To arrange a call with management to discuss the results, please reach out to our Investor Relations contact .
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|
|Cash and cash equivalents||$77||$280|
|Trade receivables (net of allowance for doubtful accounts of $ 71 at December 31, 2010 and 2009)||8,925||4,210|
|Other receivables and prepaid expenses||668||438|
|Costs and estimated earnings in excess of billings on uncompleted contracts||2,698||1,291|
|Current assets of discontinued operation||2,137||1,985|
|Total current assets||21,483||14,002|
|Costs and estimated earnings in excess of billings on uncompleted contracts||745||537|
|TOTAL LONG-TERM RECEIVABLES||1,546||602|
|Property and equipment, net||2,374||2,498|
|Assets of discontinued operation||799||770|
|Total property, plant and equipment, net||3,173||3,268|
|Intangible assets, net||309||530|
|Total other assets||896||1,117|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Bank credit and current maturities of long-term loans||$4,274||$184|
|Convertible note from a shareholder, net||--||2,482|
|Other accounts payable and accrued expenses||5,508||3,259|
|Billings in excess of costs and estimated earnings on uncompleted contracts||471||515|
|Liabilities of discontinued operations||244||213|
|Total current liabilities||13,889||9,229|
|Loans from shareholders, net||881||1,410|
|Convertible note from a shareholder, net||2,598||--|
|Accrued severance pay and other long term liability||547||489|
|Total long-term liabilities||4,026||1,899|
|RADA SHAREHOLDERS' EQUITY|
|Share capital --|
|Ordinary shares of NIS 0.015 par value - Authorized: 16,333,333 shares at December 31, 2010 and 2009; Issued and outstanding: 8,868,857 at December 31, 2010 and 2009.||119||119|
|Additional paid-in capital||70,060||69,578|
|Accumulated other comprehensive income||392||316|
|Total RADA shareholders' equity||8,583||7,291|
|Total liabilities and equity||$27,098||$18,989|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|U.S. dollars in thousands, except per share data|
|Year ended December 31,||Three months ended December 31,|
|Cost of revenues:|
|Operating costs and expenses:|
|Research and development, net||1,182||1,616||246||336|
|Marketing and selling *)||2,556||1,602||871||540|
|General and administrative||1,596||1,815||543||543|
|Total operating costs and expenses||5,334||5,033||1,660||1,419|
|Financial expenses, net||1,184||832||349||208|
|Net income from continuing operations||692||155||1,079||920|
|Net income from discontinued operations||42||58||10||56|
|Net income attributable to RADA shareholders||$734||$213||$1,089||$976|
|Net income per share:|
|Basic and diluted net income per Ordinary share from continuing operations||$0.08||$0.02||$0.12||$0.10|
|Basic and diluted net income per Ordinary share from discontinuing operations||$0.004||$0.01||$0.001||$0.01|
|Basic and diluted net income per Ordinary share attributable for RADA Electronic Industries shareholders||$0.08||$0.02||$0.12||$0.11|
|Weighted average number of Ordinary shares used for computing basic and diluted net income per share||8,868,857||8,862,544||8,868,857||8,868,857|
|In December 2010, the company entered into an agreement to sell its Chinese subsidiary. Accordingly, this subsidiary meets the criteria of held for sale in accordance with ASC 360-10 and qualifies for reporting as a discontinued operation in accordance with ASC 205-20 as of December 31, 2010. Therefore, the results of operations of CACS have been classified as discontinued operations in the statement of operations and prior periods results have been reclassified accordingly. In addition, the comparative data of the Company's assets and liabilities have been reclassified as assets and liabilities attributed to discontinued operations in the balance sheets.|
CONTACT: Shiri Lazarovich - C.F.O RADA Electronic Industries Ltd. Tel: +972-9-8921111 Shiri.Lazarovich@rada.com Investor Relations Contact Ehud Helft/Porat Saar +1 646 233 2161 Rada@ccgisrael.com
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.