PETACH-TIKVA, ISRAEL -- Eltek reported second quarter sales fell 14.5^ from a year ago to $7.5 million weakness in the PCB fabricator's global operations.
The results exclude revenues from Kubatronik, which the firm sold back to its previous management. The former subsidiary brought in $1.1 million in sales in the June quarter a year ago.
Gross profit was $134,000, compared to $1.5 million in 2016. The operating loss was $1 million, versus operating profit of $244,000 in the second quarter 2016. The net loss was $1.1 million, down from a net profit of $213,000 last year. EBITDA was a loss of $583,000, compared to EBITDA of $754,000, or $809,000 excluding Kubatronik.
"The company is vigorously continuing the implementation of efficiency measures to its operating systems, which now support a higher sales rate relative to the rate prior to such implementation," chairman and chief executive Yitzhak Nissan said. "Furthermore, the market is indicating a positive momentum with an increase in the frequency of incoming orders beginning this July. This increase includes a significant order from a governmental authority that we announced on July 24, 2017.
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