Printed circuit board manufacturer Eltek (Nasdaq:ELTK) announced Q1 2001 net income of $1.1 million, and a 23% increase in revenues compared with the same quarter last year.

The company's Q1 revenues reached NIS 34.9 million compared with NIS 28.4 million in the parallel. Net income for the first quarter came to NIS 4.6 million, or NIS 0.94 per diluted share. That's compared with a net income of NIS 2.3 million , or NIS 0.42 per diluted share for the same quarter in 2000.

Eltek's gross profit for the first quarter was NIS 8.7 million, compared with NIS 5.8 million during the comparable period in 2000. The firm's operating income was NIS 5.1 million, which is a substantial increase over the NIS 2.7 million reported for the first quarter of 2000.

Eltek President and CEO Arieh Reichart said that the firm is working to further develop its customer relationships in Israel and Europe.

"To date, we have made significant progress in establishing new relationships with several prominent European companies in the fields of aerospace, defense and industrial equipment," he said. Reichart added that the firm remains committed to High Density Interconnect technology.