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RADA Electronic Industries Announces Full Year 2012 Results



RADA Electronic Industries Announces Full Year 2012 Results

NETANYA, Israel, April 24, 2013 (GLOBE NEWSWIRE) -- RADA Electronic Industries
Ltd. (Nasdaq:RADA) today announced its financial results for the year ended
December 31, 2012.

Full Year 2012 Results

Revenues totaled $21.6 million, an 11% increase when compared to $19.4 million
in 2011.

Gross profit totaled $5.3 million, a 5% decrease when compared to $5.6 million
for 2011.

Operating Expenses totaled 6,3million, a 5% decrease when compared to $6.6
million in 2011.

Operating loss totaled $1 million, compared to an operating loss of $1 million
in 2011.  

As a result, the Company reported a net loss of $2.05 million, or $0.23 per
share for the year ended December 31, 2012, compared with net profit of $1.5
million, or $0.17 per share, for the comparable period in 2011.

Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said,
"During 2012 we succeeded to increase our sales volume. Partly because two
delayed programs came back on track. While our operating loss remained similar
to that of 2011, our net loss increased due to significantly higher financial
expenses in 2012. Our R&D spending remained at the similar high level it was
during 2011, mainly for the development of our ground radar products. As a
result, we are now under contract with two new customers that are using our
radars as part of their systems and we expect two additional contracts during
the second quarter of 2013. We expect that our R&D efforts in 2013 will be
lower than in 2012, as our inertial navigation and radar products are mature
enough to enable business development and marketing activities. Further
investments are still needed to broaden the product offering and to support
marketing activities. We are continuing to pursue large opportunities in our
traditional avionics market, in particular, large programs for our Digital
Video Recorders and Ground Debriefing Systems in the US. At the same time, we
are offering our navigation and radar products to a growing number of
customers and markets and we expect them to become major growth drivers for
the Company in the future."

About RADA

RADA Electronic Industries Ltd. is an Israel-based defense electronics
contractor. The Company specializes in the development, production and sales
of Data Recording and Management Systems (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 Tactical Radars for Force and Border Protection Solutions.

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                                        December 31, 2012 December 31,
                                                                2011
                                              Audited
                                                                              
CURRENT ASSETS:                                                  
Cash and cash equivalents                     $1,164            $1,107
Restricted cash                               1,311             1,385
Trade receivables (net of allowance for
doubtful accounts of $ 15 and $ 7 at December 5,381             6,920
31, 2012 and at December 31, 2011
respectively)
Costs and estimated earnings in excess of     1,748             814
billings on uncompleted contracts
Other receivables and prepaid expenses        939               727
Inventories                                   7,272             7,655
                                                                 
Total current assets                          17,815            18,608
                                                                 
                                                                 
LONG-TERM RECEIVABLES AND OTHER DEPOSITS      1,160             1,563
                                                                 
                                                                 
PROPERTY, PLANT AND EQUIPMENT, NET            3,324             3,277
                                                                 
OTHER ASSETS:                                                    
Intangible assets, net                        --                155
Goodwill                                      587               587
                                                                 
Total other assets                            587               742
                                                                 
Total assets                                  $22,886           $24,190
                                                                 
LIABILITIES AND SHAREHOLDERS' EQUITY                             
                                                                 
CURRENT LIABILITIES:                                             
Bank Credit                                   $3,172            $3,933
Trade payables                                1,948             2,380
Loans from shareholders                       3,968             2,405
Convertible note from a shareholder, net      3,000             2,810
Other accounts payable and accrued expenses   3,750             4,126
                                                                 
Total current liabilities                     15,838            15,654
                                                                 
LONG-TERM LIABILITIES:                                           
Loans from shareholders, net                  --                176
Accrued severance pay and other long term     519               516
liability
                                                                 
Total long-term liabilities                   519               692
                                                                 
                                                                 
RADA SHAREHOLDERS' EQUITY                                        
Share capital --                                                 
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at December 31,
2012 and December 31, 2011; Issued and        119               119
outstanding: 8,918,647 at December 31, 2012
and at December 31, 2011 respectively.
Additional paid-in capital                    70,884            70,176
Accumulated other comprehensive income        468               443
Accumulated deficit                           (65,565)          (63,514)
Total RADA Electronic Industries              5,906             7,224
shareholders' equity
Noncontrolling interest                       623               620
                                                                 
Total equity                                  6,529             7,844
                                                                 
Total liabilities and equity                  $22,886           $24,190

 
CONSOLIDATED STATEMENTS OF OPERATIONS 
U.S. dollars in thousands, except per share data
                                                                      
                                    Year ended             Three months ended 
                                    December 31,          December 31,
                                    2012       2011       2012       2011
                                    Audited               Unaudited
                                                                      
Revenues:                                                             
Products                            $20,073    $17,469    $6,339     $2,427
Services                            1,478      1,936      193        126
                                                                      
                                    21,551     19,405     6,532      2,553
Cost of revenues:                                                     
Products                            15,453     12,707     4,810      1,550
Services                            780        1,093      160        93
                                                                      
                                    16,233     13,800     4,970      1,643
                                                                      
Gross profit                        5,318      5,605      1,562      910
                                                                      
Operating costs and expenses:                                         
Research and development, net       2,423      2,543      426        514
Marketing and selling               1,664      2,106      478        269
General and administrative          2,243      1,997      602        566
                                                                      
Total operating costs and expenses  6,330      6,646      1,506      1,349
                                                                      
Operating profit (loss)             (1,012)    (1,041)    56         (439)
Financial expenses, net             1,043      478        294        120
                                                                      
Net income (loss)                    (2,055)    (1,519)    (238)      (559)
                                                                      
Less: income (loss) attributable to 4          (7)        4          (3)
non-controlling interest
Net income (loss) attributable to
RADA Electronic Industries'          $ (2,051)  $ (1,526)  $ (242)    $ (556)
shareholders
Net income (loss) per share
attributable to RADA Electronic                                       
Industries' shareholders:
Basic and diluted net income (loss)  $ (0.23)   $ (0.17)   $ (0.02)   $ (0.06)
per Ordinary share
Weighted average number of Ordinary
shares used for computing basic and 8,918,647  8,899,161  8,918,647  8,918,647
diluted net income (loss) per share

CONTACT: Shiri Lazarovich- C.F.O
         RADA Electronic Industries Ltd.
         Tel: +972-9-8921111
         Shiri.Lazarovich@rada.com
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