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PCB | June 12, 2006

Eltek reports a 241% growth in net income

Eltek the Israeli manufacturer of advanced flex-rigid circuitry solutions, announced its financial results for the first quarter of 2006.

Eltek reported revenues for the three months ended March 31, 2006 of NIS 43.4 million ($ 9.3 million) compared with NIS 34.4 million ($ 7.3 million) for the first quarter of 2005. The increase in revenues is attributed to the gaining of new customers and new projects with existing customers. Net income for the first quarter totalled NIS 2.9 million ($ 613 thousand), or $ 0.09 per fully diluted share compared with net income of NIS 839 thousand ($ 180 thousand), or $ 0.03 per fully diluted share for the same quarter in 2005. The first quarter of 2006 was the Company's sixth consecutive quarter of profitability. Arieh Reichart, President and Chief Executive Officer of Eltek, commented: "Q1 was another strong quarter for Eltek, in which we managed to accelerate our continued organic revenue growth and reached new levels of profitability." In the first quarter of 2006, Eltek had EBITDA of $1.3 million compared to EBITDA of $ 963 thousand in the first quarter of 2005. 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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