PETACH-TIKVA, ISRAEL – Eltek reported fourth quarter revenue of $9.1 million, up 23.7% year-over-year.

The company posted a net loss of $669,000 for the quarter, compared to a net loss of $2.8 million in the fourth quarter of 2016. Operating loss was $568,00, compared to $1.4 million in the prior-year quarter.

For the full year ended Dec. 31, revenue was $32.8 million, down 1.2% year-over-year.

For 2017, the firm recorded a net loss of $3.8 million, compared to $3.2 million in 2016. Operating loss was $3.4 million, compared to $1.6 million in the prior year.

“Our revenues in the full year of 2017 decreased to $32.8 million from $33.2 million in 2016, excluding Kubatronik,” said Yitzhak Nissan, chairman of the board and CEO. “Our revenues increased in the fourth quarter of 2017 to $9.1 million compared to revenues of $7.3 million in the fourth quarter of 2016, excluding Kubatronik. We continue the implementation of the improvements we made in our manufacturing procedures in order to supply our increased backlog of orders.

“We see an increased demand for our products, and our backlog of orders has grown significantly. I believe the adjustments made to our manufacturing and marketing operations will assist the company to reach its goals quickly and efficiently. I am determined to bring the Company back to profitability in the near future.”

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