PETACH-TIKVA, ISRAEL -- Eltek today reported fourth-quarter revenues fell 2% year-over-year to $10.4 million but the PCB fabricator swung to a net profit.

For the period ended Dec. 31, net income was $228,000, up from a net loss of $1.8 million in 2014.

Gross profit was $1.7 million, up 27.4% from last year. Operating profit was $455,000, reversing a loss of $270,000. EBITDA amounted to $940,000 (9.0% of revenues) compared to EBITDA of $250,000 (2.4% of revenues) in the fourth quarter of 2014; Cash from operations was $1.4 million, up from $274,000 in the fourth quarter 2014.

Full year 2015 revenues were down 11.3% to $41.4 million, mainly due to lower sales in Israel, partially offset by an increase in the North American market. Sales in North America increased 27% to $7.5 million in 2015.

Gross profit was up 8.7% to $6.6 million, and operating profit swung to $1.5 million from a loss of $903,000 in 2014. Net profit was $1 million for the year, reversing a a $2.7 million loss in 2014. EBITDA rose $3.3 million, from $1.2 million last year, and cash from operations jumped from $79,000 to $1.7 million.

Chairman and chief executive Yitzhak Nissan said, "We are pleased with the results of the fourth quarter and full year of 2015, which reflect a significant and continued improvement in Eltek's gross profit and gross margins, and a transition to a net profit. This was achieved mainly due to cross organizational processes implemented in 2015 in order to improve manufacturing efficiency, marketing, sales and customer service.

"I believe that with continued focus on improved profitability and competitiveness, Eltek is now well positioned for growth in the global markets in 2016," Nissan said.

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