PETACH-TIKVA, ISRAEL – Eltek Ltd. reported revenues for the second quarter ended June 30 of $12 million, down 3.2% year-over-year.

The printed circuit board manufacturer posted a net loss in second quarter of 2014 of $125,000, compared to net profit of $339,000 for the same period last year.
Operating loss for the quarter was $65,000, compared with an operating profit of $491,000 in the second quarter of 2013.

Gross Profit for the second quarter was $1.7 million (13.9% of revenues) compared to gross profit of $2.1 million (17% of revenues) in the same quarter of 2013.

In the quarter ended June 30, Eltek had EBITDA of $480,000, down 48.5% year-over-year.

Revenues for the first six months of 2014 were $24.3 million, down 2% year-over-year.

Net loss for the first six months of the year was $312,000, compared to net profit of $465,000 in the first six months of 2013.

Operating loss was $186,000, compared to operating profit of $721,000 in the first six months of last year.

Gross profit for the first six months of 2014 was $3.2 million (13.1% of revenues) compared to gross profit of $3.9 million (15.9% of revenues) in the first six months of 2013.

EBITDA for the first six months of the year was $834,000, down 44.4% year-over-year.

"The decrease in our operating results was primarily attributable to a decline in orders, mainly for a key project, and the weakness of the US dollar,” said Yitzhak Nissan, chairman of the board. “We expect reorganization and management downsizing will require us to record one-time expenses of approximately $400,000 in the third quarter."