PETACH-TIKVA, ISRAEL – Eltek reported third quarter revenues were $8.5 million, up 10.4% year-over-year.

Net loss for the period ended Sept. 30 was $463,000, compared to a net loss of $1.2 million in the third quarter of 2017. Operating loss was $307,000, compared to an operating loss of $1.2 million in the same quarter last year.

"The third quarter of 2018 was the first quarter in my role as the CEO of Eltek,” said CEO Eli Yaffe. “During this quarter our revenues were $8.5 million, up 10% from Q3-2017, and the net loss decreased to $463,000 from a net loss of $1.2 million in Q3-2017.

"As recently announced, we have established a new leadership team to implement our turnaround plan. We have begun a process of identifying the products that were underpriced, and they are being addressed. In addition, efficiency measures have been implemented in order to reduce our breakeven point. Though there may be an initial reduction in sales volume, this should improve our on-time delivery performance, increase customer satisfaction and build sales from there and return to profitability.

"I see significant potential for Eltek in the high-end PCB market with our skilled engineers and experienced management. I am optimistic we will be able to capitalize on our strengths in returning the company to profitability and renew our position as a leading high-end PCB manufacturer.”

Net cash for the third quarter provided by operating activities amounted to $164,000, compared to net cash of $1.3 million in the third quarter of 2017. Cash and cash equivalents as of Sept. 30 were $1.2 million, compared to $1 million as of Sept. 30, 2017.

Revenues for the first nine months of 2018 were $26.1 million, up 10.1% year-over-year.

Net loss for the nine-month period was $2 million, compared to a net loss of $3.1 million in the same period of 2017. Operating loss was $1.7 million, compared to an operating loss of $2.9 million last year.

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