Eltek reports Q4 EPS 14c vs. 65c last year

Reports Q4 revenue $10.5M vs. $9.5M last year. "We are pleased to announce strong growth in revenues and earnings for the year 2022. This was due to increased demand for our high-quality printed circuit boards. The growth in revenues is a testament to the hard work and dedication of our team, as well as the loyalty of our customers. We are excited to continue building upon this momentum in the coming year," said CEO Eli Yaffe. "The global PCB market is expected to continue to grow in the coming years, with the military, aerospace and defense sectors being the key drivers. As a leading provider of PCBs to these industries, Eltek is well-positioned to capitalize on this trend and continues to deliver strong results for our shareholders. We ended 2022 with a 70% growth in backlog. During Q4 we received final approval from the Israel Innovation Authority for a 40%, royalty bearing participation in an approximately $800K one-year development program, which started in January 2023. This program is part of our investments in CapEx and research and development to bring new, high-quality products to the market and further drive growth in the future," continued Yaffe. "We have a strong balance sheet and a talented team, and we will continue to invest in our operations, products and people to sustain our long-term success".