Latest news with #Yaffe
Yahoo
20-05-2025
- Business
- Yahoo
Eltek Ltd. Reports 2025 First Quarter Financial Results
PETACH TIKVA, Israel, May 20, 2025 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended March 31, 2025. First Quarter 2025 Highlights Revenues were $12.8 million Operating profit was $0.7 million Net income was $1.0 million or $0.15 per fully diluted share Net cash provided by operating activities amounted to $0.1 million. "We ended the first quarter of 2025 with revenues of $12.8 million, an increase of approximately 8% compared to Q1 2024, and 18.5% higher than Q4 2024. Net income totalled $1.0 million. Our gross margin was impacted, compared to Q1 2024, due to increased labor costs and the ramp-up of new production equipment, which temporarily led to lower yields," said Eli Yaffe, CEO of Eltek. "Looking ahead to the remainder of the year, we continue to advance our investment program as planned. Our forecast that we will complete the accelerated investment plan by mid-2026 remains unchanged. We are undertaking all necessary preparations to ensure the swift and efficient integration of the new lines, with the goal of bringing them into full production," continued Mr. Yaffe. "On the revenue side, we continue to experience strong demand for the Company's products, and we are seeing lead times increase across all our relevant market sectors. As previously communicated, we are actively working to expand the scope of our commercial sales—an effort that we anticipate will bear fruit during the rest of 2025 and in the years to follow," concluded Mr. Yaffe. First Quarter 2025 GAAP Financial Results Revenues for the first quarter of 2025 were $12.8 million, compared to $11.8 million in the first quarter of 2024. Gross profit for the first quarter of 2025 was $2.2 million (17% of revenues) compared to $3.3 (28% of revenues) in the first quarter of 2024. Operating profit for the first quarter of 2025 was $0.7 million compared to operating profit of $1.7 million in the first quarter of 2024. Net income for the first quarter of 2025 was $1.0 million or $0.15 per fully diluted share compared to net income of $1.7 million or $0.27 per fully diluted share in the first quarter of 2024. Cash and short-term bank deposits amounted to $15.7 million as of March 31, 2025, with no outstanding debt. First Quarter 2025 Non-GAAP Financial Results EBITDA for the first quarter of 2025 was $1.2 million (9% of revenues) compared to EBITDA of $2.1 million (18% of revenues) in the first quarter of 2024. Conference Call Today, Tuesday, May 20, 2025, at 8:30am Eastern Time (15:30pm Israel Time, 5:30am Pacific Time), Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Ron Freund, Chief Financial Officer. To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call: United States: 1-866-860-9642Israel: 03-918-0691International: +972-3-918-0691 To Access a Replay of the Call A replay of the call will be available for 30 days on the Investor Info section on Eltek's corporate website at approximately 24 hours after the conference call is completed. About Eltek Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs) and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high-quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia. Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America. For more information, visit Eltek's web site at Forward Looking Statements Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, 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. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only. About our Non-GAAP Financial Information The Company reports financial results in accordance with U.S. GAAP and herein provides EBITDA, a non-GAAP measure. This non-GAAP measure is not in accordance with, nor is it a substitute for, GAAP measures. This non-GAAP measure is intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measure presented to evaluate and manage the Company's operations internally. The Company is also providing this information to assist investors in performing additional financial analysis. Reconciliation between the Company's results on a GAAP and non-GAAP basis is provided in a table below. Investor Contact Ron FreundChief Financial OfficerInvestor-Contact@ Eltek Ltd. Consolidated Statements of Income U.S. dollars in thousands (except per share data) Three months ended March 31,20252024Revenues12,75611,783Costs of revenues(10,544)(8,531)Gross profit2,2123,252Research and development, expenses, net(50)(15)Selling, general and administrative expenses(1,437)(1,516)Operating income7251,721Financial income, net504350Income before income taxes1,2292,071Income tax expenses227332Net Income 1,0021,739Earnings per share:Basic net income per ordinary share0.150.27Diluted net income per ordinary share0.150.27Weighted average number of ordinary shares used to computebasic net income per ordinary share (in thousands)6,7146,376Weighted average number of ordinary shares used to computediluted net income per ordinary share (in thousands)6,7856,491 Eltek Ltd. Consolidated Balance Sheets U.S. dollars in thousands March 31, December 31, 20252024AssetsCurrent assets:Cash and cash equivalents6,4667,575Short-term bank deposits9,2579,663Trade receivables (net of allowance for credit losses)12,28411,786Inventories 9,9789,488Other accounts receivable and prepaid expenses726602Total current assets38,71139,114Long term assets:Severance pay fund5556Deferred tax assets, net322496Operating lease right of use assets5,9885,911Total long term assets6,3656,463Property and equipment, net15,99914,578Total Assets61,07560,155Liabilities and Shareholder's equityCurrent liabilities:Trade payables7,6157,367Other accounts payable and accrued expenses5,3895,136Short-term operating lease liabilities936827Total current liabilities13,94013,330Long-term liabilities:Accrued severance pay450443Long-term operating lease liabilities5,1575,190Total long-term liabilities5,6075,633Shareholders' equity:Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 6,714,040 at March 31, 2025 and 6,714,040 at December 31, 20246,0116,011Additional paid-in capital32,62732,627Foreign currency translation adjustments(140)664Capital reserve2,6452,507Retained earnings (accumulated deficit)385(617)Total shareholders' equity41,52841,192Total liabilities and shareholders' equity61,07560,155 Eltek Ltd. Unaudited Non-GAAP EBITDA Reconciliations U.S. dollars in thousandsThree months ended March 31, 20252024 GAAP net Income 1,0021,739 Add back items:Financial income, net (504)(350) Income tax expenses227332 Depreciation and amortization465365 Non-GAAP EBITDA1,1902,086 Eltek Ltd. Consolidated Statements of Cash Flows U.S. dollars in thousands Three months ended March 31,20252024Cash flows from operating activities:Net Income1,0021,739Adjustments to reconcile net income to net cash flowsprovided by operating activities:Depreciation465365Accrued interest, net(128)-Share-based compensation138132Decrease in deferred tax assets 82322557819Decrease (increase) in operating lease right-of-use assets11Decrease (increase) in trade receivables(355)736Decrease (increase) in other receivables and prepaid expenses(67)75Decrease (increase) in inventories(330)(396)Increase (decrease) in trade payables(862)(1,491)Increase (decrease) in other liabilities and accrued expenses173(201)Increase (decrease) in employee severance benefits, net718(1,433)(1,258)Net cash provided by operating activities1261,300Cash flows from investing activities:Purchase of fixed assets(1,137)(2,731)Withdrawal of (investment in) short-term bank deposits, net534(6,490)Net cash used in investing activities(603)(9,221)Cash flows from financing activities:Exercise of options-246Repayment of long-term loans from bank--Issuance of shares, net-9,180Net cash provided by (used in) financing activities-9,426Effect of translation adjustments(632)(173)Net increase (decrease) in cash and cash equivalents(1,109)1,332Cash and cash equivalents at the beginning of the period7,5759,278Cash and cash equivalents at the end of the period6,46610,610 Logo - View original content: SOURCE Eltek Ltd.
The Intercept
17-04-2025
- Politics
- The Intercept
Universities Told Students to Leave the Country. ICE Just Said They Didn't Actually Have To.
The Department of Homeland Security said this week in a Michigan court that the agency does not have the authority to terminate students' immigration statuses by terminating their records in the Student Exchange and Visitor Information System. Known as SEVIS, the database allows both universities and authorities to track information about international students on visas in U.S. Homeland Security's changes to SEVIS, the Trump administration said, have no bearing on a student's lawful nonimmigrant status. 'Terminating a record in SEVIS does not terminate an individual's nonimmigrant status in the United States,' said Andre Watson, assistant director of the national security division for Homeland Security Investigations, in the filing. Watson added that existing laws and regulations 'do not provide' the DHS-run Student Exchange and Visitor Program 'the authority to terminate nonimmigrant status by terminating a SEVIS record.' This will be news to many hundreds of students who have had their SEVIS records terminated by DHS in recent weeks — and were then told by their schools or the government that they have thus lost their immigration status and must immediately leave the country. 'Under pressure from ICE, schools have been advising students they are out of status after SEVIS record termination, and in many cases disenrolling them as a result,' said Nathan Yaffe, an attorney representing international students facing deportation in other cases. 'Now ICE has submitted sworn declarations that SEVIS record termination has no legal effect on the student whatsoever.' 'Disenrolling students was already a blatant capitulation, and now it is a wholly inexcusable one.' Based on school officials checking their SEVIS records, hundreds of students have been led to believe that they had lost their student immigration status because a terminated record in the database is broadly taken to mean a student has fallen out of status. The DHS's latest claims to the contrary in court are sure to only sow further confusion, but they are strong grounds, Yaffe said, for schools to immediately stop disenrolling students believed to be out of status due to SEVIS record checks. 'Any school that continues to disenroll (and refuses to re-enroll) students is voluntarily punishing students to align itself with the Trump administration's agenda,' Yaffe said. 'Disenrolling students was already a blatant capitulation, and now it is a wholly inexcusable one.' The DHS declaration was filed in response to a lawsuit brought by four Michigan students, who are suing the Trump administration over the reported loss of their F-1 student statuses. In response, the government argued that the case should be thrown out, since DHS did not remove the students' statuses when it terminated their SEVIS records. According to Inside Higher Ed, 16 lawsuits from at least 50 students have challenged the Trump administration over visa revocations and deportation threats. A number of the suits have challenged DHS's authority to summarily change students' statuses on SEVIS. It was only for the first time in the Michigan case, however, that the government said that its SEVIS interventions had no bearing on a student's status. The admission was an apparent effort by the government to dodge legal challenges. The students are suing to have their legal student immigration status restored, and the government is suggesting that their SEVIS terminations never changed the students' statuses, so the agency cannot be sued for its actions. Communications from government agencies and school administrations, however, have up until this point taken a SEVIS termination to mean that a student's status is terminated too. In an email sent by a school official at the University of Michigan to one of the Michigan plaintiffs, for example, the student was told, 'In our daily review of SEVIS, we learned that your SEVIS record was 'terminated' by a Department of Homeland Security (DHS) official.' The school official continued: 'We do not have any additional information, but this termination means you no longer hold valid F-1 status within the United States. You will need to cease any employment immediately. Since this termination does not carry a grace period, we must recommend you make plans to exit the United States immediately.' The government's defense in court, however, claimed the direct opposite, noting in a filing: 'There are no legal consequences to the termination of a SEVIS record.' The University of Michigan and Wayne State University — the two schools attended by plaintiffs in the Michigan lawsuit — did not respond to The Intercept's request for comment, nor did DHS, ICE, the State Department, and the Department of Justice, which represents the administration in court. Read Our Complete Coverage A student plaintiff in another, similar case filed in California received an email directly from the State Department, informing them that their student visa had been revoked. The email fails to distinguish in any meaningful way between visa status and legal immigration status, which are not the same thing. In one paragraph, the State Department tells the student that their visa has been 'revoked under Section 221(i) of the United States Immigration and Nationality Act.' The email later notes, 'Remaining in the United States without a lawful immigration status can result in fines, detention, and/or deportation' — without informing the student that they may very well still have lawful immigration status. 'Given the gravity of this situation, individuals whose visa was revoked may wish to demonstrate their intent to depart the United States using the CBP Home App,' the State Department email told the student. Ranjani Srinivasan, a Ph.D. candidate at Columbia University fled to Canada in March after being targeted by ICE. After DHS terminated her SEVIS status, Srinivasan wrote in a statement that Columbia 'arbitrarily de-enrolled' her, ending her 'legal status, worker status, and housing.' She blamed 'ICE threats and Columbia complicity' for her decision to flee. The Homeland Security website, which offers official guidance on international student rules and regulations, suggests that a terminated record indicates that the student's legal status has been terminated too. The site notes that a terminated record in SEVIS means that a student 'loses all on- and/or off-campus employment authorization,' 'cannot re-enter the United States on the terminated SEVIS record,' and that ICE agents may investigate to 'confirm the departure of the student.' DHS also says that a terminated record 'could indicate that the nonimmigrant no longer maintains' their legal status, but that it is 'designated school officials,' rather than ICE and other DHS agents who 'mostly terminate' these records. The State Department has been removing student visas en masse. Over 1,200 student visas have been revoked, almost entirely from nonwhite students, since President Donald Trump announced plans to target international students, particularly those who have expressed support for Palestinian freedom. The removal of a student visa, however, is not the same as, and does not entail, the removal of legal nonimmigrant status in the U.S. as a student. A visa is required for an international student to legally enter the country to study here. After entering, however, the visa does not affect the student's immigration status. A student with an expired or revoked visa can remain in legal nonimmigrant student status while not leaving the country; a university has no legal reason to disenroll that student or prevent their continued study in the U.S.. The DHS declaration in Michigan went further in making the distinction between having a visa revoked and being eligible for deportation. 'Prudential visa revocation, absent other factors, does not make an individual amendable to removal,' wrote Watson, the HSI official. That is, the revocation of a student visa is not, in and of itself, necessarily grounds for a student to be deported. Yet schools have been reacting to SEVIS terminations, not visa revocations, when they have disenrolled students or advised students to immediately leave the country. This does not mean that the students currently targeted by Trump's administration are safe. A student in legal immigration status with a revoked visa is at significant risk should ICE seek to pursue deportation proceedings against them. The agency would have to send the student a notice to appear before an immigration judge, and there would be a hearing about the student's deportability, at which the student could challenge their visa revocation. The process can be frightening for students, as the cases of detained legal permanent residents like Mahmoud Khalil and Mohsen Mahdawi and visa holders like Rümeysa Öztürk make clear. The Trump administration has shown little compunction about taking the next step toward making individual students deportable, attempting to carry out the mass removal of students for minor legal violations, as well as for entirely legal political speech under spurious 'foreign policy' grounds and bunk charges of antisemitism. In trying to stave off litigation, DHS has been clear in other cases that students who have had their visas revoked and SEVIS records terminated have not fallen out of legal status. 'The issue Plaintiffs seek to avoid is the real issue before this court: the State Department revoked Plaintiffs' visa,' the government argued in another case filed by students in Georgia, 'but those actions are un reviewable here.' 'Do you realize that this is Kafkaesque?' The government is claiming that the students have directed their legal challenge at the wrong government agency, but that they also cannot sue the State Department, because the section of the Immigration and Nationality Act that Secretary of State Marco Rubio is deploying to summarily remove visas 'expressly precludes visa revocations from judicial review.' According to the Trump administration the students could only challenge Rubio's wide and reckless discretion to revoke their visas 'in removal proceedings if the revocation is the sole basis for removal.' Federal judges hearing students' cases around the country have so far not been impressed with the government's arguments. At least five federal courts have issued temporary restraining orders on deportation orders linked to SEVIS terminations. On Wednesday, District Court Judge Ana Reyes in Washington, D.C., specifically ordered DHS's Watson to testify in court over the claims in his declaration, which was also submitted by the government in the case filed by students there. 'I've got two experienced immigration lawyers on behalf of a client who is months away from graduation, who has done nothing wrong, who has been terminated from a system that you all keep telling me has no effect on his immigration status, although that clearly is BS,' Reyes told the government. 'And now, his two very experienced lawyers can't even tell him whether or not he's here legally, because the Court can't tell him whether or not he's here legally, because the government's counsel can't tell him if he's here legally.' The judge said, 'Do you realize that this is Kafkaesque?'
Khaleej Times
06-03-2025
- General
- Khaleej Times
How to deal with family pressure when things aren't going your way
Omar*, a 37-year-old Lebanese expat living in Dubai, has always felt the pressure to conform to his family's expectations. 'My family thinks it's their right to meddle in my life,' said the youngest of three. From who he was friends with as a child, where he went to university and what he studied as a young adult, to what job offers he took later in life, every member of his family had an opinion. At the time, Omar felt it was easier to give into them than stand up for what he wanted. 'I get that they were trying to look out for me, but this type of thinking became their default,' he explained. 'It was never about what I wanted. I started having this irrational fear about going against their wishes. If I failed because I did something they advised against, I'd be such a disappointment.' Omar recalls that at 31, his decision to come to Dubai for work was the first time he did something not supported by his family. 'It was hard to be excited about this huge life event when I knew they were against it,' he recalled. 'They told me, as the only son, that I was abandoning them.' According to Carolyn Yaffe, a psychotherapist at Medcare-Camali Clinic who does not treat Omar, the way Omar has described his relationship with his family signifies an enmeshed structure. 'Family enmeshment are relationships where personal boundaries are overly blurred and family members become too involved in each other's lives,' she said. 'This type of unhealthy bond can occur at any stage in life; however, it tends to develop from teenage years into young adulthood when individuals are forming their own identity and well-meaning family members struggle with the transition of their child/sibling from a dependent actor to an independent one. It can also become exacerbated during significant life events — like moving away or getting married — when levels of independence shift again.' An enmeshed family dynamic can manifest in many ways. You may feel compelled to share every detail of your life; have difficulty making independent decisions; rely on family for emotional validation; or, feel pressure to conform to longstanding family roles, even if those roles don't serve you well anymore. 'Family enmeshment may cause family members to struggle with identity issues, low self-esteem, and difficulty in forming healthy relationships outside the family,' Yaffe explained. 'There is a constant need for approval, emotional manipulation, and an avoidance of conflict. Over time, this can lead to anxiety, depression, and feelings of guilt when trying to gain independence from an unhealthy unit.' The issue becomes more complicated for expats who may feel caught between two worlds. 'Expats face unique challenges when returning home for the holidays,' said Yaffe. 'They may feel out of place or struggle to reconcile their new identity with past family dynamics. They also might experience increased pressure to reintegrate into enmeshed family roles, which can be overwhelming.' This emotional conflict is something Omar has grappled with during previous visits. 'When I go home, I'm expected to be the same person who left them six years ago. They show interest in my life choices, only to critique every thing I do. It's really hurtful at times,' he explained. 'My love and respect for them is still there, but they can't accept that I've changed. I'm not that same meek person anymore.' Setting and keeping boundaries is one of the key strategies Yaffe suggests for dealing with family enmeshment at any time, and especially during the holidays. 'It's important to communicate your needs clearly with your family to ensure that your needs and feelings are heard and understood,' she advised. 'It's about finding a balance that allows you to participate in family without losing yourself in the process.' Omar has also been more vocal about his boundaries, and engaged in more direct, open conversations with his family about his needs. 'It's not easy. My family says I'm argumentative or difficult. I've even been told that I'm 'destroying' the family. But I stand my ground, respectfully. I've learned to say 'no' to certain things and set boundaries around my personal time. I know I can't control people's opinions, but I make it clear that I'm entitled to be the final decision maker on things about my own life.' Despite his desire to disconnect from these pressures, Omar feels a strong sense of obligation to return home during Ramadan. 'It's hard because Ramadan is about family and faith, and those remain pillars in my life,' he said. 'But I also know that I need to look after my mental wellbeing. That's non-negotiable.' Yaffe encourages self-care practices such as mindfulness, journalling, and seeking support from a therapist to navigate family gatherings with greater emotional resilience. On the bright side, an enmeshed family isn't a life sentence — healing is possible. Often, families in enmeshed dynamics are acting out of genuine care and concern, even if their approach is unhealthy. Family members may feel hurt, confused, or threatened by one member's need for independence. The emotional complexity involved in enmeshment is broad, but healing is rooted in a desire by both sides to navigate difficult changes in their relationships together. Individual and group therapy can provide a safe space to help build healthier relationship patterns while maintaining meaningful connections. 'Sometimes all it takes is one person to speak openly about what's not working,' Omar reflected. 'And it's not easy at all to be that person. But at the end of the day, we love each other, so we're all working on it.' Where love, a desire to understand, and care for each other are a family's foundation — as opposed to the need to control — family dynamics can evolve and improve with time and consistent effort. *Name changed for privacy concerns.
