PETACH-TIKVA, ISRAEL – Eltek reported revenues for the first quarter ended Mar. 31 of $9.7 million, down 21.1% year-over-year.

The printed circuit board fabricator recorded a net loss for the quarter of $234,000, compared to a net loss of $187,000 in the first quarter 2014.

In the first quarter, Eltek had EBITDA of $316,000, compared with EBITDA of $354,000 in 2014. The operating loss was $108,000, compared to an operating loss of $121,000 last year.

Gross profit was $1.2 million (12.6% of revenues), down 20% year-over-year.

“During the first quarter of 2015, we continued to experience weakness in demand for printed circuit boards and, as a result, a decline in sales to the defense sector. We have been able to soften the impact of the $2.6 million decline in sales by reducing expenses,” said Yitzhak Nissan, chairman and CEO. “As a result of our cost-reduction efforts and the increase in the US dollar exchange rate against the NIS, our operating loss was even reduced by $13,000 from the first quarter of 2014.

“Incoming orders from the US during the first quarter of 2015 increased by 11% compared to the first quarter of 2014. We believe that as a result of our increased marketing activities and our recent expansion of our sales force in the West Coast we will be able to increase our US sales this year.”