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PCB | August 29, 2007

Eltek reported lower revenue

Israel based PCB Manufacturer Eltek Ltd. has reported revenues for the three months ended June 30, 2007 of $ 8.6 million compared with $ 9.6 million for the second quarter of 2006.
The decrease in revenues is attributable to reduced sales to the Company's largest customer, who notified the Company towards the end of the quarter that it was terminating production for its principal product as such product reached the end of its lifecycle. Revenues from this customer declined to $ 840,000 in the three months ended June 30, 2007 from $ 2.4 million in the three months ended June 30, 2006. Excluding sales to this single large customer, second quarter revenues increased by $ 620,000. The Company expects that its revenues will continue to be impacted by the loss of sales to this customer in the third quarter, but expects an improvement in its operations in the fourth quarter of 2007.

The Company incurred a loss for the second quarter of $ 171,000, or ($ 0.03) per fully diluted share compared with net income of $ 465,000, or $ 0.07 per fully diluted share for the same quarter in 2006. The loss is mainly attributable to the aforementioned reduction in sales.

Revenues for the six-month period ended June 30, 2007, were $ 18.8 million compared with revenues of $ 18.9 million for the comparable period in 2006. Net income for the six-month period ended June 30, 2007 was $ 395,000, or $ 0.06 per fully diluted share, compared with a net income of $ 1.1 million or $ 0.19 per fully diluted share for the same period in 2006.

In the second quarter of 2007, Eltek had EBITDA of $ 575,000 compared to EBITDA of $ 1.1 million in the second quarter of 2006. In the first six months of 2007, Eltek had EBITDA of $ 1.8 million compared with EBITDA of $ 2.5 million in the same period in 2006.
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