PETACH-TIKVA, ISRAEL – Eltek reported first quarter revenues ended Mar. 31 of $9.8 million, up 1% year-over-year.

Sales to global markets increased 8% compared to the first quarter of 2015, to $5 million, including $1.8 million to the North American market, a 17% growth. This was offset by a 6% decrease in sales to the local Israeli market, which amounted to $4.8 million in the first quarter of 2016.

The firm recorded a net loss for the quarter of $384,000, compared to a net loss of $234,000 in the same period last year.

EBITDA amounted to $167,000 (1.7% of revenues) compared to $316,000 (3.2% of revenues) in the first quarter of 2015.

Gross profit was $938,000 (9.6% of revenues) compared to a gross profit of $1.2 million (12.6% of revenues) in the first quarter of 2015.

"Our revenues in the first quarter of 2016 were slightly higher than our revenues in the first quarter of last year,” said Yitzhak Nissan, chairman of the board and CEO. “During the first quarter, we continued to increase our efforts to penetrate global markets, especially the North American market. These marketing activities resulted in $1.8 million of sales in North America, an increase of 17% compared to the first quarter of 2015. Our total sales to global markets were $5 million, an 8% increase over the first quarter of 2015, and accounted for 51% of our revenues in the first quarter of 2016, compared to 48% of revenues in the first quarter of 2015.”

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