NETANYA, Israel, May 17, 2012 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today its financial results for the quarter ended March 31, 2012.
2012 First quarter Results
Revenues totaled $3.7 million, a 53% decrease when compared with $7.8 million in the first quarter of 2011.
Gross Profit totaled $1 million, a 60% decrease when compared with $2.5 million in the first quarter of 2011.
Operating expenses totaled $1.6 million, a 20% decrease when compared with $2 million in the first quarter of 2011.
Financial Expenses totaled $236,000 compared with financial expenses of $152,000 in the first quarter of 2011.
As a result, the Company reported a loss of $840,000, or $0.09 per share, for the first quarter of 2012 compared to net profit of $393,000 or $0.04 per share, for the first quarter of 2011.
Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "As explained in our 2011 annual report, we experienced a reduction in sales in 2011 due to the suspension of activity in two major programs. We maintain our expectations that both these programs will resume during the second quarter of 2012. We are continuing to maintain a high level of research and development investment, as we did during 2011 and 2010, and expect that our Inertial Navigation and the Radar product lines will become the major growth drivers for the Company in the future."
RADA Electronic Industries Ltd. is an Israel based defense electronics contractor. The Company specializes in Data Recording and Management (Digital Video & Data Recorders, Ground Debriefing Stations, Head-Up Display Cameras), Inertial Navigation Systems for air and land applications, Avionics Solutions (Aircraft Upgrades, Avionics for UAVs, Stores Management Systems, Mission & Interface Computers) and Radar Sensors for active protective systems for land 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|
|ASSETS||March 31, 2012||December 31, 2011|
|Cash and cash equivalents||$1,404||$1,107|
|Trade receivables (net of allowance for doubtful accounts of $ 7 at March 31, 2012 and at December 31, 2011 respectively)||6,139||6,920|
|Costs and estimated earnings in excess of billings on uncompleted contracts||888||814|
|Other receivables and prepaid expenses||894||727|
|Total current assets||18,846||18,608|
|LONG-TERM RECEIVABLES AND OTHER DEPOSITS||1,556||1,563|
|PROPERTY, PLANT AND EQUIPMENT, NET||3,147||3,277|
|Intangible assets, net||116||155|
|Total other assets||703||742|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Bank Credit and current maturities of long-term loans||$3,893||$6,338|
|Convertible note from a shareholder, net||2,868||2,810|
|Other accounts payable and accrued expenses||4,884||4,126|
|Total current liabilities||13,857||15,654|
|Loans from shareholders, net||2,168||176|
|Accrued severance pay and other long term liability||508||516|
|Total long-term liabilities||2,676||692|
|RADA SHAREHOLDERS' EQUITY|
|Share capital --|
|Ordinary shares of NIS 0.015 par value - Authorized: 16,333,333 shares at March 31, 2012 and December 31, 2011; Issued and outstanding: 8,918,647 at March 31, 2012 and at December 31, 2011 respectively.||119||119|
|Additional paid-in capital||70,885||70,176|
|Accumulated other comprehensive income||451||443|
|Total RADA shareholders' equity||7,101||7,224|
|Total liabilities and equity||$24,252||$24,190|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|U.S. dollars in thousands, except per share data|
|Three months ended|
|Cost of revenues||2,677||5,298||13,800|
|Research and development||651||669||2,543|
|Marketing and selling||388||748||2,106|
|General and administrative||564||530||1,997|
|Total operating expenses||1,603||1,947||6,646|
|Operating profit (loss)||(608)||542||(1,041)|
|Financial expenses, net||236||152||478|
|net income (loss)||(844)||390||(1,519)|
|Less: attributable to Noncontrolling interest||4||3||(7)|
|Net income (loss) attributable to RADA Electronic Industries' shareholders||$(840)||$393||(1,526)|
|Basic and diluted net income (loss) per share||$(0.09)||$0.04||$(0.17)|
|Weighted average number of Ordinary shares used for computing basic and diluted net income (loss) per share||8,918,647||8,883,524||8,899,161|
CONTACT: Shiri Lazarovich- C.F.O RADA Electronic Industries Ltd. Tel: +972-9-8921111 Shiri.Lazarovich@rada.com
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