NETANYA,
Israel,
November 27 /PRNewswire-FirstCall/ -- RADA Electronic
Industries Ltd. (Nasdaq SmallCap: RADI) today reported its financial results
for the three months period ended
September 30, 2006. The company reported
revenues in the three months period of
$2.9 million, compared to revenues of
$2.5 million for the same period in 2005. For the three months ended
September 30, 2006 cost of revenues decreased to
$1.8 million from
$2.9
million in the comparable period in 2005 and operating expenses increased to
$0.69 million from
$0.62 in the comparable period in 2005. As a result, the
company reported a net profit of
$15 thousand for the three months ended
September 30, 2006 compared to a net loss of
$1.2 million for the same period
in 2005.
Commenting on the results, Major General (Ret.) Herzle Bodinger, RADA's
CEO said, "The profit that we are reporting for the third quarter shows that
the investment of the company over the last two years is starting to
materialize. Over the last two years RADA invested in new products and we are
continuing to do so. Our ability to provide state of the art products,
meeting the technical and economical requirements, shows the strength of RADA
as an efficient company with great capabilities. Our marketing efforts are
continuing as well as we are focusing on our main markets in Israel, U.S.,
and India.
MR. Bodinger added, "The Company reported a marginal profit. I believe
that the trend of improvement will continue into the last quarter of this
year, and will partially compensate for the loss in the two first quarters of
2006."
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.
.
Contact: Elan Sigal- C.F.O
RADA Electronic Industries Ltd.
Tel: +972-9-8921111
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
September December
30, 2006 31, 2005
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,809 $ 350
Restricted cash 1,062 1,017
Trade receivables (net of allowance for doubtful
accounts of $ 0 and $ 6 at September 30, 2006 and
December 31, 2005, respectively) 2,049 4,920
Other receivables and prepaid expenses 369 156
Costs and estimated earnings in excess of billings
on uncompleted contracts 1,072 1,396
Inventories 3,038 1,942
Total current assets 9,399 9,781
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 78 72
Severance pay fund 1,665 1,614
Total long-term receivables and deposits 2,726 2,669
PROPERTY AND EQUIPMENT, NET 3,394 3,931
OTHER ASSETS:
Intangible assets, net 2,079 2,469
Deferred charges, net 20 40
Total other assets 2,099 2,509
Total assets $ 17,618 $ 18,890
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and loans $ 1,731 $ 877
Trade payables 1,588 1,671
Other payables and accrued expenses 3,031 3,217
Deferred revenues 600 50
Billings in excess of costs and estimated earnings
on uncompleted contracts 167 391
Total current liabilities 7,117 6,206
LONG-TERM LIABILITIES:
Convertible note 2,790 2,560
Accrued severance pay 2,049 2,009
Total long-term liabilities 4,839 4,569
MINORITY INTERESTS 387 380
SHAREHOLDERS' EQUITY:
Share capital
Ordinary shares of NIS 0.005 par value -
Authorized: 47,500,000 shares at September 30, 2006
and December 31, 2005; Issued and outstanding:
26,170,527 and 26,144,027 shares at September 30,
2006 and December 31, 2005, respectively 116 116
Additional paid-in capital 66,974 66,900
Accumulated deficit (61,815) (59,281)
Total shareholders' equity 5,275 7,735
Total liabilities and shareholders' equity $ 17,618 $ 18,890
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Three months Year
Nine months ended ended ended
December
September 30, September 30, 31,
2006 2005 2006 2005 2005
(Unaudited) (Audited)
Revenues $ 7,456 $ 9,171 $ 2,879 $ 2,523 $ 13,421
Cost of revenues 7,259 8,348 1,843 2,935 12,310
Gross profit (loss) 197 823 1,036 (412) 1,111
Operating expenses:
Research and
development 139 - 70 - -
Marketing and
selling 939 717 377 179 927
General and
administrative 1,041 1,441 241 444 1,939
Total operating
expenses: 2,119 2,158 688 623 2,866
Operating income
(loss) (1,922) (1,335) 348 (1,035) (1,755)
Financial
expense, net 650 464 303 167 624
Other expenses
(income), net (45) - 23 - (33)
(2,527) (1,799) 22 (1,202) (2,346)
Minority interests
in losses (gain) of
subsidiary (7) 14 (7) 3 17
Net income (loss) $ (2,534) $ (1,785) $ 15 $ (1,199) $ (2,329)
Net income (loss)
per share:
Basic and diluted
net income (loss)
per share $ (0.10) $ (0.09) $ 0.001 $ (0.06) $ (0.10)
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