NETANYA, Israel, November 21 /PRNewswire-FirstCall/ -- RADA Electronic Industries Ltd. (Nasdaq Capital Market: RADA) today reported its financial results for the three and nine month periods ended September 30, 2007.
The company reported revenues of $2.8 million for the third quarter of 2007, as compared to $2.9 million in the third quarter of 2006. Operating loss for the third quarter of 2007 was $419,000, as compared to operating profit of $348,000 in the third quarter of 2006. As a result, the company reported a net loss of $559,000 for the third quarter of 2007, compared to net income of $15,000 in the third quarter of 2006.
Nine Months Financial Highlights - Total revenue reaches $9.7 million, a 30% increase compared to the same period of 2006.
- Gross profit of $1.9 million compared to $200,000 in 2006.
For the first nine months of 2007 the company reported total revenue of $9.7 million, an operating loss of $703,000 and a net loss of $1.2 million. This compares with total revenue of $7.5 million, an operating loss of $1.9 million and a net loss of $2.5 million for the first nine months of 2006.
Commenting on the results, Mr. Zvika Alon, RADA's CEO said, "The financial results of the nine months ending September 30, 2007 are better than the same period last year. Notwithstanding the third quarter results, we expect 2007 annual results to show similar improvement" 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, 2007 31, 2006
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,275 $ 990
Restricted cash 593 704
Trade receivables (net of allowance for doubtful
accounts of $ 63 at September 30, 2007 and $ 34 at
December 31, 2006) 3,079 4,296
Other accounts receivable and prepaid expenses 480 200
Costs and estimated earnings in excess of billings
on uncompleted contracts 897 668
Inventories 2,536 2,468 Total current assets 8,860 9,326 LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 67 78
Severance pay fund 1,890 1,624 Total long-term receivables and deposits 2,940 2,685 PROPERTY AND EQUIPMENT, NET 2,922 3,359 OTHER ASSETS:
Intangible assets, net and goodwill 1,703 2,072
Deferred charges, net - 13 Total other assets 1,703 2,085 Total assets $ 16,425 $ 17,455 LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of
long-term loans $ 416 $ 559
Convertible note - 2,858
Short-term loan from shareholder 3,000 -
Trade payables 1,239 1,611
Other accounts payable and accrued expenses 3,357 3,503
Billings in excess of costs and estimated earnings
on uncompleted contracts 180 285
Total current liabilities 8,192 8,816 LONG-TERM LIABILITIES:
Long-term loan 28 142
Long term loan from shareholders, net of discount 243 -
Accrued severance pay 2,284 2,026
Total long-term liabilities 2,555 2,168 MINORITY INTERESTS 432 397 SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at September 30, 2007
and December 31, 2006; Issued and outstanding:
8,728,509 shares at September 30, 2007 and December
31, 2006 116 116
Additional paid-in capital 67,591 67,239
Accumulated deficit (62,461) (61,281)
Total shareholders' equity 5,246 6,074
Total liabilities and shareholders' equity $ 16,425 $ 17,455 CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share data
Three months
Nine months ended ended Year ended
December
September 30, September 30, 31,
2007 2006 2007 2006 2006
(Unaudited) (audited)
Revenues $ 9,720 $ 7,456 $ 2,762 $ 2,879 $ 13,037 Cost of revenues 7,851 7,259 2,308 1,843 10,999 Gross profit 1,869 197 454 1,036 2,038 Operating
expenses:
Research and
development 210 139 61 70 181
Marketing and
selling 952 939 270 377 1,316
General and
administrative 1,410 1,041 542 241 1,794 Total operating
expenses: 2,572 2,119 873 688 3,291 Operating income
(loss) (703) (1,922) (419) 348 (1,253)
Financial expense,
net 442 650 118 303 (775)
Other income
(expenses), net - (45) - (23) 45 (1,145) (2,527) (537) 22 (1,983)
Minority interests
in profits of
subsidiary 35 7 22 7 17
Net (loss) income $ (1,180) $ (2,534) $ (559) $ 15 $ (2,000) Net loss per
share: Basic and diluted
net loss per share $ (0.14) $ (0.30) $ (0.06) $ 0.003 $ (0.23)
DATASOURCE: Rada Electronic Industries Ltd CONTACT: Elan Sigal- C.F.O, RADA Electronic Industries Ltd., Tel: +972-9-8921111
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