© alterfalter dreamstime.com PCB | May 15, 2015
Tough first quarter for Eltek
Israeli PCB manufacturer Eltek had a tough first quarter of 2015, seeing decreases in both revenues and gross profit.
Revenues for the quarter of 2015 were USD 9.7 million compared to revenues of USD 12.3 million in the first quarter of 2014. Gross profit for the first quarter of 2015 was USD 1.2 million (12.6% of revenues) compared to gross profit of USD 1.5 million (12.3% of revenues) in the first quarter of 2014. Operating loss for the first quarter of 2015 was USD 108'000 compared to an operating loss of USD 121'000 in the first quarter of 2014. Net loss for the first quarter of 2015 was USD 234'000 compared to a net loss of USD 187'000 in the first quarter of 2014. In the first quarter of 2015, Eltek had EBITDA of USD 316'000 compared with EBITDA of USD 354'000 in the first quarter of 2014. Mr. Yitzhak Nissan, Chairman of the Board and Chief Executive Officer, commented: “During the first quarter of 2015, we continued to experience weakness in demand for printed circuit boards and as a result, a decline in sales to the defense sector. We have been able to soften the impact of the $2.6 million decline in sales by reducing expenses. As a result of our cost reduction efforts and the increase in the US dollar exchange rate against the NIS, our operating loss was even reduced by USD 13'000 from the first quarter of 2014. We continue with our efforts to improve our operational efficiencies.”