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Eltek’s Q4 Loss Due to Weaker Dollar, Lower Revenues |
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Written by Philip Buonpastore
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Wednesday, 26 March 2008 |
PETACH TIKVA, ISRAEL - PCB manufacturer Eltek Ltd. has reported a loss for its fourth quarter on the weakening dollar and reduced revenues.
The company reported the net loss for the quarter of $472 thousand
compared to a net profit of $63 thousand in the same quarter of 2006.
The company attributed the loss mainly to continued devaluation of the
U.S. dollar against the NIS.
Fourth quarter revenues were down 2.5% from $10.14 million last
year to $9.89 million for 2008, Eltek reported. The company attributed
the year-over-year decrease in quarterly revenues to reduced sales to a
former principal customer.
Quarterly operating loss for the period was $457 thousand, compared to
an operating profit of $302 thousand for the same quarter last year,
the company noted.
For the full year 2007, the company posted a net loss of $301 million
compared to a net profit of $1.65 million in the year 2006. Annual
revenues fell to $37.47 million from $39.04 million reported in the
previous year.
Eltek said its entry into the U.S. high-end printed circuit board
market gained momentum in 2007, nearly doubling its U.S. revenues to
$4.3 million and winning 13 new customers. |
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