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Eltek Reports 12% YoY Decrease in Q3 Revenue
Written by Administrator
Monday, 26 November 2007
PETACH-TIKVA, ISRAEL – PCB manufacturer Eltek Ltd. reported third-quarter revenues of $8.8 million, up 2.3% sequentially, and down 12% year-over-year. The company incurred a third-quarter loss of $223,000, down from net income of $482,000 last year.
The year-over-year decrease is attributable to reduced sales to the company’s former largest customer, Eltek says. Revenues from that customer dropped to $840,000 in the second quarter from $2.8 million last year.
While the company expects revenues will continue to be impacted by the loss of sales to that customer in the fourth quarter, it expects a sequential increase in revenues and improved operating results in the quarter.
Year-to-date, revenues were $27.6 million, down about 4.5% year-over-year. Net income was $171,000, down 89.3% year-over-year.
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