PETACH-TIKVA, ISRAEL – Eltek Ltd. reported second quarter revenues were $8.8 million, up 7.3% year-over-year.

Net profit was $704,000, down 10.9% compared to the second quarter of 2019. Operating profit increased to $809,000, compared to operating profit of $7,000 in the same period last year. EBITDA was $1.2 million, nearly flat year-over-year.

“We are pleased that our second quarter reflects the continuing trend of improved results,” said CEO Eli Yaffe. “We are gratified that despite the global Covid-19 pandemic and its related challenges, we were able to grow our top line by 7.2% compared to the second quarter of 2019 and improve our gross margins from 15.3% in the second quarter 2019 to 21.6% in the second quarter 2020.

"We are operating in a challenging business environment and making the necessary adjustments to protect our staff, expand our business, improve customer satisfaction, increase revenues, maintain the trend of improved operating efficiencies and reach sustained profitability."

Net cash provided by operating activities amounted to $1.4 million in the second quarter, compared to net cash used in operating activities of $301,000 in the second quarter of 2019.

Revenues for the first six months of 2020 were $17.9 million, an increase of 5.9% year-over-year.

Net profit for the six-month period was $1.2 million, up 20% compared to the same period last year. Operating profit was $1.4 million, compared to operating profit of $440,000 in the first six months of 2019. EBITDA was $2.2 million, up 4.7%.

Net cash provided by operating activities amounted to $2.9 million in the first six months of 2020, compared to net cash provided by operating activities of $1.3 million in the first six months of 2019.

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