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Eltek Swings to Q3 Profit

Published: 22 November 2010
 by Staff

PETACH-TIKVA, ISRAEL -- Eltek swung to a third-quarter net profit of $125,000, reversing a net loss of $73,000 last year.

The printed circuit board manufacturer reported revenues of $9 million for the quarter ended Sept. 30, flat sequentially and down 6% from last year. Gross profit was $1.4 million, flat with 2009. Operating profit rose $17,000 year-over-year to $57,000.

The company’s shareholders’ equity has fallen below the required level under the financial covenants and may likely result in noncompliance at year-end. As a result, the firm has to reclassify $1.3 million of its bank debt from long term to short term. The board fabricator is seeking waivers for the reclassification, but is also seeking alternatives to strengthen capital from shareholders and other sources.

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