PETACH-TIKVA, ISRAEL – Eltek reported revenues for the quarter ended Dec. 31 were $11.4 million, down 0.9% year-over-year.

Non-GAAP net profit for the quarter was $294,000, up 29% year-over-year. The PCB maker's EBITDA was $746,000, down 14.1% year-over-year. Gross profit was $1.8 million (16.2% of revenues), similar to gross profit of $1.8 million (15.4% of revenues) in the fourth quarter of 2011.

Revenues for the year ended Dec. 31 were $45.6 million, down 2.5% compared to 2011. Net profit was $1.3 million, down 28% compared to the previous year. Gross profit was $7.8 million (17.1% of revenues), down 10.5% year-over-year.

The printed circuit board manufacturer’s EBITDA for 2012 was $3.5 million, down 25.5%.

“In the fourth quarter of 2012 we returned to full production, as we reported with the release of results for the third quarter," said Arieh Reichart, president and CEO. "We managed to maintain the level of revenues in this quarter as in the comparable period in 2011 in spite of the changing market conditions. Excluding the goodwill write-off, Eltek's net income in the fourth quarter of 2012 exceeded its net income in the fourth quarter of 2011. Our main challenge is to continue the development of our production lines and acquire new equipment. We continue our discussions with the banks to obtain additional credit facilities for such purpose.”

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