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 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] - Operating profit for the full year 2021 was $1.9 million, compared to $3.0 million in 2020[10] - EBITDA for the full year 2021 was $3.8 million, down from $4.6 million in 2020[11] - 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] - The company reported a net cash used in investing activities of $1,647,000 for the twelve months ended December 31, 2021, compared to $1,140,000 in 2020[32] - Cash and cash equivalents at the end of the period for December 31, 2021, were $9,283,000, up from $4,735,000 at the end of December 31, 2020[32] - The net cash provided by financing activities for the twelve months ended December 31, 2021, was $2,124,000, compared to $814,000 in 2020[32] Operational Highlights - The company built a strong backlog for 2022, including a $1.4 million purchase order from a defense customer[6] - The company aims to continue expanding its customer base and investing in equipment and machinery in 2022[7] Other Financial Metrics - 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 402%[30] - Depreciation and amortization for the twelve months ended December 31, 2021, totaled $1,781,000, an increase from $1,592,000 in 2020[30] - The company experienced a decrease in trade receivables of $2,260,000 for the twelve months ended December 31, 2021, compared to a decrease of $956,000 in 2020[32] - The company recorded an increase in long-term tax receivables of $1,013,000 for the twelve months ended December 31, 2021[32] - The effect of translation adjustments resulted in a net increase of $196,000 for the twelve months ended December 31, 2021[32]