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Eltek Reports Q3 2021 Financial Results
November 17, 2021 | EltekEstimated reading time: 2 minutes
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the quarter ended September 30, 2021.
Eli Yaffe, Chief Executive Officer, commented: "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. In addition, we incurred higher expenses due to the strength of the New Israeli Shekel ("NIS") 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," added Mr. Yaffe.
"Eltek has an improved balance sheet and cash flow, with a positive working capital of $12.5 million as of September 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," concluded Mr. Yaffe.
Highlights of the Third Quarter of 2021 compared to the Third Quarter of 2020
- Revenues for the third quarter of 2021 were $8.0 million compared to revenues of $9.3 million in the third quarter of 2020
- Gross profit was $1.4 million (17.5% of revenues) in the third quarter of 2021 compared to $1.8 million (19.7% of revenues) in the third quarter of 2020
- Operating profit was $65,000 during the third quarter of 2021 as compared to operating profit of $638,000 in the third quarter of 2020
- Net loss was $26,000, or ($0.00) per share in the third quarter of 2021 as compared to net profit of $598,000, or $0.14 per fully diluted share, in the third quarter of 2020
- EBITDA was $553,000 in the third quarter of 2021 compared to EBITDA of $1.0 million in the third quarter of 2020
- Net cash provided by operating activities amounted to $598,000 in the third quarter of 2021 compared to net cash provided by operating activities of $873,000 in the third quarter of 2020
- Cash and cash equivalents as of September 30, 2021 totaled $8.9 million compared to $4.7 million as of December 31, 2020
Highlights for the First Nine Months of 2021
- Revenues for the first nine months of 2021 were $24.3 million compared to $27.2 million in the first nine months of 2020
- Gross profit was $4.9 million (20.2% of revenues) compared to gross profit of $5.5 million (20.3% of revenues) in the first nine months of 2020
- Operating profit was $1.1 million compared to operating profit of $2.1 million in the first nine months of 2020
- Net profit was $1.0 million, or $0.17 per fully diluted share compared to net profit of $1.8 million, or $0.42 per fully diluted share in the first nine months of 2020
- EBITDA was $2.5 million in the first nine months of 2021, compared to EBITDA of $3.2 million in the first nine months of 2020
- Net cash provided by operating activities amounted to $3.4 million in the first nine months of 2021 compared to net cash provided by operating activities of $3.7 million in the first nine months of 2020
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