NETANYA, Israel, Aug. 29, 2012 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) today announced its financial results for the second quarter and first half ended June 30, 2012.
201 2 Second quarter Results
Revenues totaled $5.2 million, a 9% decrease when compared with $5.7 million in the second quarter of 2011.Gross Profit totaled $1.6 million, a 17% decrease when compared with $1.9 million in the second quarter of 2011. Operating expenses totaled $1.6 million, a 6% decrease when compared with $1.7 million in the second quarter of 2011. Financial Expenses totaled $261,720 compared with financial expenses of $31,432 in the second quarter of 2011. As a result, the Company reported a net loss of $214,000, or $0.02 per share, for the second quarter of 2012 compared to net profit of $147,002 or $0.02 per share, for the second quarter of 2011. First Half 2012 Results Revenues totaled $8.85 million, a 35% decrease when compared with $13.5 million for the same period in 2011. Gross profit totaled $2.6 million, a 41% decrease when compared with $4.4 million for the same period in 2011. Operating expenses totaled $3.2 million, a 13% decrease when compared with $3.7 million for the same period in 2011. Financial expenses totaled $500,000 compared with financial expenses of $184,000 for the same period in 2011. As a result, the Company reported a net loss of $ 1,053,000 or $0.12 per share for the six month period ended June 30, 2012, compared with net income of $540,000 or $0.06 per share, for the comparable period in 2011. Management Comment Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "Our revenues in the second quarter of the year were higher than in the first quarter, but still less than in the same period in 2011. The two major programs that have been delayed since last year, as we reported in our 2011 annual report, are starting to get back on track and are expected to positively impact our operations in the next two quarters. We continue to invest in research and development of our new two product lines. All our Inertial Navigation products are in serial production now and our pre-production radars are being demonstrated successfully, particularly in Israel and in the US. We maintain our expectations that the INS and radar products will be the growth drivers for the company's revenues in the future."
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