PETACH-TIKVA, ISRAEL – Eltek reported third quarter revenues were $8 million, a decrease of 14% year-over-year.

Net loss was $26,000, compared to net profit of $598,000 in the third quarter of 2020. Operating profit was $65,000, down from $638,000 in the same period last year.

Net cash provided by operating activities in the third quarter amounted to $598,000, compared to $873,000 in the third quarter of 2020.

Cash and cash equivalents as of Sept. 30 were $8.9 million, compared to $4.7 million as of Dec. 31.

"Our third quarter results reflect a reduction in working days during this quarter, compared to the number of working days in the third quarter of 2020,” said CEO Eli Yaffe. “In addition, we incurred higher expenses due to the strength of the New Israeli Shekel compared to the US$ during the third quarter.

"We are conducting several R&D programs in order to keep our position as an innovative industry leader. In addition, we invested $1.4 million in new equipment during the first nine months of 2021. We continue to invest in new advanced manufacturing equipment that will strengthen our manufacturing capabilities and increase our competitiveness by implementing improved production processes and adoption of Industry 4.0 technologies.

"Eltek has an improved balance sheet and cash flow, with a positive working capital of $12.5 million as of Sept. 30, 2021, and operating cash flow of $3.4 million in the first nine months of 2021. We are making the necessary operational adjustments to expand our business, improve customer satisfaction, increase revenues and return to the trend of improved operational results."

For the first nine months of 2021, revenues were $24.3 million, down 10.7% year-over-year.

Net profit was $1 million, a decrease of 44.4% compared to the same period in 2020. Operating profit was $1.1 million, down 47.6%.

Net cash provided by operating activities amounted to $3.4 million in the first nine months of 2021, compared to $3.7 million in the first nine months of 2020.