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Eltek Reports Second Quarter 2011 Financial Results

Stocks in this article: ELTK

Eltek Ltd. (NASDAQ: ELTK), a leading Israeli manufacturer of advanced flex-rigid circuitry solutions, announced today its financial results for the quarter ended June 30, 2011.

Second Quarter 2011:

Revenues for the quarter ended June 30, 2011 increased 29% to $11.5 million compared to revenues of $9.0 million recorded in the second quarter of 2010.

Gross profit for the second quarter of 2011 increased 63% to $2.1 million (18% of revenues) from the gross profit of $1.3 million (14% of revenues) in the second quarter of 2010. The increase in gross profit and gross profit as a percentage of revenues is primarily attributable to the increase in revenues.

Operating profit for the second quarter of 2011 was $426,000 compared to an operating loss of $203,000 in the second quarter of 2010.

Net profit for the second quarter of 2011 was $257,000, or $0.04 per fully diluted share, compared with a net loss of $509,000, or ($0.08) per fully diluted share, in the second quarter of 2010.

First six months of 2011:

Revenues for the first six months ended June 30, 2011 increased 26% to $23.4 million compared to revenues of $18.6 million recorded in the first six months of 2010.

Gross profit for the first six months of 2011 increased 97% to $4.6 million (20% of revenues) from the gross profit of $2.3 million (12% of revenues) in the first six months of 2010.

Operating profit for the first six months of 2011 was $1.3 million compared to an operating loss of $762,000 in the first six months of 2010.

Net profit for the first six months of 2011 was $1.0 million, or $0.16 per fully diluted share, compared with a net loss of $1.2 million, or ($0.13) per fully diluted share, in the first six months of 2010.

EBITDA:

In the quarter ended June 30, 2011, Eltek had EBITDA of $966,000 compared with EBITDA of $465,000 in the second quarter of 2010. In the first six months of 2011, Eltek had EBITDA of $2.3 million compared with EBITDA of $482,000 in the same period in 2010.

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