PETACH-TIKVA, ISRAEL – Eltek reported fourth quarter revenues were $9.5 million, an increase of 10.5% year-over-year.

Net profit was $766,000, up 107% compared to the fourth quarter of 2019. Operating profit was $973,000, up 156.7%. EBITDA was $1.4 million, an increase of 71.4%.

Revenues for 2020 amounted to $36.7 million, up 5.5% year-over-year. Net profit was $2.6 million, an increase of 44.4% compared to 2019. Operating profit was $3 million, up 114.3%. EBITDA was $4.6 million, growth of 21.1% year-over-year.

Net cash provided by operating activities amounted to $3.3 million for the year, compared to $2.6 million in 2019. Cash and cash equivalents as of Dec. 31 were $4.7 million, compared to $1.6 million as of Dec. 31, 2019.

During the pandemic, Eltek mitigated the downturn in the commercial aerospace market through its involvement in the defense market and the medical devices market. The company says it managed its cash by obtaining a reduced rate long-term loan guaranteed by the government and by raising $5.7 million in a rights offering. Eltek also increased investments during 2020, capitalizing on the reduced prices of capital equipment due to Covid.

"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 CEO Eli Yaffe. “The improved results reflect the growth in our revenues and the continued improved operating efficiencies.

"The outbreak and spread of the Coronavirus has created new operational and business challenges, including a shortage of certain raw material that we are dealing with. The Covid pandemic forced Eltek to start a new expense reduction plan at the end of 2020 that will reduce further the breakeven point of the company."

PCB EAST: The original East Coast technical conference and exhibition! Returning to the Boston suburbs in June 2021!