Eltek Ltd (ELTK) Swings to Q1 Loss

Eltek Ltd (NASDAQ: ELTK) reported Q1 EPS of ($0.02), versus $0.02 reported last year. Revenue for the quarter came in at $12.3 million, versus $12.5 million reported last year.

Arieh Reichart, President and Chief Executive Officer of Eltek commented: "Our capital investment plan is being implemented as scheduled and we expect to see improvements in our manufacturing capabilities beginning in the fourth quarter of this year. The results of our operations in the first quarter of 2014 were negatively impacted by the weakness of the U.S. dollar, as the exchange rate of the dollar compared to the NIS in the first quarter of 2014 was 5.7% lower than in the first quarter of 2013. In addition we saw a decline in revenues due to the shift of certain programs to the U.S. by some domestic defense customers. We are working on building alternative sources of revenues to offset such reduction in orders."

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

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Innovaro (INV) Misses Q2 EPS by 9c
• Assembly Biosciences (ASMB) Tops Q2 EPS by 53c