© bellemedia dreamstime.com PCB | April 05, 2016
Eltek swings to profit in 2015
Israeli PCB manufacturer, Eltek, just closed its fiscal year of 2015 and is looking back at a fourth quarter of improved gross profit, gross margins and – a transition to a net profit.
“We are pleased with the results of the fourth quarter and full year of 2015, which reflect a significant and continued improvement in Eltek’s gross profit and gross margins, and a transition to a net profit. This was achieved mainly due to cross organizational processes implemented in 2015 in order to improve manufacturing efficiency, marketing, sales and customer service,” said CEO Yitzhak Nissan. Revenues for the fourth quarter of 2015 amounted to USD 10.4 million compared with revenues of USD 10.6 million in the fourth quarter of 2014. Gross profit during the fourth quarter landed on USD 1.7 million (16.3% of revenues), an increase of 27.4% compared to a gross profit of USD 1.3 million (12.5% of revenues) in the fourth quarter of 2014. Net profit was USD 228'000, compared to a net loss of USD 1.8 million in the fourth quarter of 2014. Revenues in the full year of 2015 amounted to USD 41.4 million; compared to revenues of USD 46.6 million recorded in 2014, a decrease of approximately 11.3%. Gross profit was USD 6.6 million (15.8% of revenues), an increase of 8.7% compared to gross profit of USD 6.0 million (12.9% of revenues) in 2014. Net profit was USD 1.0 million, compared to a net loss of USD 2.7 million in 2014.