-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Hole Truth: Via Integrity in an HDI World
From the drilled hole to registration across multiple sequential lamination cycles, to the quality of your copper plating, via reliability in an HDI world is becoming an ever-greater challenge. This month we look at “The Hole Truth,” from creating the “perfect” via to how you can assure via quality and reliability, the first time, every time.
In Pursuit of Perfection: Defect Reduction
For bare PCB board fabrication, defect reduction is a critical aspect of a company's bottom line profitability. In this issue, we examine how imaging, etching, and plating processes can provide information and insight into reducing defects and increasing yields.
Voices of the Industry
We take the pulse of the PCB industry by sharing insights from leading fabricators and suppliers in this month's issue. We've gathered their thoughts on the new U.S. administration, spending, the war in Ukraine, and their most pressing needs. It’s an eye-opening and enlightening look behind the curtain.
- Articles
- Columns
- Links
- Media kit
||| MENU - pcb007 Magazine
Eltek Reports Full Year and Fourth Quarter 2020 Financial Results
April 5, 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 its financial results for the full year and fourth quarter ended December 31, 2020.
Eli Yaffe, Chief Executive Officer, commented, "We are pleased with the growth in our revenues and profitability in the fourth quarter and the significant change in our full year results. The improved results reflect the growth in our revenues and the continued improved operating efficiencies.”
Eltek has managed successfully through the COVID pandemic in 2020 because of the following actions:
- Eltek’s balance market sectors strategy enabled Eltek to mitigate the downturn in the commercial aerospace market through its involvement in the defence market and the medical devices market.
- Eltek managed carefully its cash during the pandemic period by obtaining a reduced rate long term loan guaranteed by the government and by raising $5.7 million in a rights offering.
- Eltek increased investments during 2020 capitalizing on the reduced prices of capital equipment due to Covid.
In addition, we were able to emphasis the following:
- Eltek used its strong cash flow during 2020 in order to pay back part of its short-term loans. As a result, the ratio of Equity/Total Balance sheet increased to 43.4% at the end of 2020 compared to 27.5% at the end of 2019.
- Eltek accelerated its R&D plans and was awarded a grant from the Israel Investment Authority and approval for participation in a special R&D program funded by the Israel Innovation Authority.
"The outbreak and spread of the Coronavirus has created new operational and business challenges, including a shortage of certain raw material that we are dealing with. The Covid pandemic forced Eltek to start a new expense reduction plan at the end of 2020 that will reduce further the breakeven point of the company,” concluded Yaffe.
Highlights of the Full Year of 2020 compared to the Full Year of 2019
- Revenues for the full year of 2020 amounted to $36.7 million compared to revenues of $34.8 million in 2019, an increase of 5.5% YoY.
- Gross profit increased by 28.3% to $7.7 million (21.0% of revenues) in 2020 from gross profit of $6.0 million (17.3% of revenues) in 2019.
- Operating profit was $3.0 million in 2020 compared to an operating profit of $1.4 million in 2019, an increase of 114.3% YoY.
- Net profit was $2.6 million, or $0.58 per fully diluted share in 2020, compared to a net profit of $1.8 million, or $0.48 per fully diluted share in 2019. Net profit increased 44.4% YoY.
- EBITDA was $4.6 million in 2020 compared to EBITDA of $3.8 million in 2019, an increase of 21.1% YoY.
- Net cash provided by operating activities amounted to $3.3 million in 2020 compared to $2.6 million in 2019.
- Cash and cash equivalents as of December 31, 2020 were $4.7 million compared to $1.6 million as of December 31, 2019.
Highlights of the Fourth Quarter of 2020 compared to the Fourth Quarter of 2019
- Revenues for the fourth quarter of 2020 were $9.5 million compared to revenues of $8.6 million in the fourth quarter of 2019, an increase of 10.5% YoY.
- Gross profit increased by 46.7% from gross profit of $1.5 million (17.0% of revenues) in the fourth quarter of 2019 to $2.2 million (23.2% of revenues) in the fourth quarter of 2020.
- Operating profit was $973,000 in the fourth quarter of 2020 compared to an operating profit of $379,000 in the fourth quarter of 2019, an increase of 156.7% YoY.
- Net profit was $766,000 or $0.16 per fully diluted share in the fourth quarter of 2020 compared to a net profit of $370,000 or $0.08 per fully diluted share in the fourth quarter of 2019. Fourth quarter net profit increased 107.0% YoY.
- EBITDA was $1.4 million in the fourth quarter of 2020 compared to EBITDA of $817,000 in the fourth quarter of 2019, an increase of 71.4% YoY.
- Short term credit and loans were down from 24.5% of the total balance sheet at the end of 2019 to 1.9% at the end of 2020.
Suggested Items
FTG Announces Q2 2025 Financial Results
07/09/2025 | Globe NewswireFiran Technology Group Corporation announced financial results for the second quarter 2025. Revenue: Recorded at $48.7 million, a 25.6% increase over Q2 2024.
Moog Announces Acquisition of COTSWORKS
07/07/2025 | BUSINESS WIREMoog Inc., a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, announced the acquisition of COTSWORKS Inc., an aerospace and defense fiber optics transceiver component manufacturer, for a purchase price of $63 million.
S&K Aerospace Awarded Major Contract Under DLA Maritime Acquisition Advancement Program
07/02/2025 | BUSINESS WIRES&K Aerospace, LLC has been awarded a significant contract under the Defense Logistics Agency’s (DLA) Maritime Acquisition Advancement Program, managed by the U.S. Naval Supply Command - Weapon Systems Support (NAVSUP WSS) in Mechanicsburg, PA.
Green Circuits to Exhibit Full-Service Electronics Manufacturing Solutions at 2025 SMD Symposium
07/02/2025 | Green CircuitsGreen Circuits, a full-service Electronics Manufacturing Services (EMS) partner to leading OEMs, is pleased to announce its participation in the 2025 SMD Symposium, taking place August 5-7 at the Von Braun Center in Huntsville, Alabama.
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
06/27/2025 | Nolan Johnson, I-Connect007While news outside our industry keeps our attention occupied, the big news inside the industry is the rechristening of IPC as the Global Electronics Association. My must-reads begins with Marcy LaRont’s exclusive and informative interview with Dr. John Mitchell, president and CEO of the Global Electronics Association. For designers, have we finally reached the point in time where autorouters will fulfill their potential?