Business
Eltek Reports 2019 First Quarter Financial Results
Revenues of $8.7 million Gross profit of $1.5 million Net Profit of $242,000PETACH TIKVA, Israel, May 29, 2019 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a
About this update from Eltek Ltd.
[{"type":"text","content":"Revenues of $8.7 million Gross profit of $1.5 million Net Profit of $242,000PETACH TIKVA, Israel, May 29, 2019 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the quarter ended March 31, 2019.\n\n \nMr. Eli Yaffe, Chief Executive Officer, commented: \"We are glad that this quarter's results reflect the implementation of the first stage of our turnaround plan, which we started during the last quarter of 2018. We continue in our efforts to further increase operating efficiencies, to improve customer satisfaction, to formulate a more effective sales strategy and continue implementing our plan to reach sustained profitability.\" \nHighlights of the First Quarter of 2019 compared to the First Quarter of 2018\nRevenues for the first quarter of 2019 were $8.7 million compared to revenues of $8.9 million in the first quarter of 2018; Gross profit increased from $444,000 (5.0% of revenues) in the first quarter of 2018 to $1,539,000 (17.6% of revenues) in the first quarter of 2019; Operating profit was $433,000 as compared to an operating loss of $626,000 in the first quarter of 2018; Net profit was $242,000, or $0.12 per fully diluted share compared to a net loss of $670,000, or ($0.33) per fully diluted share, in the first quarter of 2018; EBITDA was a $811,000 (9.3% of revenues) compared to negative EBITDA of $185,000 (2.1% of revenues) in the first quarter of 2018; Net cash provided by operating activities amounted to $1.6 million compared to net cash used in operating activities of $859,000 in the first quarter of 2018. Conference Call \nToday, Wednesday, May 29, 2018, at 8:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Alon Mualem, Chief Financial Officer. \nTo participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:\nA replay of the call will be available through the Investor Info section on Eltek's corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed and will be archived for 30 days.\nAbout Eltek Eltek – \"Innovation Across the Board\", is a global manuf...