PETACH-TIKVA, ISRAEL -- Eltek reported first-quarter net profit fell 33% year-over-year to $526,000 for the period ended March 31.

The rigid-flex printed circuit board fabricator said revenue rose 1.7% year-over-year and 4.3% sequentially to $12 million, a company record.

Gross profit was $2.3 million, down 8% from last year and up 27.8% from the fourth quarter. Operating profit was $716,000, down from $877,000 in the first quarter 2011 and up from $312,000 in the fourth quarter. Net income was up 131% sequentially.

President and chief executive Arieh Reichart said, "During the first quarter of 2012 we received two large frame orders of $3 million in the aggregate from US advanced medical device manufacturers. These recent orders reflect the continued market recognition of the high quality and reliability of our products.

"In addition, we are working on expanding our sales force through strategic relationships with leading PCB manufacturers in general, and in the US in particular, which can provide us with an ideal platform to increase sales of our high-end flex-rigid boards."

During the quarter, the PCB manufacturer's cash on hand rose by $522,000, and Eltek invested $720,000 in fixed assets, mainly for production lines.