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RADA Electronic Industries Announces Second Quarter and First Half 2013 Results



RADA Electronic Industries Announces Second Quarter and First Half 2013
Results

NETANYA, Israel, Aug. 29, 2013 (GLOBE NEWSWIRE) -- RADA Electronic Industries
Ltd. (Nasdaq:RADA) today announced its financial results for the second
quarter and the six months ended June 30, 2013.

2013 Second quarter Results

Revenues totaled $5.2 million, a 3% increase when compared with $5.0 million
in the second quarter of 2012.

Gross Profit totaled $0.8 million, a 48% decrease when compared with $1.5
million in the second quarter of 2012.

Operating expenses totaled $1.2 million, a 17% decrease when compared with
$1.5 million in the second quarter of 2012.

Financial Expenses totaled $459,000, a 54% increase when compared with
financial expenses of $296,000 in the second quarter of 2012.

As a result, the Company reported a net loss of $935,000, or $0.10 per share,
for the second quarter of 2013 compared to a net loss of $321,000 or $0.03 per
share, for the second quarter of 2012. 

First Half 2013 Results

Revenues totaled $10.6 million, a 21% increase when compared with $8.74
million for the same period in 2012.

Gross profit totaled $1.6 million, a 34% decrease when compared with $2.5
million for the same period in 2012.

Operating expenses totaled $2.8 million, a 9% decrease when compared with $3.1
million for the same period in 2012

Financial expenses totaled $934,000, a 69% increase when compared with
financial expenses of $552,000 for the same period in 2012.

As a result, the Company reported a net loss of $2,100,000 or $0.23 per share
for the six months ended June 30, 2013, compared with a net loss of $1,159,000
or $0.12 per share, for the comparable period in 2012

Management Comment

Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said,
"The second quarter of 2013 was very similar to the first quarter. While our
revenues were higher than the second quarter of last year, we had, like in the
first quarter of this year, lower gross margin due to the mix of business in
the quarter, which included a higher percentage of lower margin programs than
last year. Our financial expenses have significantly increased when compared
to the second quarter of 2012 because of the debt we incurred to finance our
significant R&D efforts during the past years. On the other hand, we have
continued to reduce our R&D spending 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 have already secured four radar
system contracts during the first six months of 2013 and we will be delivering
our initial production radar systems during the third quarter 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 SHEET
U.S. dollars in thousands, except per share data
                                                              
ASSETS                                         June 30, 2013 December 31, 2012
                                               Unaudited      Audited
CURRENT ASSETS:                                               
Cash and cash equivalents                      $1,306        $1,164
Restricted cash                                1,358         1,311
Trade receivables (net of allowance for
doubtful accounts of $38 and $15 at June 30,   3,055         5,381
2013 and at December 31, 2012 respectively)
Costs and estimated earnings in excess of      2,622         1,748
billings on uncompleted contracts
Other accounts receivables and prepaid         938           939
expenses
Inventories                                    6,085         7,272
                                                              
Total current assets                           15,364        17,815
                                                              
                                                              
LONG-TERM RECEIVABLES AND OTHER DEPOSITS       1,167         1,160
                                                              
                                                              
PROPERTY, PLANT AND EQUIPMENT, NET             3,119         3,324
                                                              
                                                              
OTHER ASSET - GOODWILL                         587           587
                                                              
Total assets                                   $20,237       $22,886
                                                              
LIABILITIES AND SHAREHOLDERS' EQUITY                          
                                                              
CURRENT LIABILITIES:                                          
Bank credit and current maturities of          $2,236        $3,172
long-term loans
Trade payables                                 1,962         1,948
Convertible note from a shareholder            3,000         3,000
Loans from shareholders, net                   3,848         3,968
Other accounts payable and accrued expenses     4,166         3,750
                                                              
Total current liabilities                       15,212        15,838
                                                              
LONG-TERM LIABILITIES:                                        
Accrued severance pay and other long term       545           519
liability
                                                              
Total long-term liabilities                     545           519
                                                              
                                                              
RADA SHAREHOLDERS' EQUITY                                     
Share capital --                                              
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at June 30, 2013
and December 31, 2012; Issued and outstanding:  119           119
8,918,647 at June 30, 2013 and at December 31,
2012 respectively.
Additional paid-in capital                      70,884        70,884
Accumulated other comprehensive income          520           468
Accumulated deficit                             (67,665)      (65,565)
                                                              
Total RADA shareholders' equity                 3,858         5,906
Noncontrolling interest                         622           623
                                                              
Total equity                                   4,480         6,529
                                                              
Total liabilities and equity                   $20,237       $22,886

 
 
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
 
                                                                   
                        Six months ended      Three months ended  Year ended
                        June 30,              June 30,            December 31,
                        2013       2012       2013      2012      2012
                        (Unaudited)                               Audited
                                                                   
Revenues                $10,592    $8,739     $5,235    $5,067    $21,551
                                                                   
Cost of revenues        8,964      6,255      4,463     3,580     16,233
                                                                   
Gross profit            1,628      2,484      772       1,487     5,318
                                                                   
Operating expenses:                                                
Research and             816        1,323      337       673       2,423
development
Marketing and selling    985        700        438       313       1,664
General and              1,006      1,070      485       524       2,243
administrative
                                                                   
Total operating          2,807      3,093      1,260     1,510     6,330
expenses:
                                                                   
Operating loss           (1,179)    (609)      (488)     (23)      (1,012)
Financial expense, net   934        552        459       296       1,043
                                                                   
Consolidated loss        (2,113)    (1,161)    (947)     (319)     (2,055)
                                                                   
Less: Net (income) loss
attributable             13         2          12        (2)       4
to Non-controlling
interest
                                                                   
Loss attributable        $ (2,100)  $ (1,159)  $ (935)   $ (321)   $ (2,051)
to RADA shareholders
                                                                   
Loss per share:                                                    
Basic and diluted loss   $ (0.23)   $ (0.13)   $ (0.10)  $ (0.03)  $ (0.23)
per share
                                                                   
                                                                   
Weighted average number
of Ordinary shares used 8,918,647  8,918,647  8,918,647 8,918,647 8,918,647
for computing basic and
diluted 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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