NETANYA, Israel, April 24, 2013 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) today announced its financial results for the year ended December 31, 2012.
Full Year 2012 Results
Revenues totaled $21.6 million, an 11% increase when compared to $19.4 million in 2011.Gross profit totaled $5.3 million, a 5% decrease when compared to $5.6 million for 2011. Operating Expenses totaled 6,3million, a 5% decrease when compared to $6.6 million in 2011. Operating loss totaled $1 million, compared to an operating loss of $1 million in 2011. As a result, the Company reported a net loss of $2.05 million, or $0.23 per share for the year ended December 31, 2012, compared with net profit of $1.5 million, or $0.17 per share, for the comparable period in 2011. Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "During 2012 we succeeded to increase our sales volume. Partly because two delayed programs came back on track. While our operating loss remained similar to that of 2011, our net loss increased due to significantly higher financial expenses in 2012. Our R&D spending remained at the similar high level it was during 2011, mainly for the development of our ground radar products. As a result, we are now under contract with two new customers that are using our radars as part of their systems and we expect two additional contracts during the second quarter of 2013. We expect that our R&D efforts in 2013 will be lower than in 2012, as our inertial navigation and radar products are mature enough to enable business development and marketing activities. Further investments are still needed to broaden the product offering and to support marketing activities. We are continuing to pursue large opportunities in our traditional avionics market, in particular, large programs for our Digital Video Recorders and Ground Debriefing Systems in the US. At the same time, we are offering our navigation and radar products to a growing number of customers and markets and we expect them to become major growth drivers for the Company in the future."