NETANYA, Israel, March 16, 2011 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today its financial results for the quarter and year ended December 31, 2010.
Full year 2010 highlights include:
- Revenues of $26.7 million, a 52% Year over Year increase
- Operating Profit of $1.9 million, a 90% Year over Year Increase
- Net Profit of $734,000, or $0.08 per share
Full Year 2010 ResultsRevenues increased by 52% to $26.7 million from $17.5 million in 2009. Gross Profit increased by 20% to $7.2 million from $6.0 million in 2009. Operating Profit increased by 90% to $1.9 million from $1.0 million in 2009. Financial Expenses totaled $1.2 million compared with financial expenses of $832,000 in 2009. As a result, the Company reported a net profit of $734,000, or $0.08 per share, for 2010, an increase of 245% compared with a net profit of $213,000 or $0.02 per share, in 2009. Fourth Quarter 2010 Results Revenues increased by 39% to $9.6 million compared with $6.9 million in the fourth quarter of 2009. Gross Profit increased by 21% to $3.1 million compared with $2.5 million in the fourth quarter of 2009. Operating Profit increased by 27% to $1.4 million compared with $1.1 million in the fourth quarter of 2009. Financial Expenses in the fourth quarter of 2010 increased to $349,000 compared with $208,000 in the fourth quarter of 2009. As a result, the Company reported net profit for the quarter of $1.1 million, or $0.12 per share. This is compared with $976,000 net profit or $0.11 per share, for the comparable quarter in 2009. Management Comment Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "We saw a major increase in revenues during 2010. Even more encouraging was the increase in our operating profit, especially net profit, which more than tripled when compared with 2009. This increase is due in part to the large scale integration projects we are executing for our Latin American customers. These integration projects have generated a 90% growth in operating profit, but based on a reduced gross margin. These large projects, along with other new contracts reported during 2010, together totaled approximately $28 million, and will continue to positively impact our results during 2011." "Looking ahead to 2011," continued Mr. Alon, "we expect to see sustained growth from key strategic regions such as Latin America, as well as a further increase in investment in research and development of our Inertial Navigation and Radar product families that we hope will become major growth drivers for the Company in the future."