|By Business Wire||
|November 28, 2012 04:30 AM EST||
Eltek Ltd. (NASDAQ:ELTK), a leading Israeli manufacturer of advanced flex-rigid circuitry solutions, announced today its financial results for the quarter ended September 30, 2012.
Third Quarter 2012:
Revenues for the quarter ended September 30, 2012 were $10.8 million compared with revenues of $12.0 million recorded in the third quarter of 2011.
Gross profit for the third quarter of 2012 was $1.7 million (16.1% of revenues) compared with gross profit of $2.4 million (20.0% of revenues) in the third quarter of 2011.
Operating profit for the third quarter of 2012 was $285,000 compared to operating profit of $959,000 in the third quarter of 2011.
Net profit for the third quarter of 2012 was $135,000 or $0.02 per fully diluted share compared to net profit of $573,000, or $0.09 per fully diluted share, in the third quarter of 2011.
First nine months of 2012:
Revenues for the nine-month period ended September 30, 2012 were $34.3 million compared to revenues of $35.3 million recorded in the first nine months of 2011.
Gross profit for the first nine months of 2012 was $6.0 million (17.4% of revenues) compared to gross profit of $7.0 million (19.7% of revenues) in the first nine months of 2011.
Operating profit for the first nine months of 2012 was $1.5 million compared to operating profit of $2.3 million in the first nine months of 2011.
Net profit for the first nine months of 2012 was $1.0 million, or $0.15 per fully diluted share, compared with net profit of $1.6 million, or $0.24 per fully diluted share, in the first nine months of 2011.
In the third quarter of 2012, Eltek had EBITDA of $680,000 compared with EBITDA of $1.6 million in the third quarter of 2011. In the first nine months of 2012, Eltek had EBITDA of $2.8 million compared with EBITDA of $3.9 million in the same period in 2011.
ELTEK uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes, depreciation and amortization. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. Reconciliation between the company's results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statement of Operations.
Arieh Reichart, President and Chief Executive Officer of Eltek, commented: "Eltek was able to report its seventh consecutive quarter of profitable operations in spite of a temporary production line problem, which reduced our revenues in the third quarter. I am glad to say that this temporary problem was resolved and is not expected to affect our ongoing production activity. The encouraging news is that this issue did not affect our company's business in its main target market in the US, in which Eltek continues to generate quarterly growth, despite the uncertainties in the global markets. Based on our order backlog for the fourth quarter we expect to return to a similar level of revenues as we have recorded in the previous six quarters."
"We recently signed a corporate purchasing agreement (CPA) with DRS Technologies, Inc. of the US, a Finmeccanica Company that is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide, which employs approximately 70,000 people worldwide. Being selected as a preferred supplier by an important group like DRS and signing a CPA is very encouraging. It is evidence of Eltek's high-end technology, capability and reliability, which are key factors for the defense, aerospace and medical sectors," Mr. Reichart concluded.
Eltek is Israel's leading manufacturer of printed circuit boards, the core circuitry of most electronic devices. It specializes in the complex high-end of PCB manufacturing, i.e., HDI, multilayered and flex-rigid boards. Eltek's technologically advanced circuitry solutions are used in today's increasingly sophisticated and compact electronic products. For more information, visit Eltek's web site at www.eltekglobal.com.
Forward Looking Statement:
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission.
|Consolidated Statements of Operations|
|(In thousands US$, except per share data)|
|Three months ended||
Nine months ended
|September 30,||September 30,||December 31,|
|Costs of revenues||(9,045||)||(9,585||)||(28,321||)||(28,389||)||(38,101||)|
|Selling, general and administrative expenses||(1,449||)||(1,430||)||(4,503||)||(4,694||)||(6,155||)|
|Operating profit (loss)||285||959||1,467||2,262||2,573|
|Financial income (expenses), net||(128||)||(374||)||(394||)||(590||)||(739||)|
|Profit (loss) before other income, net||157||585||1,072||1,672||1,834|
|Other income, net||(4||)||1||5||10||12|
|Profit (loss) before income tax expenses||154||586||1,078||1,682||1,846|
|Income tax (expenses), net||(9||)||(22||)||(43||)||(45||)||(31||)|
|Net Profit (loss)||145||564||1,035||1,637||1,815|
|Net profit (loss) attributable to non controlling interest||10||9||23||(19||)||31|
|Net Profit (loss) attributable to controlling interest / Eltek||135||573||1,012||1,618||1,846|
|Earnings per share|
|Basic and diluted net gain (loss) per ordinary share||0.02||0.09||0.15||0.24||(0.26||)|
Weighted average number of ordinary shares used to compute basic and diluted net gain (loss) per ordinary share (in thousands)
|Consolidated Balance Sheets|
|(In thousands US$)|
|September 30,||December 31,|
|Cash and cash equivalents||1,434||1,310||892|
|Receivables: Trade, net of provision for doubtful accounts||6,808||8,425||8,885|
|Total current assets||13,863||15,449||14,566|
|Assets held for employees' severance benefits||44||40||39|
|Fixed assets, less accumulated depreciation||8,445||7,588||7,746|
|Liabilities and Shareholder's equity|
|Short-term credit and current maturities of long-term debts||5,167||6,841||4,856|
|Accounts payable: Trade||5,940||5,920||6,456|
|Total current liabilities||16,166||18,308||16,353|
|Long term debt, excluding current maturities||898||145||1,604|
|Employee severance benefits||138||421||150|
|Total long-term liabilities||1,036||566||1,754|
|Ordinary shares, NIS 0.6 par value authorized 50,000,000 shares, issued and outstanding 6,610,107 as of December 31, 2011.||1,384||1,384||1,384|
|Additional paid-in capital||14,295||14,328||14,328|
|Cumulative foreign currency translation adjustments||2,507||2,855||2,622|
|Non controlling interest||141||197||131|
|Total liabilities and shareholders' equity||22,838||23,617||22,869|
|Unaudited Non-GAAP EBITDA Reconciliations|
|For the period ended December 31, 2011|
|(In thousands US$, except per share data)|
|Non-GAAP EBITDA Reconciliations||Three months ended||
Nine months ended
|September 30,||September 30,||December 31,|
|GAAP net Income (loss)||135||573||1,012||1,618||1,846|
Add back items:
|Financial (income) expenses, net||128||374||394||590||739|
|Income tax (benefit) expense||9||22||43||45||31|
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes how...
Dec. 9, 2016 12:45 AM EST Reads: 5,108
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 9, 2016 12:45 AM EST Reads: 1,197
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 9, 2016 12:30 AM EST Reads: 877
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 12:00 AM EST Reads: 1,171
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 9, 2016 12:00 AM EST Reads: 694
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 09:45 PM EST Reads: 1,237
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 8, 2016 09:15 PM EST Reads: 1,672
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 8, 2016 09:15 PM EST Reads: 962
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 8, 2016 08:30 PM EST Reads: 1,891
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 8, 2016 07:45 PM EST Reads: 334
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Dec. 8, 2016 07:15 PM EST Reads: 393
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 06:45 PM EST Reads: 957
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 8, 2016 05:45 PM EST Reads: 1,727
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Dec. 8, 2016 05:45 PM EST Reads: 951
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 8, 2016 05:00 PM EST Reads: 1,822