5			-
		436			401

Decrease in operating lease right-of-use assets		(5	)		(9	)
Decrease (increase) in trade receivables		(132	)		240
Decrease in other receivables and prepaid expenses		139			315
Decrease (increase) in inventories		221			(415	)
Increase (decrease) in trade payables		(257	)		846
Increase in other liabilities and accrued expenses		520			4
Increase in employee severance benefits, net		16			-
		502			981

Net cash provided by operating activities		1,479			1,624

Cash flows from investing activities:
Purchase of fixed assets		(204	)		(159	)
Net cash used in investing activities		(204	)		(159	)

Cash flows from financing activities:
Short- term bank credit, net		(438	)		(1,608	)
Short- term shareholder loan		-			549
Repayment of long-term loans from bank		(73	)		(225	)
Repayment of credit from fixed asset payables		(151	)		(96	)
Net cash used in financing activities		(662	)		(1,380	)

Effect of translation adjustments		(27	)		(10	)

Net increase in cash and cash equivalents		586			75

Cash and cash equivalents at beginning of the period		1,628			993

Cash and cash equivalents at period end		2,214			1,068