Eltek .(US:ELTK)2022-03-22 16:00Financial Performance - Revenues for the full year of 2021 amounted to $33.8 million, a decrease of 8% compared to $36.7 million in 2020[8] - Net profit for 2021 was $5.0 million, or $0.86 per fully diluted share, compared to a net profit of $2.6 million, or $0.58 per fully diluted share in 2020[10] - Gross margin for 2021 was 20%, with a gross profit of $6.9 million compared to $7.7 million in 2020[9] - In the fourth quarter of 2021, revenues were $9.5 million, unchanged from the fourth quarter of 2020[14] - Net profit for the fourth quarter of 2021 was $3.8 million, or $0.65 per fully diluted share, compared to $0.8 million, or $0.16 per fully diluted share in the fourth quarter of 2020[15] - EBITDA for 2021 was $3.8 million, representing 11% of total sales, compared to $4.6 million in 2020[11] - GAAP net income for the three months ended December 31, 2021, was $3,836,000, compared to $766,000 for the same period in 2020, representing a significant increase of 401%[30] - Non-GAAP EBITDA for the twelve months ended December 31, 2021, was $3,771,000, down 18% from $4,608,000 in 2020[30] Cash Flow and Investments - The company ended 2021 with cash balances of approximately $9.3 million, up from $4.7 million at the end of 2020[13] - Cash flows from operating activities for the twelve months ended December 31, 2021, provided $3,875,000, an increase from $3,252,000 in 2020[32] - Net cash used in investing activities for the twelve months ended December 31, 2021, was $1,647,000, compared to $1,140,000 in 2020[32] - Net cash provided by financing activities for the twelve months ended December 31, 2021, was $2,124,000, an increase from $814,000 in 2020[32] - Cash and cash equivalents at the end of the period on December 31, 2021, were $9,283,000, up from $4,735,000 at the end of 2020[32] Operational Efficiency and Future Outlook - The company built a strong backlog for 2022, including a $1.4 million purchase order from a defense customer[6] - Eltek's working capital as of the end of 2021 was $13.3 million, indicating improved financial condition[7] - The company plans to continue investing in equipment and machinery to enhance operational efficiency[7] Depreciation and Compensation - Depreciation and amortization for the twelve months ended December 31, 2021, totaled $1,781,000, compared to $1,592,000 in 2020[30] - Stock-based compensation for the three months ended December 31, 2021, was $74,000, up from $30,000 in the same period of 2020[32] Trade Receivables and Adjustments - The company reported a decrease in trade receivables of $301,000 for the three months ended December 31, 2021, compared to a decrease of $2,054,000 in the same period of 2020[32] - The effect of translation adjustments for the three months ended December 31, 2021, was an increase of $189,000, compared to $152,000 in 2020[32]