Printed circuit boards manufacturer Eltek Ltd. (ELTK: Quote), Tuesday, reported a profit for the fourth quarter as compared to a loss last year, mostly as revenues increased 14.6 percent.
The Israel-based company reported a fourth quarter net profit attributable to Eltek Ltd. of $228 thousands or $0.03 per share, compared to a net loss attributable to Eltek Ltd. of $655 thousands or $0.10 per share.
Adjusted net income for the quarter was $868 thousands, compared to a adjusted net loss of $14 thousands in the prior-year quarter.
Total revenue for the quarter rose 14.6 percent to $11.47 million from $10.02 million in the prior-year quarter.
Eltek's President and Chief Executive Officer Arieh Reichart said, "The improvements we implemented at the end of 2010 in our manufacturing processes expanded our capacity by approximately 30%."
Mr. Reichart added: "This is a great opportunity for me to announce the receipt of a frame order of $2.1 million for PCBs from a US medical equipment customer for delivery in 2012 and 2013."
ELTK shares are currently up 1.44 percent on the Nasdaq.
by RTT Staff Writer
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