RADA Reports New Orders of $26 Million During 2013
NETANYA, Israel, Feb. 5, 2014 (GLOBE NEWSWIRE) -- RADA Electronic Industries
Ltd. (Nasdaq:RADA) announced today that it had received new orders totaling
$26 million along 2013.
The vast majority of these new orders, totaling $21 million, are for airborne
mission data recording and ground debriefing systems. New orders are comprised
of repeated and growing orders from RADA's strategic customers base, along
with new customers. Adding various avionics systems and aircraft upgrade
services, the new orders for RADA's airborne products line of business reached
$25 million along 2013.
Of significant importance are several new orders for radar systems, both for
the Compact Hemispheric Radar (CHR) and for the Multi-Mission Hemispheric
Radar (MHR) products, all coming from new customers.
Zvika Alon, RADA CEO, commented: "The stable backlog of our
globally-recognized recorders and avionics facilitates the continuous
investment and conversion into orders of our inertial navigation and tactical
radars product lines. We anticipate that these new product lines will become
the growth engines for the company in the near future."
RADA Electronic Industries Ltd. is an Israel-based defense electronics
contractor. The Company specializes in the development, production, and sales
of Tactical Land Radars for Force and Border Protection, Inertial Navigation
Systems for air and land applications, and Avionics Systems and Upgrades.
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.
CONTACT: Company Contact:
Dubi Sella (CBDO)
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