Eltek Ltd (ELTK) Reports Q3 Loss of $0.23

Eltek Ltd (NASDAQ: ELTK) reported Q3 EPS of ($0.23), versus ($0.59) reported last year. Revenue for the quarter came in at $8.5 million, versus $7.7 million reported last year.

Mr. Eli Yaffe, Chief Executive Officer, commented: "The third quarter of 2018 was the first quarter in my role as the CEO of Eltek. During this quarter our revenues were $8.5 million, up 10% from Q3-2017 and the net loss decreased to $463,000 from a net loss of $1.2 million in Q3-2017.

"As recently announced, we have established a new leadership team to implement our turnaround plan. We have begun a process of identifying the products that were underpriced and they are being addressed. In addition, efficiency measures have been implemented in order to reduce our break-even-point. Though there may be an initial reduction in sales volume, this should improve our on-time delivery performance, increase customer satisfaction and build sales from there and return to profitability."

"I see significant potential for Eltek in the high-end PCB market with our skilled engineers and experienced management. I am optimistic that we will be able to capitalize on our strengths in returning the Company to profitability and to renew our position as a leading high-end PCB manufacturer," Mr. Yaffe concluded.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c
• Outlook Therapeutics (OTLK) Misses Q3 EPS by 9c