Eltek Ltd (ELTK) Reports Q1 Loss of $0.33 on Revenues of $8.9M

Eltek Ltd (NASDAQ: ELTK) reported Q1 EPS of ($0.33). Revenue for the quarter came in at $8.9 million.

Highlights of the First Quarter of 2018 compared to the First Quarter of 2017

• Revenues for the first quarter of 2018 were $8.9 million compared to revenues of $8.5 million in the first quarter of 2017;
• Gross profit was $444,000 (5.0% of revenues) compared to gross profit of $485,000 (5.7% of revenues) in the first quarter of 2017;
• Operating loss was $626,000 compared to an operating loss of $630,000 in the first quarter of 2017;
• Net loss was $670,000, or $0.33 per fully diluted share compared to a net loss of $814,000, or $0.40 per fully diluted share, in the first quarter of 2017;
• EBITDA was a negative $185,000 (2.1% of revenues) compared to a negative EBITDA of $210,000 (2.5% of revenues), in the first quarter of 2017;
• Net cash used in operating activities amounted to $859,000 compared to net cash used in operating activities of $776,000 in the first quarter of 2017.

Mr. Yitzhak Nissan, Chairman of the Board and Chief Executive Officer, commented: "Our revenues in the first quarter of 2018 increased to $8.9 million, compared to revenues of $8.5 million in the first quarter of 2017. While we are still facing challenges in our manufacturing operations, we are deploying our best resources to resolve them."

For earnings history and earnings-related data on Eltek Ltd (ELTK) click here.

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