Eltek Announces 2003 Financial Results.PETACH-TIKVA, Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. -- Eltek LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (Nasdaq:ELTK), the leading Israeli manufacturer of advanced circuitry solutions, today announced its financial results for the fourth quarter of 2003 and the year ended December December: see month. 31, 2003. Revenues for the year 2003 were NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 108.3 million ($24.7 million) compared with NIS 108 million ($24.7 million) for the year 2002. Net loss for the year 2003 was NIS 13 million ($3 million), or NIS (3.61) ($0.82) per share, compared with a net loss of NIS 15.7 million ($3.6 million), or NIS (5.36) ($1.22) per share for 2002 (all per share numbers are based on a par value per share of NIS 1). Revenues for the fourth quarter of 2003 were NIS 27.6 million ($6.3 million) compared with NIS 27.3 million ($6.2 million) for the fourth quarter of 2002. Net loss for the fourth quarter of 2003 was NIS 3.7 million ($836,000), or NIS (0.84) ($0.19) per share, compared with a net loss of NIS 6.8 million ($1.6 million), or NIS (2.28) ($0.52) per share, for the fourth quarter of 2002. "The results of 2003 are marked by continued improvements in revenues per employee, positive annual cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses and reduced balance sheet debt," commented Arieh Arieh (ārī`ə), in the Bible, one of the two guards murdered with King Pekahiah. Reichart, President and Chief Executive Officer of Eltek. "Despite reducing our manpower by 50 positions, we managed to intensify in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: our marketing efforts to position Eltek to realize its potential in the complex high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. of the PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. manufacturing markets." "I am encouraged with the growing contribution of our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. which accounted for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30% of our overall annual revenues. Looking forward, we are planning to increase our presence in the flex-rigid PCB markets, by leveraging our expertise in this lucrative niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the ," added Mr. Reichart. In March 2004, Eltek appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Mr. Amnon Amnon. In the Bible, David's eldest son. He raped his half sister Tamar and was killed for it by her brother Absalom. Amnon ravishes his sister, Tamar. [O.T.: II Samuel 13:14] See : Incest Shemer Shemer (shē`mər), in the Bible. 1 Owner and eponym of the hill of Samaria. 2 Founder of a clan in the tribe of Asher. Alternate forms are Shamer and Shomer. as its Chief Financial Officer. Prior to joining Eltek, Mr. Shemer, 45, was managing director for Mea Control Transfer Ltd., a company that provides investment banking services, and, from June June: see month. 1995 until August 2002 he served as vice president of finance for Mentergy Ltd., a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . "During 2003 Eltek has taken serious steps of cutting down its expenses, while maintaining its revenues, thus increasing its productivity. During 2004 we are planning to increase our international operations while closely monitoring our cost structure," said Mr. Shemer. About the Company Eltek is Israel's leading manufacturers of printed circuit boards, the core circuitry of most electronic devices. It specializes in the complex high-end of PCB manufacturing, i.e., HDI HDI Human Development Index (UNDP yardstick of human welfare) HDI Help Desk Institute HDI Humpty Dumpty Institute (New York, New York) HDI High Density Interconnect , multi-layered and flex-rigid boards. Eltek's technologically advanced circuitry solutions are used in today's increasingly sophisticated and compact electronic products. The Company has invested heavily in upgrading its production facilities over the past five years. For more information, visit Eltek's Website at www.eltekglobal.com Certain matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission.
ELTEK LTD.
Consolidated Statements of Operations
Adjusted to New Israeli Shekels as of December 2003
(In thousands, except per share data)
Convenience Convenience
Translation Translation
-------- -------
Year ended Three months ended
December 31, December 31,
---------------------------- --------------------------
2002 2003 2003 2002 2003 2003
NIS NIS U.S. $ NIS NIS U.S. $
(Un- (Un- (Un- (Un- (Un- (Un-
audited) audited) audited) audited) audited) audited)
--------- --------- -------- -------- -------- -------
Revenues 108,035 108,303 24,732 27,342 27,646 6,314
Costs of
revenues (106,458) (102,643) (23,440) (28,950) (26,318) (6,011)
--------- --------- -------- -------- -------- -------
Gross profit
(loss) 1,577 5,660 1,292 (1,608) 1,328 303
Research and
development
income
(expenses),
net (116) 18 4 - - -
Selling,
general and
administrative
expenses (15,152) (14,996) (3,424) (4,310) (3,575) (816)
Amortization of
goodwill (292) (584) (133) (137) (177) (40)
--------- --------- -------- -------- -------- -------
Operating loss (13,983) (9,902) (2,261) (6,055) (2,424) (553)
Financial
expenses, net (1,443) (2,989) (683) (696) (1,115) (255)
--------- --------- -------- -------- -------- -------
Loss before
other income
(expenses),
net (15,426) (12,891) (2,944) (6,751) (3,539) (808)
Other income
(expenses),
net 290 (20) (5) 297 (183) (42)
--------- --------- -------- -------- -------- -------
Loss before
taxes on
income (15,136) (12,911) (2,949) (6,454) (3,722) (850)
Taxes on income (380) (194) (44) (285) (93) (21)
--------- --------- -------- -------- -------- -------
Net loss after
taxes on
income (15,516) (13,105) (2,993) (6,739) (3,815) (871)
Minority share
in subsidiary's
net loss
(income) (198) 118 27 (81) 155 35
--------- --------- -------- -------- -------- -------
Net loss for
the period (15,714) (12,987) (2,966) (6,820) (3,660) (836)
========= ======== ======== ======== ======== =======
Basic and
diluted loss
per NIS 1 par
value of the
share
capital(A) (5.36) (3.61) (0.82) (2.28) (0.84) (0.19)
========= ======== ======== ======== ======== =======
Total par value
of shares used
to compute
basic and
diluted net
loss per NIS 1
par value of
share 2,932 3,569 3,569 2,932 4,281 4,281
========= ======== ======== ======== ======== =======
(A) shares of a par value of NIS 0.6 each.
Eltek Ltd.
Consolidated Condensed Balance Sheets
Adjusted to New Israeli Shekels as of December 2003
Convenience
Translation
-----------
December 31, December 31,
--------------------- -----------
2002 2003 2003
Unaudited Unaudited Unaudited
NIS NIS U.S. $
--------- ----------- -----------
(in
thousands)
Assets
Current assets
Cash and cash equivalents 6,237 4,371 998
Receivables: Trade 25,374 19,787 4,518
Other 1,634 2,262 517
Inventories 12,392 13,158 3,005
Prepaid expenses 1,189 693 158
--------- ----------- -----------
Total current assets 46,826 40,271 9,196
--------- ----------- -----------
Property and equipment, net 54,032 43,381 9,907
--------- ----------- -----------
Goodwill 4,973 4,972 1,135
--------- ----------- -----------
Total assets 105,831 88,624 20,238
========= =========== ===========
Liabilities and Shareholder's equity
Current liabilities
Short-term credit and current
maturities of long-term debts 20,731 19,461 4,444
Trade payables 22,696 22,314 5,095
Other liabilities and accrued
expenses 7,920 8,555 1,954
--------- ----------- -----------
Total current liabilities 51,347 50,330 11,493
--------- ----------- -----------
Long-term liabilities
Long term debt, excluding current
maturities 20,731 13,692 3,127
Employee severance benefits, net 994 940 215
--------- ----------- -----------
Total long-term liabilities 21,725 14,632 3,342
--------- ----------- -----------
Minority interests 1,840 1,970 450
--------- ----------- -----------
Convertible debenture note - 2,295 524
--------- ----------- -----------
Shareholder's equity
Ordinary shares, NIS 0.6 par value.
Authorized 50,000,000 shares,
issued and outstanding 4,885,651
shares 29,334 29,334 6,699
Additional paid in capital 51,985 51,985 11,871
Capital reserves related to loans
from controlling shareholders 10,010 10,010 2,286
Cumulative foreign currency
translation adjustments 539 2,004 458
Capital reserve 6,685 6,685 1,527
Accumulated deficit (67,634) (80,621) (18,412)
--------- ----------- -----------
Total shareholder's equity 30,919 19,397 4,429
--------- ----------- -----------
Total liabilities and shareholders'
equity 105,831 88,624 20,238
========= =========== ===========
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