Eltek Ltd. (NASDAQ: ELTK), the leading Israeli manufacturer of advanced flex-rigid circuitry solutions, announced today its financial results for the fourth quarter and the year ended December 31, 2010.
Revenues for the year ended December 31, 2010 were $37.5 million, a 2.9% increase over 2009 revenues of $36.4 million.
Gross profit for 2010 was $4.8 million (12.9% of revenues) compared to gross profit of $5.6 million (15.3% of revenues) in 2009. Gross profit margins decreased despite the increase in revenues, mainly due to the appreciation of the NIS against the U.S. dollar in 2010, as a result of which the U.S. dollar value of the Company’s NIS denominated costs increased.
Operating loss for 2010 was $1.2 million compared to an operating loss of $456,000 in 2009.Net loss for 2010 was $1.7 million or ($0.26) per fully diluted share, compared to a net loss of $880,000 or ($0.13) per fully diluted share in the 2009. Fourth Quarter 2010: Revenues for the quarter ended December 31, 2010 were $10.0 million, an increase of 11.7% compared to the revenues of $9.0 million recorded in the fourth quarter of 2009. Gross profit for the fourth quarter of 2010 was $1.1 million (11.3% of revenues), similar to gross profit of $1.2 million (13% of revenues) in the fourth quarter of 2009. Operating loss for the fourth quarter of 2010 was $504,000 compared with an operating loss of $542,000 in the fourth quarter of 2009. Net loss for the fourth quarter of 2010 was $655,000 or ($0.10) per fully diluted share, compared with a net loss of $729,000 or ($0.11) per fully diluted share in the fourth quarter of 2009. EBITDA: In the quarter ended December 31, 2010, Eltek had negative EBITDA of $264,000 compared with EBITDA of $537,000 in the fourth quarter of 2009. Eltek’s EBITDA for the year ended December 31, 2010 was $960,000 compared with EBITDA of $1.6 million in 2009.
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