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PETACH-TIKVA, Israel - Eltek Ltd. (NASDAQ: ELTK), an Israeli provider of advanced printed circuit board (PCB) solutions, declared a cash dividend of $0.19 per share, totaling approximately $1.3 million. The dividend will be distributed on April 29, 2025, to shareholders recorded by April 22, 2025, and is subject to a 25% withholding tax. According to InvestingPro data, the company maintains a healthy financial position with more cash than debt and a strong current ratio of 2.93, indicating robust liquidity.
The company's Chairman of the Board, Yitzhak Nissan, stated that the dividend reflects Eltek's financial strength and its commitment to shareholder value, suggesting confidence in the company's growth prospects. Trading at $8.13 with a P/E ratio of 13.49, InvestingPro analysis indicates the stock is currently fairly valued. Eltek, established in 1970, operates globally, serving clients in the defense, aerospace, and medical sectors, among others, generating annual revenue of $46.53 million.
This dividend announcement is based on a press release statement and does not incorporate information from the company's website or any forward-looking statements contained therein. Eltek's financial position and future outlook, as presented, are subject to various risks and uncertainties, including market conditions and competitive forces. For a comprehensive analysis of Eltek's financial health, growth prospects, and additional insights, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Eltek Ltd. reported fourth-quarter revenue of $10.76 million, which fell short of analyst expectations of $13.5 million. This marks a decline from the $12.3 million reported in the same quarter last year. The company's net income for the quarter was reported at $0 million, a decrease from $1.3 million in Q4 2023. EBITDA also saw a decline, totaling $0.7 million compared to $2.4 million year-over-year. Eltek is currently undergoing a strategic transition, including a $15 million investment plan aimed at expanding its annual production capacity. CEO Eli Yaffe noted that these investments have caused temporary disruptions and inefficiencies impacting the quarterly results. Despite these short-term challenges, Yaffe expressed confidence in the long-term value of the investments. For the full year 2024, Eltek reported revenue of $46.5 million, slightly down from $46.7 million in 2023, with net income reaching $4.2 million, compared to $6.4 million in the previous year. The company is positioning itself to capitalize on ongoing industry trends, such as increased demand for defense-related PCBs and supply chain realignments.
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