PETACH TIKVA, ISRAEL – Eltek reported first quarter revenues were $8.7 million, down 2.2% year-over-year.
For the quarter ended Mar. 31, net profit was $242,000, compared to a net loss of $670,000 in the same period of 2018. Operating profit was $433,000, compared to an operating loss of $626,000 last year.
EBITDA was $811,000 (9.3% of revenues), compared to negative EBITDA of $185,000 (2.1% of revenues) in the first quarter of 2018.
"We are glad this quarter's results reflect the implementation of the first stage of our turnaround plan, which we started during the last quarter of 2018,” said CEO Eli Yaffe. “We continue in our efforts to further increase operating efficiencies, to improve customer satisfaction, to formulate a more effective sales strategy and continue implementing our plan to reach sustained profitability."
During the first quarter, net cash provided by operating activities amounted to $1.6 million, compared to $859,000 in the first quarter of 2018.