PETACH-TIKVA, ISRAEL – Eltek reported fiscal third quarter revenues of $9.3 million, flat with the same quarter of 2019.

Net profit was $598,000, up 52.9% year-over-year. Operating profit was $638,000, an increase of 12.3% compared to the third quarter last year. EBITDA was $1 million, up 6.4% year-over-year.

Net cash provided by operating activities amounted to $873,000 in the third quarter, compared to net cash provided by operating activities of $1.4 million in the third quarter of 2019.

"We are pleased that our third quarter results reflect 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 achieve continued profitability and improve our operating profit from $1 million in the first nine months of 2019 to $2.1 million in the first nine months of 2020.

"We are operating in a challenging business environment and making the necessary adjustments to increase revenues, maintain the trend of improved operating efficiencies and reach sustained profitability."

For the first nine months of 2020, revenues were $27.2 million, up 3.8% year-over-year. Net profit was $1.8 million, an increase of 28.6%. Operating profit was $2.1 million, up 110% year-over-year. EBITDA for the first nine months of the year was $3.2 million, an increase of 6.7%.

Net cash provided by operating activities amounted to $3.7 million in the first nine months of 2020, compared to net cash provided by operating activities of $2.7 million in the first nine months of 2019.