PETACH-TIKVA, ISRAEL -- Eltek today reported second-quarter revenues slipped 13.3% to $10.4 million.
Gross profit for the quarter ended June 30 was $1.9 million, up $200,000 from last year. Operating profit was $543,000, up from a loss of $65,000. Net profit of 2015 was $424,000 versus a net loss of $125,000 in 2014.
EBITDA for the period was $1 million, compared to $480,000 in the second quarter 2014.
Yitzhak Nissan, chairman and chief executive, said in a press statement, "Our revenues in the second quarter increased 6.7% from the first quarter. This increase of revenues combined with the efficiency measures that we have implemented, enabled us to report a net profit of 4.1% of total sales, despite the decline in our revenues, as compared to the second quarter of last year.
"Our local market is improving, and demand from the US and Canadian markets is growing as well. We are concentrating on delivering high technology boards as expected by our customers. I believe that the ongoing combined efforts of our outstanding employees and management will open up a new horizon for Eltek."