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Printed Circuit Design & Fab Magazine

PETACH-TIKVA, ISRAEL – Eltek Ltd. reported a first-quarter net profit of $105,000, compared to a net loss of $1.3 million for the fourth quarter and a net loss of $809,000 last year.

For the quarter ended March 31, gross profit rose 52% quarter-on-quarter to $1.6 million. The company attributes reduced payroll expenses, improved raw material consumption and an increase in the exchange rate for the rise.

Revenues climbed 6% from last quarter to $9.5 million. Year-over-year, revenues fell 9% on a decrease in orders.

First-quarter EBITDA was $646,000, compared to a negative EBITDA of $169,000 last quarter and $180,000 last year.

The company recently achieved ITAR approval and has already received initial orders from defense customers. It expects significant revenues from the US military market in the near future, according to Arieh Reichart, president and CEO.

First-quarter revenues from defense and medical markets comprised 70% of total revenues, with a $280,000 initial order from an unnamed US defense conglomerate.

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Eltek Posts Q1 Profit

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