PETACH-TIKVA, ISRAEL – Eltek Ltd., a manufacturer of rigid-flex PCBs, reported a first-quarter net loss of $809,000, compared with net profit of $565,000 in the same period last year. Revenues were $10.5 million, up 2.9% year-over-year.

The company cited the devaluation of the US dollar and a higher cost of sales, the result of a new product mix, and greater SG&A costs tied to expansion of its sales force for the loss.

In a statement, Eltek president and CEO Arieh Reichart said, "During the first quarter, we continued our growth and experienced an increase in our backlog. We achieved a growth in revenues due to our efforts to broaden our customer base by adding diversified small and medium-sized companies to our customer list. Driven by continued demand and market share growth, we improved our ability to deliver high-quality products and services to all sorts of customers, including a Fortune 100 US manufacturer and a foreign defense conglomerate.