NETANYA, Israel, Aug. 19, 2010 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) today announced its financial results for the second quarter ended June 30, 2010.
Second Quarter highlights include:
- Revenues totaled $6.8 million, an increase of 125% compared with second quarter 2009
- Operating expenses totaled $0.9 million, a decrease of 24% compared with second quarter 2009
- Net income of $70,000 or $0.01 per share
Second Quarter 2010 ResultsRevenues totaled $6.8 million, increasing by 125% when compared with revenues of $3.0 million in the second quarter of 2009. Gross profit totaled $1.3 million, increasing by 117% when compared with $0.6 million in the second quarter of 2009. Operating Profit was $338,000 compared with Operating loss of $647,000 million in the second quarter of 2009. Financial expenses in the second quarter of 2010 totaled $262,000 compared with $295,000 in the same quarter of 2009. As a result, the Company reported a net income for the quarter of $70,000 or $0.01 per share. This is compared with a net loss of $951,000 or $0.11 per share, for the comparable quarter in 2009. First Half 2010 Results Revenues totaled $11.3 million, increasing by 59% when compared with revenues of $7.1 million for the same period in 2009. Gross profit totaled $2.1 million, increasing by 13% when compared with $1.8 million in 2009. Operating profit totaled $91,000, compared with Operating loss of $704,000 for the same period in 2009. Financial expenses in the first half of 2010 totaled $541,000 compared with the financial expenses of $200,000 in 2009. As a result, the Company reported a net loss of $448,000 or $0.05 per share for the six month period ended June 30, 2010, decreasing by 51% when compared with a net loss of $909,000 or $0.10 per share, for the comparable period in 2009. Management Comment Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "We see major improvement in all financial parameters in the second quarter of 2010 when compared with the second quarter of 2009 as well as with the first quarter of this year. The significant increase in backlog during the first half of 2010, which was first reported in July 2010, indicates continuous growth and encouraging prospects for the future. The growth in revenue is the result of higher volume programs, including major aircraft upgrades performed this past year, which we expect to leverage for our future business. In addition, we are introducing new products that were developed during the last 2 years, such as the 'Sentinel' radar, designed for Active Protection Systems, which will be marketable to existing as well as new key customers." To arrange a call with management to discuss the results, please reach out to the Investor Relations contact, below. 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.