NETANYA, Israel, July 1, 2013 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today its financial results for the quarter ended March 31, 2013. 2013 First Q uarter Results Revenues totaled $5.4 million, a 46% increase when compared with $3.7 million in the first quarter of 2012. Gross Profit totaled $0.85 million, a 15% decrease when compared with $1 million in the first quarter of 2012. Operating Expenses totaled $1.5 million, a 4% decrease when compared with $1.6 million in the first quarter of 2012. Financial Expenses totaled $475,000, a 100 % increase when compared with financial expenses of $236,000 in the first quarter of 2012. As a result, the Company reported a loss of $1,165,000, or $0.13 per share, for the first quarter of 2013 compared with a net loss of $840,000, or $0.09 per share, for the first quarter of 2012.
Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "While our revenues in the first quarter were at a similar level to last year's average quarter, the reduction in gross margin is due to the mix of business in the quarter, which included a higher percentage of lower margin programs than last year. As indicated in our 2012 annual report, our R&D spending has been reduced when compared to last year as both our inertial navigation and radar products are mature and our focus is on business development and marketing activities around these two product lines. We are very encouraged by the initial contracts we have secured for these new products, mainly in the radar product line, from both the domestic and the international markets and we expect additional contracts for these products to come before the end of 2013."About RADA RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radar for Force and Border Protection, Inertial Navigation Systems for air and land applications, and Avionics Systems and Upgrades.