Eltek Ltd (ELTK) Reports Q2 Loss of $0.11

Eltek Ltd (NASDAQ: ELTK) reported Q2 EPS of ($0.11). Revenue for the quarter came in at $7.5 million, versus $0 reported last year.

Highlights of the Second Quarter of 2017

• Revenues for the second quarter of 2017 were $7.5 million compared to $9.9 million in the second quarter of 2016 ($8.8 million excluding Kubatronik);
• Gross profit was $134,000 (1.8% of revenues) compared to gross profit of $1.5 million (14.8% of revenues) in the second quarter of 2016 ($1.4 million or 16.3% of revenues excluding Kubatronik); The decrease in gross profit and gross profit margins reflects the decreased sales, while a significant portion of our cost of sales remained constant.
• Operating loss was $1 million compared to operating profit of $244,000 in the second quarter of 2016 ($373,000 excluding Kubatronik);
• Net loss was $1.1 million or $0.11 per fully diluted share compared to net profit of $213,000 or $0.02 per fully diluted share in the second quarter of 2016 ($327,000 or $0.03 per fully diluted share excluding Kubatronik);.
• EBITDA amounted to $(583,000) compared to EBITDA of $754,000 in the second quarter of 2016 ($809,000 excluding Kubatronik);
• Net cash used by operating activities amounted to $516,000 compared to net cash used by operating activities of $37,000 in the second quarter of 2016. The decline is mainly attributable to the operating results in this quarter.
• Cash and cash equivalents as of June 30, 2017 were $792,000 compared to $894,000 as of June 30, 2016.

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

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