PETACH-TIKVA, ISRAEL -- Eltek reported December quarter sales of $9 million, flat with 2008.

The operating loss was cut in half, to $542,000, while the net loss was reduced 44% to $729,000. The gross profit was $1.2 million, up $100,000 from the fourth quarter of 2008.

For fiscal 2009, the fabricator had sales of $36.4 million, down 16% from 2008. Gross profit fell $300,000 to $5.6 million, while gross margins increased, mainly due to cost-cutting measures. The operating loss was $456,000, compared with an operating loss of $1.6 million in 2008. The net loss was $880,000, versus a net loss of $2.4 million in 2008.

In a press release, president and chief executive Arieh Reichart said, "We are encouraged by the fact that our sales in the US market, Italy and the Netherlands were not negatively influenced. We continue to see sales opportunities in the US military market with regard to the ITAR (International Traffic in Arms Regulations) approval we received in 2009 and expect it to contribute to additional new orders in 2010."

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