PETACH-TIKVA, Israel -- Eltek reported first-quarter revenues ticked up 1% from last year to $9.6 million.

For the quarter ended March 31, the printed circuit board fabricator reported an operating loss of $559,000, down from an operating profit of $165,000 in 2009.

The net loss was $682,000, down from a net profit of $105,000 in the first quarter 2009. The company cited higher financial expenses due to currency devaluation.

President and chief executive Arieh Reichart said, "The global economic slowdown continued in the first quarter, thus we did not see the anticipated increase in revenues. Our cost-reduction plans continue, mainly through a reduction in the number of employees and increased emphasis on our manufacturing efficiency program, which includes eliminating activities that do not provide added value to our products. The impact of these cost-reduction measures has not been fully reflected in our results yet.”

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