Eltek announces Q1 results - 10th straight quarter of profitability
Jun 08, 2007
Key Financial Highlights:
-- Revenues increased to $10.2 million, up 10.1%.
-- Quarterly operating income of $693,000
-- Quarterly net income of $565,000, or $0.09 per fully diluted share
-- Company changes reporting currency to U.S. Dollar and adopts U.S. GAAP
Eltek reported revenues for the three months ended March 31, 2007 of $10.2 million compared with $9.3 million for the first quarter of 2006. The increase in revenues is attributed to the receipt of new orders from existing customers.
Net income for the first quarter totalled $565,000, or $0.09 per fully diluted share compared with net income of $641,000, or $ 0.09 per fully diluted share for the same quarter in 2006. The decrease in net income from the comparable period is mainly attributable to the devaluation of the U.S. dollar against the NIS. The results for Q1 2006 have been adjusted to US-GAAP and translated to the US dollar as explained below.
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