PETACH-TIKVA, ISRAEL – Eltek reported fourth quarter revenue of $8.6 million, up 10.3% year-over-year.

The printed circuit board fabricator reported net profit of $370,000, compared to a net loss of $631,000 in the fourth quarter of 2018. Operating profit was $379,000, compared to an operating loss of $416,000 in the same period of 2018. EBITDA was $817,000 in the fourth quarter, compared to negative EBITDA of $43,000 in the fourth quarter of the prior year.

Net cash used in operating activities amounted to $141,000 during the period, compared to $136,000 of cash provided from operating activities in the fourth quarter of 2018.

2019 revenue was $34.8 million, an increase of 2.7% year-over-year.

Net profit for the year was $1.8 million, compared to a net loss of $2.6 million in 2018. Operating profit was $1.4 million, compared to an operating loss of $2.1 million in the prior year. EBITDA was $3.8 million in 2019, compared to negative EBITDA of $420,000 in 2018.

Net cash provided by operating activities amounted to $2.6 million in 2019, compared to $813,000 used in operating activities in 2018. Cash and cash equivalents as of Dec. 31 were $1.6 million, compared to $992,000 as of Dec. 31, 2018.

"We are pleased with the growth in our revenues and profitability in the fourth quarter and the significant change in our full-year results,” said Eli Yaffe, CEO. “The improved results reflect the implementation of our previously announced turnaround plan.

"The outbreak and spread of the coronavirus has created new operational and business challenges that we are dealing with. We see both additional risks and opportunities in this new environment."