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Eltek Ltd. announced today its financial results for the quarter ended March 31, 2018.
Yitzhak Nissan, chairman of the board and chief executive officer, commented: "Our revenues in the first quarter of 2018 increased to $8.9 million, compared to revenues of $8.5 million in the first quarter of 2017. While we are still facing challenges in our manufacturing operations, we are deploying our best resources to resolve them."
Highlights of the First Quarter of 2018 compared to the First Quarter of 2017
- Revenues for the first quarter of 2018 were $8.9 million compared to revenues of $8.5 million in the first quarter of 2017
- Gross profit was $444,000 (5.0% of revenues) compared to gross profit of $485,000 (5.7% of revenues) in the first quarter of 2017
- Operating loss was $626,000 compared to an operating loss of $630,000 in the first quarter of 2017
- Net loss was $670,000, or $0.33 per fully diluted share compared to a net loss of $814,000, or $0.40 per fully diluted share, in the first quarter of 2017
- EBITDA was a negative $185,000 (2.1% of revenues) compared to a negative EBITDA of $210,000 (2.5% of revenues), in the first quarter of 2017
- Net cash used in operating activities amounted to $859,000 compared to net cash used in operating activities of $776,000 in the first quarter of 2017
Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.
Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiaries in North America and in Europe and by agents and distributors in Europe, India, South Africa and South America.
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