RADA Electronic Industries Announces 2013 First Quarter Results NETANYA, Israel, July 1, 2013 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today its financial results for the quarter ended March 31, 2013. 2013 First Quarter Results Revenues totaled $5.4 million, a 46% increase when compared with $3.7 million in the first quarter of 2012. Gross Profit totaled $0.85 million, a 15% decrease when compared with $1 million in the first quarter of 2012. Operating Expenses totaled $1.5 million, a 4% decrease when compared with $1.6 million in the first quarter of 2012. Financial Expenses totaled $475,000, a 100 % increase when compared with financial expenses of $236,000 in the first quarter of 2012. As a result, the Company reported a loss of $1,165,000, or $0.13 per share, for the first quarter of 2013 compared with a net loss of $840,000, or $0.09 per share, for the first quarter of 2012. Management Comment Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "While our revenues in the first quarter were at a similar level to last year's average quarter, the reduction in gross margin is due to the mix of business in the quarter, which included a higher percentage of lower margin programs than last year. As indicated in our 2012 annual report, our R&D spending has been reduced when compared to last year as both our inertial navigation and radar products are mature and our focus is on business development and marketing activities around these two product lines. We are very encouraged by the initial contracts we have secured for these new products, mainly in the radar product line, from both the domestic and the international markets and we expect additional contracts for these products to come before the end of 2013." About RADA RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radar for Force and Border Protection, Inertial Navigation Systems for air and land applications, and Avionics Systems and Upgrades. 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, December 2013 31, 2012 Unaudited Audited CURRENT ASSETS: Cash and cash equivalents $1,348 $1,164 Restricted cash 625 1,311 Trade receivables (net of allowance for doubtful accounts of $29 and$ 15 at March 31, 2013 and at December 31, 2012 4,906 5,381 respectively) Costs and estimated earnings in excess of billings on 2,131 1,748 uncompleted contracts Other receivables and prepaid expenses 798 939 Inventories 6,742 7,272 Total current assets 16,550 17,815 LONG-TERM RECEIVABLES AND OTHER DEPOSITS 1,885 1,160 PROPERTY, PLANT AND EQUIPMENT, NET 3,180 3,324 OTHER ASSETS: Goodwill 587 587 Total other assets 587 587 Total assets $22,202 $22,886 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Bank Credit and current maturities of long-term loans $2,750 $3,172 Trade payables 2,478 1,948 Convertible note from a shareholder 3,000 3,000 Loans from shareholders, net 3,729 3,968 Other accounts payable and accrued expenses 4,325 3,750 Total current liabilities 16,282 15,838 LONG-TERM LIABILITIES: Accrued severance pay and other long term liability 540 519 Total long-term liabilities 540 519 RADA SHAREHOLDERS' EQUITY Share capital - Ordinary shares of NIS 0.015 par value - Authorized: 16,333,333 shares at March31, 2013 and December 31, 2012; 119 119 Issued and outstanding: 8,918,647 at March 31, 2013 and at December31, 2012 respectively. Additional paid-in capital 70,884 70,884 Accumulated other comprehensive income 482 468 Accumulated deficit (66,730) (65,565) Total RADA shareholders' equity 4,755 5,906 Noncontrolling interest 625 623 Total equity 5,380 6,529 Total liabilities and equity $22,202 $22,886 CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except per share data Three months ended Year ended March 31, December 31, 2013 2012 2012 (unaudited) (audited) Revenues $5,357 $3,672 $21,551 Cost of revenues 4,510 2,677 16,233 Gross profit 847 995 5,318 Operating expenses: Research and development 471 651 2,423 Marketing and selling 547 388 1,664 General and administrative 521 564 2,243 Total operating expenses 1,539 1,603 6,330 Operating loss (692) (608) (1,012) Financial expenses, net 475 236 1,043 Net loss (1,167) (844) (2,055) Less: attributable to Noncontrolling interest 2 4 4 Net loss attributable to RADA Electronic $(1,165) $(840) $(2,051) Industries' shareholders Basic and diluted net loss per share $(0.13) $(0.09) $(0.23) Weighted average number of Ordinary shares used for computing basic and diluted net loss 8,918,647 8,918,647 8,918,647 per share CONTACT: Shiri Lazarovich- C.F.O RADA Electronic Industries Ltd. Tel: +972-9-8921111 Shiri.Lazarovich@rada.com
RADA Electronic Industries Announces 2013 First Quarter Results
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