PCB |
Eltek grows 83% in net income in 2006
Isrelian company Eltek has reported it`s financial results for the fourth quarter and fiscal year ended December 31, 2006. The company reported revenues for the three months ended December 31, 2006 of NIS 43.4 million ($10.3 million) compared with NIS 39.6 million ($9.4 million) for the fourth quarter of 2005.
The increase in revenues primarily reflects the growth of Eltek's internationally sourced flex - rigid PCBs sales in general, and in the U.S. in particular. Net income for the fourth quarter totalled NIS 2.7 million ($632,000), compared with a net income of NIS 2.3 million ($544,000), for the same quarter in 2005. The fourth quarter of 2006 was the Company's 9th consecutive quarter of profitability.
Revenues for the year ended December 31, 2006, were NIS 173.9 million ($41.2 million) compared with revenues of NIS 144.4 million ($34.2 million) in 2005.
Net income for the year ended December 31, 2006 was NIS 9.6 million ($2.3 million), compared with net income of NIS 5.3 million ($1.2 million) in 2005.
Arieh Reichart, President and Chief Executive Officer of Eltek, commented, "2006 was a successful year for us in which we achieved record revenue, consistently delivered y-o-y quarterly growth and increased profitability. I am especially pleased with the improvement in our gross margin and profitability in Q4 06 in light of the continued adverse impact of the ongoing weakness of the U.S. dollar versus the Israeli shekel."
