Business
Eltek Reports Full Year and Fourth Quarter 2021 Financial Results
Revenues of $33.8 million in 2021 compared to $36.7 million in 2020. Net profit of $5.0 million in 2021 compared to a net profit of $2.6 million in 2020.
About this update from Eltek Ltd.
[{"type":"text","content":"Revenues of $33.8 million in 2021 compared to $36.7 million in 2020. Net profit of $5.0 million in 2021 compared to a net profit of $2.6 million in 2020. Revenues of $9.5 million in the fourth quarter of 2021 compared to $9.5 million in the fourth quarter of 2020. Net profit of $3.8 million in the fourth quarter of 2021 compared to net profit of $0.8 million in the fourth quarter of 2020. Gross margin of 20% for 2021. $3.8 million EBITDA in the year, or 11% of total sales. Cash flow provided by operating activities of $3.9 million for the year. PETACH-TIKVA, Israel, March 23, 2022 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the full year and fourth quarter ended December 31, 2021.\nMr. Eli Yaffe, Chief Executive Officer, commented: \"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. 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 that our company will realize its deferred tax losses in the future. Thus, our net profit for 2021 was $5.0 million.\"\n\"In the fourth quarter and the beginning of 2022 Eltek succeeded in building a strong backlog for 2022. I am also glad to report that we received the $1.4 million purchase order from a defense customer which we reported earlier on February 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,\" Mr. Yaffe added.\n\"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.\nDuring 2021, we were able to increase the company's customer base and we hope to continue this positiv...