Eltek Reports Fourth Quarter And Year End 2009 Financial Results
Eltek Ltd. (NASDAQ: ELTK), the leading Israeli manufacturer of advanced flex-rigid circuitry solutions, announced today its financial results for the quarter and year ended December 31, 2009.
Fiscal year 2009:
Revenues for fiscal year 2009 were $36.4 million, a decrease of 16% compared to revenues of $43.1 million for 2008. The decrease in revenues is primarily attributable to the impact of the global economic slowdown.
Gross profit for fiscal year 2009 was $5.6 million (15% of revenues) compared with gross profit of $5.9 million (14% of revenues) in fiscal year 2008. Gross profit margins increased despite the decrease in revenues, mainly due to cost-cutting measures the Company undertook, especially in payroll and raw material consumption, and the positive impact of the higher U.S. dollar exchange rate in 2009 compared to 2008.Operating loss for fiscal year 2009 was $456,000 compared with an operating loss of $1.6 million in 2008. Net loss for fiscal year 2009 was $880,000 or ($0.13) per fully diluted share, compared with a net loss of $2.4 million or ($0.37) per fully diluted share in the 2008. Fourth Quarter 2009: Revenues for the fourth quarter ended December 31, 2009 were $9.0 million, similar to the revenues recorded in the fourth quarter of 2008. Gross profit for the fourth quarter of 2009 was $1.2 million (13% of revenues), compared with gross profit of $1.1 million (12% of revenues) in the fourth quarter of 2008. Operating loss for the fourth quarter of 2009 was $542,000 compared with an operating loss of $1.1 million in the fourth quarter of 2008. Net loss for the fourth quarter of 2009 was $729,000 or ($0.11) per fully diluted share, compared with a net loss of $1.3 million or ($0.2) per fully diluted share in the fourth quarter of 2008. EBITDA: In the fourth quarter ended December 31, 2009, Eltek had EBITDA of $14,000 compared with a negative EBITDA of $169,000 in the fourth quarter of 2008. Eltek’s EBITDA for the year ended December 31, 2009 was $1.6 million compared with EBITDA of $983,000 in 2008.
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