Eltek (NASDAQ:ELTK) reports 1Q17 loss; Topline down 14%

Eltek (NASDAQ:ELTK) reports 1Q17 earnings results; Topline down 14%

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Eltek (NASDAQ:ELTK) reported net loss for the first quarter of $ 0.81 million or  $ 0.08 per share, compared to loss  $ 0.38 million or $ 0.04 per share for the year-ago quarter.

The Revenue for first quarter decreased 14% to $ 8.47 million from $ 9.80 million in the same quarter last year.

Mr. Yitzhak Nissan, Chairman and CEO, said: We are pleased to report that since the end of the quarter we have noticed revitalization in certain of our customers’ activity, which we hope to benefit from during the remainder of the year. We continue to strive to leverage our marketing and operating capabilities in all areas, and especially in the defense sectors, where we have experienced an increase in the demand for our products. We expect that the steps we are taking will bear fruit later this year, for the benefit of our shareholders.