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RADA Electronic Industries Announces Second Quarter 2010 Results

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 June 30, 2010 December 31, 2009
  Unaudited Audited
CURRENT ASSETS:     
Cash and cash equivalents  $994 $987
Restricted cash 1,307 760
Trade receivables (net of allowance for doubtful accounts of $ 78 at June 30, 2010 and December 31, 2009) 5,548 4,675
Other receivables and prepaid expenses 618 604
Costs and estimated earnings in excess of billings on uncompleted contracts 931 1,291
Inventories  6,419 5,685
     
Total current assets 15,817 14,002
     
LONG-TERM RECEIVABLES AND OTHERS 973 602
     
PROPERTY, PLANT AND EQUIPMENT, NET  3,007 3,268
     
OTHER ASSETS:    
Intangible assets, net  442 530
Goodwill 587 587
     
Total other assets 1,029 1,117
     
Total assets $20,826 $18,989
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
CURRENT LIABILITIES:    
Current maturities of long-term loans $455 $184
Trade payables 2,840 2,590
Convertible note from a shareholder, net 2,811 2,482
Other accounts payable and accrued expenses 4,753 3,458
Billings in excess of costs and estimated earnings on uncompleted contracts 750 515
     
Total current liabilities 11,609 9,229
     
LONG-TERM LIABILITIES:    
Loans from shareholders, net  1,234 1,410
Accrued severance pay and other long term liability 525 489
     
Total long-term liabilities 1,759 1,899
     
RADA SHAREHOLDERS' EQUITY    
Share capital --    
Ordinary shares of NIS 0.015 par value - Authorized: 16,333,333 shares at June 30, 2010 and December 31, 2009; Issued and outstanding: 8,868,857 at June 30, 2010 and December 31, 2009. 119 119
Additional paid-in capital 69,609 69,578
Accumulated other comprehensive income 328 316
Accumulated deficit (63,170) (62,722)
Total RADA shareholders' equity 6,886 7,291
Noncontrolling interest 572 570
     
Total equity  7,458 7,861
     
Total liabilities and equity $20,826 $18,989
CONSOLIDATED STATEMENTS OF OPERATIONS         
U.S. dollars in thousands, except per share data        
         
  Six months ended  June 30,  Three months ended  June 30, 
  2010 2009 2010 2009
  (Unaudited)
         
Revenues $11,334 $7,115 $6,805 $3,020
         
Cost of revenues 9,260 5,275 5,524 2,429
         
Gross profit 2,074 1,840 1,281 591
         
Operating expenses:        
Research and development 470 882 211 408
Marketing and selling 691 719 318 389
General and administrative 822 943 414 441
         
Total operating expenses: 1,983 2,544 943 1,238
         
Operating profit ( loss) 91 (704) 338 (647)
Financial expense, net 541 200 262 295
         
Consolidated net income (loss) (450) (904) 76 (942)
         
Less: Net (income) loss attributable to Noncontrolling interest  2  5  (6)  9
         
Net income (loss) attributable to RADA shareholders $(448) $(909) $70 $(951)
         
Net income (loss) per share:        
Basic and diluted net income (loss) per share $(0.05) $(0.10) $0.01 $(0.11)
CONTACT:  RADA Electronic Industries Ltd.
          Shiri Lazarovich - C.F.O
          +972-9-8921111
          Shiri.Lazarovich@rada.com

          CCG Israel
          Investor Relations Contact
          Ehud Helft
          Porat Saar
          +1 646 233 2161
          Rada@ccgisrael.com

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