PR Newswire
-
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
.
Mr.
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
.
”
“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.
“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,
”
Mr. Yaffe concluded.
Highlights of the Full Year of 2021 compared to the Full Year of 2020
-
Revenues
for the full year of 2021 amounted to
$33.8 million
compared to revenues of
$36.7 million
in 2020, a decrease of 8% YoY. -
Gross profit
was
$6.9 million
(20% of revenues) in 2021 compared to a gross profit of
$7.7 million
(21% of revenues) in 2020. -
Operating profit
was
$1.9 million
in 2021 compared to operating profit of
$3.0 million
in 2020. -
Net profit
was
$5.0 million
or
$0.86
per fully diluted share in 2021, compared to a net profit of
$2.6 million
, or
$0.58
per fully diluted share in 2020. -
EBITDA
was
$3.8 million
in 2021 compared to EBITDA of
$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
December 31, 2021
were
$9.3 million
compared to
$4.7 million
as of
December 31, 2020
.
Highlights of the Fourth Quarter of 2021 compared to the Fourth Quarter of 2020
-
Revenues
for the fourth quarter of 2021 were
$9.5 million
the same as in the fourth quarter of 2020. -
Gross profit
was
$2.0 million
(21% of revenues) in the fourth quarter of 2021 compared to
$2.2 million
(23% of revenues) in the fourth quarter of 2020. -
Operating profit
was
$0.6 million
in the fourth quarter of 2021 compared to operating profit of
$1.0 million
in the fourth quarter of 2020. -
Net profit
was
$3.8 million
or
$0.65
per fully diluted share in the fourth quarter of 2021 compared to a net profit of
$0.8 million
or
$0.16
per fully diluted share in the fourth quarter of 2020. -
EBITDA
was
$1.1 million
in the fourth quarter of 2021 compared to
$1.4 million
in the fourth quarter of 2020.
Use of Non-GAAP Financial Information
The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis. Reconciliation between the Company’s results on a GAAP and non-GAAP basis is provided in a table below.
Conference Call
Eltek will conduct a conference call to discuss the results today,
Thursday, March 23, 2021
, at
8:30 a.m. Eastern Time
. The call will feature remarks by
Eli Yaffe
, Chief Executive Officer and
Ron Freund
, Chief Financial Officer.
To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:
United States
: 1-866-860-9642
Israel: 03-9180691
International: +972-3-9180691
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
14:30 p.m. Israel Time
A replay of the call will be available through the Investor Info section on Eltek’s corporate website at
approximately 24 hours after the conference call is completed and will be archived for 30 days.
About Eltek
Eltek – “Innovation Across the Board”, is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in
Israel
,
the United States
,
Europe
and
Asia
.
Eltek was founded in 1970. The Company’s headquarters, R&D, production and marketing center are located in
Israel
. Eltek also operates through its subsidiary in
North America
and by agents and distributors in
Europe
,
India
,
South Africa
and
South America
.
For more information, visit Eltek’s web site at
www.nisteceltek.com
Forward Looking Statement:
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company’s Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.
Investor Contact:
Ron Freund
Chief Financial Officer
[email protected]
+972-3-9395023
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View original content:
https://www.prnewswire.com/news-releases/eltek-reports-full-year-and-fourth-quarter-2021-financial-results-301508809.html
SOURCE Eltek Ltd.
