NETANYA,
Israel,
May 21 /PRNewswire-FirstCall/ -- RADA Electronic
Industries Ltd. (Nasdaq SmallCap: RADA) today reported its financial results
for the first quarter ended
March 31, 2008. Revenues were
$3.7 million, an
increase of 34% from 2007 and gross profit was
$0.6 million, an increase of
35% from 2007. Operating loss for the quarter was
$319 thousand compared with
an operating loss of
$339 thousand in the first quarter of 2007. The
financial expenses of the period increased to
$432 thousand from
$182
thousand in 2007. As a result the company reported a net loss of
$0.77
million or
$0.09 per share. This compares with a net loss of
$0.53 million or
$0.06 per share, for the comparable quarter in 2007.
Commenting on the results, Zvika Alon, RADA's CEO said, "The revenues and
gross profits of the first quarter have improved compared to the Q1 2007
results. Traditionally we have experienced that the first half of the year is
weaker than the second, we maintain our view that we will continue to show
improvement in our orders backlog resulting from our marketing efforts. While
our production deliveries keep increasing, we plan to continue investing
during 2008 in research and development mainly in our new Inertial Navigation
product line."
About RADA
RADA Electronic Industries Ltd. is an Israel based company involved in
the military and commercial aerospace industries. The Company specializes in
Avionics systems (Digital Video Recorders, Ground Debriefing Stations, Stores
Management Systems, Flight Data Recorders, Inertial Navigation Systems),
Trainers Upgrades, Avionics systems for the UAV market, and Electro optic
cameras for airplanes and armored vehicles.
Note: Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Act of
1995. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially. Such risk
uncertainties and other factors include, but are not limited to, changes in
general economic conditions, risks in product and technology developments,
market acceptance of new products and continuing product demand, level of
competition and other factors described in the Company's Annual Report on
Form 20-F and other filings with the Securities and Exchange Commission.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
March 31, December
2008 31, 2007
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,308 $ 835
Restricted cash 633 598
Trade receivables (net of allowance for doubtful
accounts of $ 62 at March 31, 2008 and December 31,
2007) 3,607 4,907
Other accounts receivable and prepaid expenses 521 305
Costs and estimated earnings in excess of billings
on uncompleted contracts 1,137 701
Inventories 3,192 2,609
Total current assets 10,398 9,955
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 50 57
Severance pay fund 2,228 2,038
Total long-term receivables and deposits 3,261 3,078
PROPERTY AND EQUIPMENT, NET 2,976 2,745
OTHER ASSETS:
Intangible assets, net 1,304 1,414
Goodwill 396 214
Total other assets 1,700 1,628
Total assets $ 18,335 $ 17,406
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of
long-term loans $ 258 $ 490
Trade payables 1,876 1,472
Other accounts payable and accrued expenses 4,097 3,666
Deferred revenues 70 181
Billings in excess of costs and estimated earnings
on uncompleted contracts 109 88
Total current liabilities 6,410 5,897
LONG-TERM LIABILITIES:
Loan from shareholders, net 67 261
Convertible note from a shareholder, net 1,700 1,622
Long-term loan 282 -
Accrued severance pay 2,691 2,442
Total long-term liabilities 4,740 4,325
MINORITY INTERESTS 532 459
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at March 31, 2008 and
December 31, 2007; Issued and outstanding:
8,858,553 and 8,705,788 shares at March 31, 2008
and December 31, 2007 respectively 119 116
Additional paid-in capital 69,398 68,968
Accumulated other comprehensive income 265 -
Accumulated deficit (63,129) (62,359)
Total shareholders' equity 6,653 6,725
Total liabilities and shareholders' equity $ 18,335 $ 17,406
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year
Three months ended ended
December
March 31, 31,
2008 2007 2007
(unaudited) (audited)
Revenues 3,691 2,754 14,021
Cost of revenues 3,054 2,281 10,681
Gross profit (loss) 637 473 3,340
Operating expenses:
Research and development 94 55 324
Marketing and selling 367 299 1,213
General and administrative 495 458 2,190
Total operating expenses 956 812 3,727
Operating loss (319) (339) (387)
Financial expenses, net (432) (182) (629)
(751) (521) (1,016)
Minority interests in profits of
subsidiary (7) (10) (62)
Loss before tax (758) (531) (1,078)
Tax expenses (12) - -
Net loss for the period $ (770) $ (531) $ (1,078)
Loss per share:
Basic and diluted loss per share $ (0.09) $ (0.06) $ (0.12)
Contact:
Shiri Lazarovich- C.F.O
RADA Electronic Industries Ltd.
Tel: +972-9-8921111
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