Eltek Ltd 6-K, filed Nov 17, 2021

Eltek Ltd (ELTK)

6-K 2021-11-17 For: 2021-11-17

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Added on April 09, 2026

About this 6-K

Eltek Ltd filed this 6-K on November 17, 2021.

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EXHIBIT NO.		DESCRIPTION

99.1		Announcement: Eltek Reports 2021 Third Quarter Financial Results.

	Three months ended						Nine months ended
	September 30,						September 30,
	2021			2020			2021			2020

Revenues		7,965			9,256			24,302			27,206
Costs of revenues		(6,570	)		(7,433	)		(19,397	)		(21,679	)

Gross profit		1,395			1,823			4,905			5,527

Selling, general and administrative expenses		(1,285	)		(1,183	)		(3,706	)		(3,467	)

R&D expenses, net		(45	)		(2	)		(55	)		-
Operating profit		65			638			1,144			2,060

Financial expenses, net		(121	)		(19	)		(101	)		(158	)
Other income (expenses), net		44			(10	)		41			(10	)

Profit before income tax		(12	)		609			1,084			1,892

Tax expenses		(14	)		(11	)		(64	)		(50	)

Net Profit (loss)		(26	)		598			1,020			1,842

Earnings per share

Basic and diluted net profit per ordinary share		(0.00	)		0.14			0.17			0.42

Weighted average number of ordinary shares used to compute
basic net profit per ordinary share (in thousands)		5,840			4,380			5,840			4,380

Weighted average number of ordinary shares used to compute
diluted net profit per ordinary share (in thousands)		5,840			4,380			5,871			4,380

	September 30,			December 31,
	2021			2020
Assets

Current assets
Cash and cash equivalents		8,885			4,735
Receivables: Trade, net of provision for doubtful accounts		6,441			9,062
Other		901			700
Inventories		4,216			3,704
Prepaid expenses		269			619

Total current assets		20,712			18,820

Long term assets
Restricted deposits		218			62
Severance pay fund		64			64
Operating lease right of use assets		8,802			8,948
Total long term assets		9,084			9,074

Fixed assets, less accumulated depreciation		7,414			7,263

Total Assets		37,210			35,157

Liabilities and Shareholder's equity

Current liabilities
Short-term credit and current maturities of long-term debts		595			676
Accounts payable: Trade		3,523			4,452
Other		3,230			3,831
Short-term operating lease liabilities		852			742

Total current liabilities		8,200			9,701

Long-term liabilities
Long term debt, excluding current maturities		3,965			1,495
Employee severance benefits		332			338
Deferred tax liabilities		107			84
Long-term operating lease liabilities		8,057			8,272

Total long-term liabilities		12,461			10,189

Equity
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 5,840,357		5,296			5,296
Additional paid-in capital		22,846			22,846
Cumulative foreign currency translation adjustments		3,103			3,153
Capital reserve		1,394			1,084
Accumulated deficit		(16,090	)		(17,112	)
Shareholders' equity		16,549			15,267
Total liabilities and shareholders' equity		37,210			35,157

Non-GAAP EBITDA Reconciliations	Three months ended					Nine months ended
	September 30,					September 30,
	2021			2020		2021		2020


GAAP net Income (loss)		(26	)		598		1,020		1,842
Add back items:

Financial expenses, net		121			19		101		158
Income tax expense		14			11		64		50
Depreciation and amortization		444			390		1,330		1,176
Non-GAAP EBITDA		553			1,018		2,515		3,226

	Three months ended						Nine months ended
	September 30,						September 30,
	2021			2020			2021			2020

Cash flows from operating activities:

Net Income		(26	)		598			1,020			1,842

Adjustments to reconcile net profit to net
cash flows provided by operating activities:
Depreciation and amortization		445			391			1,331			1,177
Capital gain on disposal of fixed assets, net		-			(16	)		-			(16	)
Stock-based compensation		127			48			310			91
Revaluation of long term loans		-			(2	)		-			2
Increase in deferred tax liabilities		6			6			22			18
		578			427			1,663			1,272

Decrease (Increase) in operating lease right-of-use assets		17			(1	)		41			(5	)
Decrease in trade receivables		1,015			949			2,560			1,098
Decrease (increase) in other receivables and prepaid expenses		48			(1,077	)		143			(890	)
Decrease (increase) in inventories		(275	)		(50	)		(525	)		198
Increase (decrease) in trade payables		(464	)		397			(875	)		27
Increase (decrease) in other liabilities and accrued expenses		(300	)		(357	)		(579	)		181
Increase (decrease) in employee severance benefits, net		5			(13	)		(5	)		27
		46			(152	)		760			636

Net cash provided by operating activities		598			873			3,443			3,750

Cash flows from investing activities:
Purchase of fixed assets		(824	)		(348	)		(1,362	)		(802	)
Restricted deposits		(2	)		(1	)		(156	)		(58	)
Net cash used in investing activities		(826	)		(349	)		(1,518	)		(860	)

Cash flows from financing activities:
Short- term bank credit, net		-			(1,163	)		(377	)		(1,928	)
Repayment of short- term shareholder loan		-			-			-			(571	)
Repayment of long-term loans from bank		(111	)		(37	)		(188	)		(145	)
Proceeds from long-term loans		-			-			3,062			1,141
Repayment of credit from fixed asset payables		-			(87	)		(285	)		(391	)
Net cash used in financing activities		(111	)		(1,287	)		2,212			(1,894	)

Effect of translation adjustments		55			7			13			27

Net increase (decrease) in cash and cash equivalents		(284	)		(756	)		4,150			1,023

Cash and cash equivalents at beginning of the period		9,169			3,407			4,735			1,628

Cash and cash equivalents at period end		8,885			2,651			8,885			2,651

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