PCB | May 28, 2008
Eltek revenues reach $10.5 million in Q1/08
Eltek reported revenues for the three months ended March 31, 2008 of $10.5 million, compared with $10.2 million for the first quarter of 2007. The increase in revenues is due to new orders from new and existing customers, reflecting recovery from the loss of the Company s former major customer.
The Company incurred a net loss for the first quarter of $809,000 compared with net profit of $ 565,000 in the first quarter in 2007. The loss in the first quarter of 2008 is mainly attributable to the devaluation of the U.S. dollar against the NIS. If the exchange rate had remained the same as in the comparable 2007 period, the Company s net loss for Q1-2008 would have been approximately $ 84,000 on a non- GAAP basis. The Company's revenues are primarily denominated in U.S. dollars, while its operating expenses, mainly salaries and energy costs are primarily denominated in NIS. In addition to the effect of the devaluation of the US dollar against the NIS, the Company s cost of sales increased due to the replacement of its former major customer s single product with many new items; and incurred additional sales and marketing expenses due to the expansion of the Company s sales force in the US and Europe, which is expected to generate increased sales of highend products in the near future. In the first quarter of 2008, Eltek had a negative EBITDA of $ 180,000 compared to EBITDA of $ 1.3 million in first quarter of 2007. ELTEK uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes, depreciation and amortization. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP.
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