Eltek Ltd. (NASDAQ: ELTK), the leading Israeli manufacturer of advanced flex-rigid circuitry solutions, announced today record results for the fourth quarter and the year ended December 31, 2011.
Revenues for the year ended December 31, 2011 were $46.8 million, a 24.8% increase over 2010 revenues of $37.5 million.
Gross profit for 2011 was $8.7 million (18.6% of revenues), an increase of 80.9% compared to gross profit of $4.8 million (12.9% of revenues) in 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 2011 was $2.6 million compared to an operating loss of $1.2 million in 2010.Net Profit for 2011 was $1.8 million or $0.28 per fully diluted share, compared to a net loss of $1.7 million or ($0.26) per fully diluted share in 2010. Fourth Quarter 2011: Revenues for the quarter ended December 31, 2011 were $11.5 million, an increase of 14.6% compared to revenues of $10.0 million recorded in the fourth quarter of 2010. Gross Profit for the fourth quarter of 2011 was $1.8 million (15.4% of revenues), an increase of 55.7% compared to gross profit of $1.1 million (11.3% of revenues) in the fourth quarter of 2010. Operating Profit for the fourth quarter of 2011 was $312,000 compared to an operating loss of $504,000 in the fourth quarter of 2010. Net Profit for the fourth quarter of 2011 was $228,000 or ($0.03) per fully diluted share, compared to a net loss of $655,000 or ($0.10) per fully diluted share in the fourth quarter of 2010. EBITDA: Eltek’s EBITDA for the year ended December 31, 2011 was $4.7 million compared with EBITDA of $960,000 in 2010. In the quarter ended December 31, 2011, Eltek had EBITDA of $868,000 compared with a negative EBITDA of $14,000 in the fourth quarter of 2010.
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