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Eltek Reports Q1 Revenues Down 13.3%

Published: 17 May 2017
 by Chelsey Drysdale

PETACH-TIKVA, ISRAEL – Eltek reported first quarter revenues were $8.5 million, down 13.3% year-over-year.

The firm posted a net loss for the quarter ended Mar. 31 of $814,000, compared to a net loss of $384,000 in the first quarter of 2016.

Operating loss was $630,000, compared to an operating loss of $293,000 in the same period last year.

"Our sales in the first quarter were $8.5 million, approximately 1% lower than the first quarter of 2016 excluding Kubatronik, and an approximately 15% increase over the $7.3 million revenues we recorded in the fourth quarter of 2016 (excluding Kubatronik),” said Yitzhak Nissan, chairman of the board and CEO. “We are pleased to report that since the end of the quarter we have noticed revitalization in certain of our customers' activity, which we hope to benefit from during the remainder of the year.”


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