PETACH-TIKVA, ISRAEL – Eltek reported fourth quarter revenues were $9.5 million, flat with the same period in 2021.

For the period ended Dec. 31, net profit was $3.8 million, up 375% year-over-year. Operating profit was $600,000, down 40% compared to the same quarter in 2020. EBITDA was $1.1 million in the fourth quarter, a decrease of 21.4%.

“2021 was a challenging year in which we had to deal with a shortage of raw materials and the devaluation of the US dollar against the Israeli shekel,” said CEO Eli Yaffe. “These two challenges impacted our results of operations. Despite this, we managed to end the year with $1.5 million of pre-tax income. In the fourth quarter we released the tax loss carryforward valuation allowance recorded in prior years, which resulted in income of $3.5 million. This release was based on our conclusion that it is more likely than not our company will realize its deferred tax losses in the future. Thus, our net profit for 2021 was $5 million.

“In the fourth quarter and the beginning of 2022, Eltek succeeded in building a strong backlog for 2022. I am also glad to report we received the $1.4 million purchase order from a defense customer, which we reported earlier on Feb. 7, 2022. We are continuing with our R&D programs in order to maintain our position as an industry innovation leader, as well as to streamline and improve production processes and increase operational efficiency.

"We ended 2021 with a strong balance sheet. The company's cash balances as of the end of 2021 amounted to approximately $9.3 million, and we had working capital of $13.3 million. Our improved financial condition allows us to continue to invest in equipment and machinery.

“During 2021, we were able to increase the company's customer base, and we hope to continue this positive trend during 2022 as well.”

For the full-year 2021, revenues were $33.8 million, down 7.9% year-over-year.

Net profit was $5 million, an increase of 92.3% compared to 2020. Operating profit was $1.9 million in 2021, compared to operating profit of $3 million in 2020. EBITDA was $3.8 million, down from $4.6 million in 2020.

Net cash provided by operating activities amounted to $3.9 million in 2021, compared to $3.3 million in 2020. Cash and cash equivalents as of Dec. 31 were $9.3 million, up from $4.7 million as of Dec. 31, 2020.

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