NETANYA, Israel, May 17, 2010 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) reported today its financial results for the first quarter ended March 31, 2010. Revenues were $4.5 million, an increase of 11% compared with revenues of $4.1 million in the first quarter of 2009. Gross profit was $0.9 million compared with $1.2 million in the first quarter of 2009. Operating expenses were $1.2 million compared with $1.3 million in the first quarter of 2009. Financial expenses in the first quarter of 2010 were $279,000, which included $78,000 in loss from change in the U.S. Dollar exchange rate versus the New Israeli Shekel. In comparison, during the first quarter of 2009 we had net financial Profit of $95,000, which included $244,000 income from the change in the U.S. Dollar exchange rate against the New Israeli Shekel. As a result, the Company reported a net loss for the quarter of $518,000 or $0.06 per share, compared to a net profit of $42,000 or $0.01 per share, for the comparable quarter in 2009.
Commenting on the results, Zvika Alon, RADA's CEO said, "The first quarter results are consistent with our projected plan for this year. Based on our backlog and production plans, we maintain our estimate of continued growth in revenue during 2010. The total value of new orders received by RADA in the first quarter was $7.2 million and our backlog has grown from $39 million at the end of 2009 to over $42 million at the end of March 2010."
About RADA
RADA Electronic Industries Ltd. is an Israel based defense electronics contractor. The Company specializes in Data Recording and Management (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 Radar Sensors for active protective systems for land vehicles.
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, 2010 | December 31, 2009 | ||||
| Unaudited | Audited | |||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $1,432 | $987 | ||||
| Restricted cash | 760 | 760 | ||||
| Trade receivables (net of allowance for doubtful accounts of $ 78 at March 31, 2010 and December 31, 2009) | 2,384 | 4,675 | ||||
| Other receivables and prepaid expenses | 601 | 604 | ||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 1,615 | 1,291 | ||||
| Inventories | 6,290 | 5,685 | ||||
| Total current assets | 13,082 | 14,002 | ||||
| LONG-TERM RECEIVABLES AND OTHERS | 796 | 602 | ||||
| PROPERTY, PLANT AND EQUIPMENT, NET | 3,105 | 3,268 | ||||
| OTHER ASSETS: | ||||||
| Intangible assets, net | 486 | 530 | ||||
| Goodwill | 587 | 587 | ||||
| Total other assets | 1,073 | 1,117 | ||||
| Total assets | $18,056 | $18,989 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current maturities of long-term loans | $45 | $184 | ||||
| Trade payables | 1,866 | 2,590 | ||||
| Convertible note from a shareholder, net | 2,636 | 2,482 | ||||
| Other accounts payable and accrued expenses | 3,810 | 3,458 | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 345 | 515 | ||||
| Total current liabilities | 8,702 | 9,229 | ||||
| LONG-TERM LIABILITIES: | ||||||
| Loans from shareholders, net | 1,507 | 1,410 | ||||
| Accrued severance pay and other long term liability | 496 | 489 | ||||
| Total long-term liabilities | 2,003 | 1,899 | ||||
| RADA SHAREHOLDERS' EQUITY | ||||||
| Share capital -- | ||||||
| Ordinary shares of NIS 0.015 par value - Authorized: 16,333,333 shares at March 31, 2010 and December 31, 2009; Issued and outstanding: 8,868,857 at March 31, 2010 and December 31, 2009. | 119 | 119 | ||||
| Additional paid-in capital | 69,594 | 69,578 | ||||
| Accumulated other comprehensive income | 316 | 316 | ||||
| Accumulated deficit | (63,240) | (62,722) | ||||
| Total RADA shareholders' equity | 6,789 | 7,291 | ||||
| Noncontrolling interest | 562 | 570 | ||||
|
Total equity |
7,351 | 7,861 | ||||
|
Total liabilities and equity |
$18,056 | $18,989 | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| U.S. dollars in thousands, except per share data | ||||||||
|
Three months ended March 31, |
Year ended December 31, |
|||||||
| 2010 | 2009 | 2009 | ||||||
| (unaudited) | (audited) | |||||||
| Revenues | 4,529 | 4,095 | 18,442 | |||||
| Cost of revenues | 3,600 | 2,846 | 12,431 | |||||
| Gross profit | 929 | 1,249 | 6,011 | |||||
| Operating expenses: | ||||||||
| Research and development | 259 | 474 | 1,616 | |||||
| Marketing and selling | 509 | 330 | 1,399 | |||||
| General and administrative | 408 | 502 | 1,937 | |||||
| Total operating expenses | 1,176 | 1,306 | 4,952 | |||||
| Operating profit (loss) | (247) | (57) | 1,059 | |||||
| Financial expenses (income), net | 279 | (95) | 832 | |||||
| Consolidated net income (loss) | (526) | 38 | 227 | |||||
| Less: Net (income) loss attributable to Noncontrolling interest | 8 | 4 | (14) | |||||
| Net income (loss) attributable to RADA shareholders | $(518) | $42 | $213 | |||||
| Net income (loss) per share: | ||||||||
| Basic and diluted net (income) loss per share | $ (0.06) | $ 0.01 | $ 0.02 | |||||