SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


  
F O R M  6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2020

Commission file number 000-28884

Eltek Ltd.
(Name of Registrant)

Sgoola Industrial Zone, Petach Tikva, Israel
 (Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒       Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statements File Nos. 333-123559 and 333-130611.

Eltek Ltd.
 
EXPLANATORY NOTE
 
The following exhibit is attached:
 
99.1          Announcement:  Eltek Reports 2020 First Quarter Financial Results.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
      ELTEK LTD.
 
       (Registrant)
   
 
By: /s/ Alon Mualem
 
Alon Mualem
 
Chief Financial Officer

Date:  June 2, 2020

EXHIBIT INDEX
 
EXHIBIT
NO.
 
DESCRIPTION
 
 
 
 



Exhibit 99.1
 
Press Release

Eltek Reports 2020 First Quarter Financial Results

Revenues of $9.2 million in the first quarter of 2020 compared to $8.7 million in the first quarter of 2019
Gross profit of $1.8 million in the first quarter of 2020 compared to $1.5 million in the first quarter of 2019
Net profit of $541,000 in the first quarter of 2020 compared to net profit of $242,000 in the first quarter of 2019

PETACH-TIKVA, Israel, June 2, 2020 - Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the quarter ended March 31, 2020.

Mr. Eli Yaffe, Chief Executive Officer, commented: "We are gratified that despite the global Covid-19 related challenges encountered in the first quarter we were able to continue the growth and profitability we achieved in 2019.  During this year, we plan to significantly increase our investment in new equipment and the expansion of our facilities and infrastructure, in order to support our continued growth, despite the impact of the Covid-19 pandemic.”
 
“We are operating in a challenging business environment and making the necessary adjustments to increase operating efficiencies, improve customer satisfaction, increase revenues and reach sustained profitability” concluded Mr. Yaffe.

Highlights of the First Quarter of 2020 compared to the First Quarter of 2019

Revenues for the first quarter of 2020 were $9.2 million compared to revenues of $8.7  million in the first quarter of 2019;
Gross profit increased from $1.5 million (17.6% of revenues) in the first quarter of 2019 to $1.8 (19.7% of revenues) in the first quarter of 2020;
Operating profit was $612,000 as compared to an operating profit of $433,000 in the first quarter of 2019;
Net profit was $541,000, or $0.12 per fully diluted share compared to a net profit of $242,000, or $0.12 per fully diluted share, in the first quarter of 2019;
EBITDA was a $1.0 million (11.0% of revenues) compared to EBITDA of $811,000 (9.3% of revenues) in the first quarter of 2019;
Net cash provided by operating activities amounted to $1.5 million compared to net cash provided by operating activities of $1.6 million in the first quarter of 2019.
Conference Call
Today, Tuesday, June 2, 2020, at 8:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Alon Mualem, Chief Financial Officer.
 
To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:
 
United States:
1-888-668-9141
Israel:
03-9180609
International:
+972-3-9180609

 
             At:
  8:30 a.m. Eastern Time
  5:30 a.m. Pacific Time
  15:30 p.m. Israel Time
                                                                                   

A replay of the call will be available through the Investor Info section on Eltek’s corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed and will be archived for 30 days.
 
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 the Israeli leader 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 subsidiaries in North America and in Europe and by agents and distributors in Europe, India and South America.

For more information, visit Eltek's web site at www.nisteceltek.com.

Use of Non-GAAP Financial Information
 
The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures 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.
 
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, 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.

Investor Contact:
Alon Mualem
Chief Financial Officer
alonm@nisteceltek.com
+972-3-9395023
(Tables follow)



Eltek Ltd.
Consolidated Statements of Operations
(In thousands US$, except per share data)
             
   
Three months ended
 
   
March 31,
 
   
2020
   
2019
 
             
Revenues
   
9,157
     
8,735
 
Costs of revenues
   
(7,354
)
   
(7,196
)
                 
Gross profit
   
1,803
     
1,539
 
                 
Selling, general and administrative expenses
   
(1,189
)
   
(1,106
)
                 
R&D expenses, net
   
(2
)
   
-
 
                 
Operating profit
   
612
     
433
 
                 
Financial expenses, net
   
(55
)
   
(184
)
Other income, net
   
(1
)
   
6
 
                 
Profit before income tax
   
556
     
255
 
                 
Tax expenses
   
(15
)
   
(13
)
                 
Net Profit
   
541
     
242
 
                 
Earnings per share
               
                 
Basic and diluted net profit per ordinary share
   
0.12
     
0.12
 
                 
Weighted average number of ordinary shares
               
used to compute basic and diluted net profit per
               
ordinary share (in thousands)
   
4,380
     
2,029
 



Eltek Ltd.
Consolidated Balance Sheets
(In thousands US$)
             
   
March 31,
   
December 31,
 
   
2020
   
2019
 
Assets
           
             
Current assets
           
Cash and cash equivalents
   
2,214
     
1,628
 
Receivables:   Trade, net of provision for doubtful accounts
   
7,379
     
7,480
 
                     Other
   
164
     
145
 
Inventories
   
3,404
     
3,735
 
Prepaid expenses
   
354
     
530
 
                 
Total current assets
   
13,515
     
13,518
 
                 
Long term assets
               
Severance pay fund
   
58
     
60
 
Operating lease right of use assets
   
2,140
     
2,490
 
Total long term assets
   
2,198
     
2,550
 
                 
Fixed assets, less accumulated depreciation
   
6,506
     
6,761
 
                 
Total Assets
   
22,219
     
22,829
 
                 
Liabilities and Shareholder's equity
               
                 
Current liabilities
               
Short-term credit and current maturities of long-term debts
   
1,589
     
2,120
 
Short-term credit from related party
   
3,366
     
3,472
 
Accounts payable: Trade
   
4,277
     
4,673
 
                            Other
   
3,533
     
3,118
 
Short-term operating lease liabilities
   
1,091
     
1,383
 
                 
Total current liabilities
   
13,856
     
14,766
 
                 
Long-term liabilities
               
Long term debt, excluding current maturities
   
340
     
387
 
Employee severance benefits
   
275
     
268
 
Deferred tax liabilities
   
49
     
45
 
Long-term operating lease liabilities
   
1,033
     
1,094
 
                 
Total long-term liabilities
   
1,697
     
1,794
 
                 
Equity
               
Ordinary shares, NIS 3.0 par value authorized 10,000,000 shares, issued and outstanding 4,380,268
   
3,964
     
3,964
 
Additional paid-in capital
   
18,583
     
18,583
 
Cumulative foreign currency translation adjustments
   
2,310
     
2,479
 
Capital reserve
   
989
     
963
 
Accumulated deficit
   
(19,180
)
   
(19,720
)
Shareholders' equity
   
6,666
     
6,269
 
Total liabilities and shareholders' equity
   
22,219
     
22,829
 

Eltek Ltd.
Unaudited Non-GAAP EBITDA Reconciliations
(In thousands US$)
             
Non-GAAP EBITDA Reconciliations
 
Three months ended
 
   
March 31,
 
   
2020
   
2019
 
             
GAAP net Income (loss)
   
541
     
242
 
Add back items:
               
                 
Financial expenses, net
   
55
     
184
 
Income tax expense
   
15
     
13
 
Depreciation and amortization
   
395
     
372
 
Non-GAAP EBITDA
   
1,006
     
811
 


Eltek Ltd.
Consolidated Statement of  Cash flow
(In thousands US$)
             
   
Three months ended
 
   
March 31,
 
   
2020
   
2019
 
             
Cash flows from operating activities:
           
             
Net Income
   
541
     
242
 
                 
Adjustments to reconcile net profit to net
               
 cash flows provided by operating activities:
               
Depreciation and amortization
   
395
     
372
 
Stock-based compensation
   
26
     
31
 
Transaction with controlling shareholder
   
-
     
14
 
Revaluation of long term loans
   
10
     
(16
)
Increase in deferred tax liabilities
   
5
     
-
 
     
436
     
401
 
                 
Decrease in operating lease right-of-use assets
   
(5
)
   
(9
)
Decrease (increase) in trade receivables
   
(132
)
   
240
 
Decrease in other receivables and prepaid expenses
   
139
     
315
 
Decrease (increase) in inventories
   
221
     
(415
)
Increase (decrease)  in trade payables
   
(257
)
   
846
 
Increase in other liabilities and accrued expenses
   
520
     
4
 
Increase  in employee severance benefits, net
   
16
     
-
 
     
502
     
981
 
                 
Net cash provided by operating activities
   
1,479
     
1,624
 
                 
Cash flows from investing activities:
               
Purchase of fixed assets
   
(204
)
   
(159
)
Net cash used in investing activities
   
(204
)
   
(159
)
                 
Cash flows from financing activities:
               
Short- term bank credit, net
   
(438
)
   
(1,608
)
Short- term shareholder loan
   
-
     
549
 
Repayment of long-term loans from bank
   
(73
)
   
(225
)
Repayment of credit from fixed asset payables
   
(151
)
   
(96
)
Net cash used in financing activities
   
(662
)
   
(1,380
)
                 
Effect of translation adjustments
   
(27
)
   
(10
)
                 
Net increase in cash and cash equivalents
   
586
     
75
 
                 
Cash and cash equivalents at beginning of the period
   
1,628
     
993
 
                 
Cash and cash equivalents at period end
   
2,214
     
1,068