07/28/2022 | Press release | Distributed by Public on 07/28/2022 06:01
Investor Relations Contact:
Ehud Helft
EK Global Investor Relations
Tel: +1 212 378 8040
E-mail: [email protected]
|
June 30,
|
December 31,
|
|||||||
2022
|
2021
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
22,323
|
$
|
29,285
|
||||
Marketable securities
|
4,794
|
8,266
|
||||||
Accounts receivables: Trade, net
|
31,914
|
31,120
|
||||||
Accounts receivables: Other
|
7,153
|
4,693
|
||||||
Inventories
|
107,883
|
75,753
|
||||||
Total current assets
|
174,067
|
149,117
|
||||||
Marketable securities
|
21,003
|
23,773
|
||||||
Assets held for employees' severance benefits
|
1,708
|
1,882
|
||||||
Deferred tax assets
|
1,382
|
1,616
|
||||||
Property, plant and equipment, net
|
4,333
|
4,576
|
||||||
Intangible assets, net
|
5,822
|
4,314
|
||||||
Right of Use
|
8,605
|
8,765
|
||||||
Goodwill
|
25,561
|
25,561
|
||||||
Total assets
|
$
|
242,481
|
$
|
219,604
|
||||
Liabilities and shareholders' equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
$
|
50,649
|
$
|
29,918
|
||||
Other accounts payable and accrued expenses
|
15,644
|
18,582
|
||||||
Lease Liabilities
|
1,717
|
1,811
|
||||||
Total current liabilities
|
68,010
|
50,311
|
||||||
Lease Liabilities
|
6,373
|
7,377
|
||||||
Liability for employees' severance benefits
|
3,192
|
3,443
|
||||||
Deferred tax liabilities
|
42
|
10
|
||||||
Total liabilities
|
77,617
|
61,141
|
||||||
Shareholders' equity
|
||||||||
Ordinary shares and additional paid-in capital
|
64,039
|
63,412
|
||||||
Treasury shares
|
(35,918
|
)
|
(34,995
|
)
|
||||
Retained earnings
|
136,743
|
130,046
|
||||||
Total shareholders' equity
|
164,864
|
158,463
|
||||||
Total liabilities and shareholders' equity
|
$
|
242,481
|
$
|
219,604
|
Three-month period
|
Six-month period
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Sales
|
$
|
34,154
|
$
|
30,277
|
$
|
66,224
|
$
|
59,279
|
||||||||
Cost of sales
|
22,032
|
19,524
|
43,212
|
38,595
|
||||||||||||
Gross profit
|
12,122
|
10,753
|
23,012
|
20,684
|
||||||||||||
Research and development expenses
|
5,257
|
4,970
|
10,735
|
9,990
|
||||||||||||
Selling and marketing expenses
|
1,599
|
1,614
|
3,382
|
3,169
|
||||||||||||
General and administrative expenses
|
1,131
|
1,186
|
2,328
|
2,249
|
||||||||||||
Total operating expenses
|
7,987
|
7,770
|
16,445
|
15,408
|
||||||||||||
Operating income
|
4,135
|
2,983
|
6,567
|
5,276
|
||||||||||||
Financial income (loss), net
|
1,159
|
(283
|
)
|
1,500
|
534
|
|||||||||||
Income before income taxes
|
5,294
|
2,700
|
8,067
|
5,810
|
||||||||||||
Income taxes
|
770
|
666
|
1,370
|
1,181
|
||||||||||||
Net income
|
$
|
4,524
|
$
|
2,034
|
$
|
6,697
|
$
|
4,629
|
||||||||
Basic income per ordinary share (US$)
|
$
|
0.68
|
$
|
0.30
|
$
|
1.00
|
$
|
0.67
|
||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
|
6,666
|
6,868
|
6,674
|
6,889
|
||||||||||||
Diluted income per ordinary share (US$)
|
$
|
0.67
|
$
|
0.29
|
$
|
0.99
|
$
|
0.66
|
||||||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
|
6,749
|
6,992
|
6,789
|
7,030
|
Three-month period
|
Six-month period
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
GAAP gross profit
|
$
|
12,122
|
$
|
10,753
|
$
|
23,012
|
$
|
20,684
|
||||||||
(1) Share-based compensation (*)
|
173
|
91
|
334
|
238
|
||||||||||||
Non-GAAP gross profit
|
$
|
12,295
|
$
|
10,844
|
$
|
23,346
|
$
|
20,922
|
||||||||
GAAP operating income
|
$
|
4,135
|
$
|
2,983
|
$
|
6,567
|
$
|
5,276
|
||||||||
Gross profit adjustments
|
173
|
91
|
334
|
238
|
||||||||||||
(1) Share-based compensation (*)
|
683
|
508
|
1,468
|
1,085
|
||||||||||||
Non-GAAP operating income
|
$
|
4,991
|
$
|
3,582
|
$
|
8,369
|
$
|
6,599
|
||||||||
GAAP net income
|
$
|
4,524
|
$
|
2,034
|
$
|
6,697
|
$
|
4,629
|
||||||||
Operating income adjustments
|
856
|
599
|
1,802
|
1,323
|
||||||||||||
(2) Lease liabilities - financial expenses (income)
|
(734
|
)
|
230
|
(920
|
)
|
(174
|
)
|
|||||||||
(3) Taxes on amortization of acquired intangible assets
|
67
|
67
|
135
|
133
|
||||||||||||
Non-GAAP net income
|
$
|
4,713
|
$
|
2,930
|
$
|
7,714
|
$
|
5,911
|
||||||||
GAAP net income
|
$
|
4,524
|
$
|
2,034
|
$
|
6,697
|
$
|
4,629
|
||||||||
Adjustments for Non-GAAP Cost of sales
|
173
|
91
|
334
|
238
|
||||||||||||
Adjustments for Non-GAAP Research and development expenses
|
373
|
195
|
748
|
461
|
||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
|
163
|
158
|
371
|
315
|
||||||||||||
Adjustments for Non-GAAP General and administrative expenses
|
147
|
155
|
349
|
309
|
||||||||||||
Adjustments for Non-GAAP Financial income (loss), net
|
(734
|
)
|
230
|
(920
|
)
|
(174
|
)
|
|||||||||
Adjustments for Non-GAAP Income taxes
|
67
|
67
|
135
|
133
|
||||||||||||
Non-GAAP net income
|
$
|
4,713
|
$
|
2,930
|
$
|
7,714
|
$
|
5,911
|
||||||||
GAAP basic income per ordinary share (US$)
|
$
|
0.68
|
$
|
0.30
|
$
|
1.00
|
$
|
0.67
|
||||||||
(1) Share-based compensation (*)
|
0.13
|
0.09
|
0.27
|
0.19
|
||||||||||||
(2) Lease liabilities - financial expenses (income)
|
(0.11
|
)
|
0.03
|
(0.13
|
)
|
(0.02
|
)
|
|||||||||
(3) Taxes on amortization of acquired intangible assets
|
0.01
|
0.01
|
0.02
|
0.02
|
||||||||||||
Non-GAAP basic income per ordinary share (US$)
|
$
|
0.71
|
$
|
0.43
|
$
|
1.16
|
$
|
0.86
|
||||||||
GAAP diluted income per ordinary share (US$)
|
$
|
0.67
|
$
|
0.29
|
$
|
0.99
|
$
|
0.66
|
||||||||
(1) Share-based compensation (*)
|
0.13
|
0.09
|
0.27
|
0.18
|
||||||||||||
(2) Lease liabilities - financial expenses (income)
|
(0.11
|
)
|
0.03
|
(0.14
|
)
|
(0.02
|
)
|
|||||||||
(3) Taxes on amortization of acquired intangible assets
|
0.01
|
0.01
|
0.02
|
0.02
|
||||||||||||
Non-GAAP diluted income per ordinary share (US$)
|
$
|
0.70
|
$
|
0.42
|
$
|
1.14
|
$
|
0.84
|