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RADA Electronic Industries Announces Second Quarter And First Half 2013 Results

NETANYA, Israel, Aug. 29, 2013 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) today announced its financial results for the second quarter and the six months ended June 30, 2013.

2013 Second quarter Results

Revenues totaled $5.2 million, a 3% increase when compared with $5.0 million in the second quarter of 2012.

Gross Profit totaled $0.8 million, a 48% decrease when compared with $1.5 million in the second quarter of 2012.

Operating expenses totaled $1.2 million, a 17% decrease when compared with $1.5 million in the second quarter of 2012.

Financial Expenses totaled $459,000, a 54% increase when compared with financial expenses of $296,000 in the second quarter of 2012.

As a result, the Company reported a net loss of $935,000, or $0.10 per share, for the second quarter of 2013 compared to a net loss of $321,000 or $0.03 per share, for the second quarter of 2012. 

First Half 2013 Results

Revenues totaled $10.6 million, a 21% increase when compared with $8.74 million for the same period in 2012.

Gross profit totaled $1.6 million, a 34% decrease when compared with $2.5 million for the same period in 2012.

Operating expenses totaled $2.8 million, a 9% decrease when compared with $3.1 million for the same period in 2012

Financial expenses totaled $934,000, a 69% increase when compared with financial expenses of $552,000 for the same period in 2012.

As a result, the Company reported a net loss of $2,100,000 or $0.23 per share for the six months ended June 30, 2013, compared with a net loss of $1,159,000 or $0.12 per share, for the comparable period in 2012

Management Comment

Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "The second quarter of 2013 was very similar to the first quarter. While our revenues were higher than the second quarter of last year, we had, like in the first quarter of this year, lower gross margin due to the mix of business in the quarter, which included a higher percentage of lower margin programs than last year. Our financial expenses have significantly increased when compared to the second quarter of 2012 because of the debt we incurred to finance our significant R&D efforts during the past years. On the other hand, we have continued to reduce our R&D spending 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 have already secured four radar system contracts during the first six months of 2013 and we will be delivering our initial production radar systems during the third quarter of 2013."

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