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Eltek Ltd. (NASDAQ:
ELTK), leading Israeli manufacturer of advanced flex-rigid circuitry solutions, announced today its financial results for the first quarter of 2012.
Revenues for the first quarter of 2012 were $12.0 million, compared to revenues of $11.8 million recorded in the first quarter of 2011 and revenues of $11.5 million in the fourth quarter of 2011.
Gross Profit for the first quarter of 2012 was $2.3 million (19% of revenues), compared with gross profit of $2.5 million (21% of revenues) in the first quarter of 2011 and gross profit of $1.8 million (15% of revenues) in the fourth quarter of 2011.
Operating Profit for the first quarter of 2012 was $716,000 compared with an operating profit of $877,000 in the first quarter of 2011 and operating profit of $312,000 in the fourth quarter of 2011.
Net Profit for the first quarter of 2011 was $526,000, or $0.08 per share, compared with a net profit of $788,000 or ($0.12) per share in the first quarter of 2011 and net profit of $228,000 or ($0.03) per share in the fourth quarter of 2011.
In the first quarter of 2012, Eltek had EBITDA of $1.2 million compared with EBITDA of $1.4 million in the first quarter of 2011 and EBITDA of $868,000 in the fourth quarter of 2011.
ELTEK uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes, depreciation and amortization. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. Reconciliation between the company's results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statement of Operations.