PETACH-TIKVA, ISRAEL -- Eltek's profits slid on an 8.6% drop in revenue for the quarter ended Sept. 30.
The company recorded a net loss of $532,000 due to one-time charges.
Revenues for the period were $11.7 million compared to revenues of $12.8 million for the third quarter 2013.
Gross profit was $1.5 million, down from $2.3 million in 2013, mainly attributable to lower revenues.
During the quarter the company took one-time charges of $559,000 for downsizing and goodwill impairment associated with the acquisition of its German subsidiary, Kubatronik. Excluding the above mentioned one-time expenses, net profit for the third quarter was $27,000, compared to net profit of $585,000 in 2013.