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 in2011. As a result, the Company reporteda 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 additionalcontracts 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 $15and $ 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 December31, 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, December31, 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
RADA Electronic Industries Announces Full Year 2012 Results
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