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RADA Electronic Industries Announces Third Quarter And First Nine Months 2012 Results

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.

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.
ASSETS Sep 30, 2012 December 31, 2011
  Unaudited Audited
CURRENT ASSETS:     
Cash and cash equivalents  $1,730 $1,107
Restricted cash 917 1,385
Trade receivables (net of allowance for doubtful accounts of $ 7 at Sep 30, 2012 and December 31, 2011, respectively) 4,532 6,920
Costs and estimated earnings in excess of billings on uncompleted contracts 2,596 814
Other receivables and prepaid expenses 920 727
Inventories  8,313 7,655
     
Total current assets 19,008 18,608
     
LONG-TERM RECEIVABLES AND OTHER DEPOSITS 1,549 1,563
     
PROPERTY, PLANT AND EQUIPMENT, NET  2,831 3,277
     
OTHER ASSETS:    
Intangible assets, net  39 155
Goodwill 587 587
     
Total other assets 626 742
     
Total assets $24,014 $24,190
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
CURRENT LIABILITIES:    
Bank Credit and current maturities of long-term loans $5,019 $6,338
Trade payables 1,464 2,380
Convertible note from a shareholder, net 2,991 2,810
Other accounts payable and accrued expenses 4,926 4,126
     
Total current liabilities 14,400 15,654
     
LONG-TERM LIABILITIES:    
Loans from shareholders, net  2,364 176
Accrued severance pay and other long term liability 489 516
     
Total long-term liabilities 2,853 692
     
     
RADA SHAREHOLDERS' EQUITY  
Share capital --    
Ordinary shares of NIS 0.015 par value - Authorized: 16,333,333 shares at Sep 30, 2012 and December 31, 2011; Issued and outstanding: 8,918,647 at Sep 30, 2012 and at December 31, 2011 respectively. 119 119
Additional paid-in capital 70,884 70,176
Accumulated other comprehensive income 463 443
Accumulated deficit (65,323) (63,514)
Total RADA shareholders' equity 6,143 7,224
Noncontrolling interest 618 620
  6,761 7,844
Total equity 
  $24,014 $24,190
Total liabilities and equity
     
     
  Three months ended September 30, Nine months ended  September 30,
  2012 2011 2012 2011
  (Unaudited)
         
Revenues $6,280 $3,372 $15,018 $16,852
         
Cost of revenues  5,006 3,076 11,263 12,157
         
Gross profit 1,274 296 3,755 4,695
         
Operating expenses:        
Research and development 674 829 1,997 2,028
Marketing and selling  485 402 1,186 1,838
General and administrative 518 397 1,640 1,431
         
Total operating expenses: 1,677 1,628 4,823 5,297
         
Operating profit, (loss) (403) (1,332) (1,068) (602)
Financial expense, net 250 175 749 359
         
Consolidated net income (loss) (653) (1,507) (1,817) (961)
         
Less: Net (income) loss attributable to Noncontrolling interest 5 (4) 7 (10)
         
Net income (loss) attributable to RADA shareholders  $(648)  $(1,511) $(1,810) $(971)
         
Net income (loss) per share:        
Basic and diluted net income (loss) per share $(0.07) $(0.17) $(0.20) $(0.11)
         
Weighted average number of Ordinary shares used for computing basic and diluted net income (loss) per share  8,918,647 8,893,694 8,918,647 8,894,709
CONTACT: Shiri Lazarovich- C.F.O
         RADA Electronic Industries Ltd.
         Tel: +972-9-8921111
         Shiri.Lazarovich@rada.com

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