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Eltek ASA (OSL:ELT) - Report Second Quarter And First Half 2008

Eltek ASA (OSL:ELT) The Eltek Group reported revenue of NOK 1,413 million in the second quarter 2008, an increase of 26 percent from the second quarter 2007 and an increase of 12 percent from the previous quarter. Adjusted for currency developments, revenue increased 38 percent from the second quarter 2007. Part of the increase is explained by the acquisition of Valere Power. Reported profit before tax was NOK 51 million in the second quarter, a decline of NOK 15 million from the first quarter 2008, which is explained by lower net financial items.

As expected, revenue rebounded in the second quarter after the seasonal slowdown in the first quarter of the year. As indicated by the order entry in the previous quarter, revenue increased for Eltek Valere and Nera Networks but declined for NeraTel. Gross profit was NOK 335 million in the second quarter. This was an increase of 11 percent from NOK 303 million in the previous quarter, despite that cost of goods sold was negatively affected by a warranty provision of NOK 18 million in Eltek Valere. The reported gross margin was thus 23.7 percent in the second quarter, adjusted for the provision gross margin was 25.0 percent.

Reported EBITDA was NOK 100 million in the second quarter 2008, compared to NOK 83 million in the first quarter 2008. The second quarter reported EBITDA includes NOK 15 million in non-recurring costs, comprising severance pay, legal fees and other costs related to the changes in Group management.

Net financial items were NOK -1 million in the second quarter (-11), including a positive currency effect of NOK 23 million. In the previous quarter net financial items amounted to NOK 27 million, including a positive currency effect of NOK 24 million and a NOK 18 million gain related to refinancing and early redemption of a bond loan.

For the first half year 2008, revenue increased by 27 percent to NOK 2,679 (2,112). Adjusted for currency developments, revenue growth was 39 percent in the first half 2008, whereas currency adjusted organic growth was 20 percent in the first half of the year. Gross profit for the first half-year 2008 was NOK 638 million (491) and gross margin 23.8 percent (23.2). Reported EBITDA was NOK 182 million (109), including non-recurring items of NOK -19 million (-5). Net financials items amounted to NOK 26 million (-23).

Please find enclosed the interim report for second quarter and first half 2008 at http://www.newsweb.no

LINK: http://hugin.info/86881/R/1244719/268494.xls

LINK: http://hugin.info/86881/R/1244719/268495.pdf

Eltek ASA

http://www.eltek.com

ISIN: NO0003109407

Stock Identifier: XOSL.ELT

US: Other OTC: EEKAF.PK

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