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Eltek ASA (OSL:ELT) - Report Third Quarter 2008

Eltek ASA (OSL:ELT) Drammen (22 October, 2008) Eltek ASA reports continued growth in revenue, and improved operating results in both Eltek Valere and Nera Networks in the third quarter. EBIT amounted to NOK 85 million in the third quarter but net financial costs were high and negatively influenced by currency effects, generating a loss before tax of NOK 8 million for the quarter.

Eltek reported revenue of NOK 1,407 million in the third quarter 2008, which was an increase of 10 percent from the third quarter 2007 and a marginal decline from the previous quarter.

Gross profit was NOK 360 million in the third quarter, which was an increase of 16 percent from the third quarter last year and 7 percent above the second quarter. The gross margin increased to 25.6 percent. Reported EBIT was NOK 85 million in the third quarter, up from NOK 17 million in the third quarter last year and from NOK 52 million in the previous quarter.

Net financial costs were NOK 92 million in the third quarter, including negative currency effects of NOK 63 million. Net interest costs increased to NOK 23 million in the quarter, reflecting higher average net debts and higher floating interest rates in the third quarter.

Order entry was NOK 1,558 million in the third quarter, which was slightly below the third quarter last year and eight percent higher than in the previous quarter.

Net cash flows from operating activities was a negative NOK 22 million in the third quarter, reflecting increased receivables, higher inventory and work-in-progress, and currency effects. Net cash flow from investing activities was NOK -76 million, and total net cash flow NOK -66 million. Net debt was also affected by NOK 86 million in revaluation of USD-denominated debt and increased to NOK 1,079 million at 30 September, 2008.

Working capital remains the top priority for the management, both to improve collection of receivables and to reduce inventories. Net cash flow will also depend on developments in currency exchange rates. Eltek considers several measures to improve the overall liquidity situation, such as increased credit lines and/or bridge loans, divestment of non-core assets, and possibly the raising of new equity

Please find enclosed the interim report for third quarter 2008 at http://www.newsweb.no

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/86881/R/1261835/276446.xls

LINK: http://hugin.info/86881/R/1261835/276448.pdf

Eltek ASA

http://www.eltek.com

ISIN: NO0003109407

Stock Identifier: XOSL.ELT

US: Other OTC: EEKAF.PK

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