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© begemot 30 dreamstime.com PCB | March 28, 2017

Eltek revenues take 10% dip

Israel-based PCB manufacturer Eltek saw 2016 revenues drop to USD 37.1 million. Compared to revenues of USD 41.4 million in 2015, this represented a decrease of approximately 10.4 percent.
Mr. Yitzhak Nissan, Chairman of the Board and Chief Executive Officer, commented: “Our fourth quarter revenues of $8.1 million were lower than the USD 10.4 million of revenues we had in the fourth quarter of 2015. The decrease was primarily attributable to the lower number of working days in the fourth quarter as compared to last year’s fourth quarter, due to the local holiday season and the continued competition in the local military market. Our bottom line was also affected by two one-time expenses. The first was a USD 1.1 million write-off of a deferred tax asset, due to uncertainty about our ability to utilize it in the foreseeable future. The second was a USD 271,000 expense associated with the sale of all of our shares in Kubatronik-Leiterplatten GmbH, our German subsidiary, which had drawn significant resources from us for several years. We believe that the sale of Kubatronik will assist us to focus on improving our future results."

"Although competitive pressures remain strong, we have made positive progress in improving our on-time delivery and manufacturing yields. In addition, we continue to enhance our working relations with our defense customers by providing advanced technological solutions that meet their needs. Eltek is also restructuring its sales organization in order to increase the top line. We believe that these steps will prove fruitful for us and will contribute to achieving our goal of becoming a leading company in our field in terms of technology, on-time delivery and product quality."

Highlights of the Full Year of 2016 compared to the Full Year of 2015
  • Revenues for the full year of 2016 amounted to USD 37.1 million; compared to revenuesof USD 41.4 million in 2015, a decrease of approximately 10.4 percent.
  • Gross profit was USD 2.8 million (7.6% of revenues), compared to gross profit of USD 6.6 million (15.8% of revenues) in 2015
  • Operating loss was USD 2 million compared to an operating profit of USD 1.5 million in 2015
  • Net loss was USD 3.6 million or USD 0.36 per fully diluted share, compared to net profit of USD 1.0 million or USD 0.10 per fully diluted share in 2015. Before the USD 1.1 million write-off of a deferred tax asset and the USD 271,000 one-time expenses recorded in connection with our sale of Kubatronik and before the, the net loss for the full year of 2016 (on a non-GAAP basis) was USD 2.3 million, USD 0.23 per fully diluted share
  • EBITDA amounted to USD (313,000) ((0.8%) of revenues) compared to USD 3.3 million (8.1% revenues) in 2015
  • Net cash provided by operating activities amounted to USD 165,000 compared to USD 1.7 million in 2015
  • Cash and cash equivalents as of December 31, 2016 were USD 1.2 million, compared to
  • 1.0 million as of December 31, 2015. In addition, the Company had un-utilized lines of credit of USD 1.3 million as of December 31, 2016

Highlights of the Fourth Quarter of 2016 compared to the Fourth Quarter of 2015
  • Revenues for the fourth quarter of 2016 were USD 8.1 million compared with revenues of USD 10.4 million in the fourth quarter of 2015
  • Gross loss was USD 463,000 (5.7%) of revenues) compared with a gross profit of USD 1.7 million (16.3% of revenues) in the fourth quarter of 2015
  • Operating loss was USD 1.6 million compared to an operating profit of USD 455,000 in the fourth quarter of 2015
  • Net loss was USD 3 million or USD 0.30 per fully diluted share compared to net profit of USD 228,000 or USD 0.02 per fully diluted share in the fourth quarter of 2015. The net loss for Q4-2016 (on a non-GAAP basis) was USD 1.7 million, USD 0.16 per fully diluted share before the one-time expenses recorded in the fourth quarter of 2016
  • EBITDA amounted to USD (1.4) million ((17.2%) of revenues) compared to EBITDA of USD 940,000 (9% of revenues) in the fourth quarter of 2015
  • Net cash used in operating activities amounted to USD 1.3 million, compared to USD 1.4 million of cash provided by operating activities in the fourth quarter of 2015

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April 27 2017 1:33 PM V8.1.3-1