PETACH-TIKVA, ISRAEL -- Eltek reported continued net losses for its fourth quarter despite a nearly 12% increase year-over-year in revenue. However, the firm appears to have rebounded in the March quarter.

For the period ended Dec. 31, revenues totaled $10 million, up 11.7%. Gross profit was flat at $1.1 million.

However, the printed circuit board manufacturer reported an operating loss of $504,000 and a net loss of $655,000. Last year, Eltek's net loss was $729,000.

The company, which primarily makes rigid-flex circuit boards, reported revenues for year ended Dec. 31 grew 2.9% from a year ago to $37.5 million. Gross profit was $4.8 million, down from $5.6 million, and the operating losses grew to $1.2 million versus $456,000 in 2009. The net loss almost doubled to $1.7 million.

In a press release president and chief executive Arieh Reichart indicated the company returned to profitability in the just-concluded March quarter: "In the fourth quarter of 2010, we continued with our manufacturing efficiency improvements program according to plan, which was an important factor in our achieving increased revenues and net profit of $788,000 in the first quarter of 2011.”

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