PETAH-TIKVA, ISRAEL – Eltek reported second quarter revenues of $8.7 million, up 16% year-over-year. The net loss was $843,000 for the period ended June 30, compared to a net loss of $1.1 million in the second quarter of 2017.

The firm posted an operating loss of $721,000 compared to an operating loss of $1 million in the same period last year.

Net cash used in operating activities amounted to $571,000, up 10.4% year-over-year. The change is mainly attributable to the operating results in this quarter, and changes in asset and liability accounts, Eltek says.

Cash and cash equivalents as of June 30 were $991,000, compared to $792,000 as of June 30, 2017.

"Revenues in Q2 2018 were $8.7 million, up 16% from Q2 2017, and we incurred a net loss of $843,000, 22% less than in Q2 2017,” said Yitzhak Nissan, chairman of the board. “We recently appointed Eli Yaffe, who has a proven track record as a CEO in the defense and aerospace industries, as chief executive officer in order to create and implement a turnaround plan that will focus on further improving operating results and cash flow. Yaffe is establishing a new leadership team and has appointed a VP sales and marketing, an operations manager and an IT and procurement manager."

For the first six months, revenues were $17.6 million, an increase of 10% compared to the same period in 2017. Net loss was $1.5 million, compared to a net loss of $1.9 million in the first six months of 2017. Operating loss was $1.3 million, compared to an operating loss of $1.6 million in the same period last year.

Net cash used in operating activities for the first six months of 2018 was $1.4 million, up from $1.3 million in 2017.