SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2003
RADA ELECTRONIC INDUSTRIES LIMITED
(Name of Registrant)
7 Giborei Israel Street, Netanya 42504, Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):__
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): __
Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______________
This Form 6-K is being incorporated by reference into the Company's Form
F-3 Registration Statement File No. 333-11716.
RADA ELECTRONIC INDUSTRIES LTD.
6-K Items
1. Press Release re RADA Electronic Industries Ltd. Year-End Results for
December 31, 2002; Achieves Positive EBIDTA After 6 Consecutive Years of
EBIDTA Losses dated June 30, 2003.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
RADA Electronic Industries Ltd. Year-End Results for December 31, 2002;
Achieves Positive EBIDTA After 6 Consecutive Years of EBIDTA Losses
Monday June 30, 9:59 am ET
NETANYA, Israel, June 30 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq: RADIF - News) today reported its financial results for the year
ended December 31, 2002. The company reported a 25% increase in revenues for the
year ended December 31, 2002 to $10.4 million, up from $8.3 million for the year
ended December 31, 2001. The Company's net loss for the year ended December 31,
2002 declined to $2.5 million (or $0.15 per share) from $3.4 million (or $0.24
per share) for the year ended December 31, 2001. The Company reported Earnings
Before Interest Depreciation, Taxes and Amortization (EBIDTA) of approximately
$276,000 for the year ended December 31, 2002 compared to an EBIDTA loss of $1.2
million in 2001 and losses in each of the previous five years.
Although the Company reported shareholders' equity of approximately $485,000 at
December 31, 2002, it anticipates that as a result of the recently signed
memorandum of agreement with its banks to restructure approximately $3.4 million
in debt, its shareholders' equity as of December 31, 2002, on a pro forma basis
giving effect to the restructuring, would be approximately $2.8 million.
RADA's President, Gen. (Res.) Herzle Bodinger, former Commander of the Israeli
Air Force, stated, "2002 was a significant year for RADA as we were able to
report EBDITA for the first time in six years and continue the trend of improved
financial results over last six years" Gen. Bodinger noted that "Our forecast
indicates continued growth in 2003 and we expect that our operating results will
continue to improve over 2002."
About RADA
RADA Electronic Industries Ltd. is an Israel based company involved in the
military and commercial aerospace industries, with 110 staff. The company
specializes in Avionics, Ground Debriefing Stations (Video, ACMI and
Maintenance) and Automatic Test Equipment.
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 Reports on Form 20-F and other filings with the
Securities and Exchange Commission.
Contact: Adar Azancot - C.E.O
RADA Electronic Industries Ltd.
Tel: 011-972-9-8921109
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
In thousands of U.S. dollars, except per share data
December 31,
2002 2001
Current assets
Cash and cash equivalents $ 570 $ 74
Trade receivables (net of allowance for
doubtful accounts of $214 and $189 as of
December 31, 2002 and 2001, respectively) 1,832 817
Other receivables and prepaid expenses 93 67
Costs and estimated earnings in excess of
billings on uncompleted contracts -- 109
Inventories 1,077 1,616
Total current assets 3,572 2,683
Long-term receivables and deposits
Long-term receivables 893 1,163
Leasing deposits 70 --
Severance pay funds 1,334 1,351
2,297 2,514
Property and equipment, net
Cost 16,456 19,037
Less - accumulated depreciation 10,845 12,010
Total property and equipment, net 5,611 7,027
Intangible assets, net 3,127 4,108
Total assets $ 14,607 $ 16,332
Current liabilities
Short-term bank credits and loans $ 5,697 $ 5,920
Trade payables 635 797
Other payables and accrued expenses 2,949 2,825
Deferred revenues 1,771 2,363
Billings in excess of costs and estimated
earnings on uncompleted contracts 575 224
Total current liabilities 11,627 12,129
Long-term liabilities
Accrued severance pay 2,043 1,784
Loan due to a related party -- 1,061
2,043 2,845
Contingencies, commitments and liens
Minority interests 452 658
Shareholders' equity
Share capital
Ordinary shares of NIS 0.005 par value:
Authorized - 45,000,000 and
26,000,000 shares as of December 31, 2002
and 2001, respectively; Issued
and outstanding - 18,510,716 and
13,816,839 shares as of
December 31, 2002 and 2001, respectively 108 103
Additional paid-in capital 58,785 56,646
Warrants 124 --
Accumulated deficit (58,532) (56,049)
Total shareholders' equity 485 700
Total liabilities and shareholders' equity $ 14,607 $ 16,332
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
In thousands of U.S. dollars, except per share data
Year ended
December 31,
2002 2001 2000
Revenues
Products $ 6,773 $ 5,883 $ 2,583
Services 3,626 2,459 1,233
10,399 8,342 3,816
Cost of revenues
Products 6,685 6,079 4,071
Services 2,538 1,337 1,236
9,223 7,416 5,307
Gross profit (loss) 1,176 926 (1,491)
Operating expenses
Research and development
expenses 122 534 730
Marketing, selling, general
and administrative expenses 3,089 3,617 3,612
Total operating expenses 3,211 4,151 4,342
Operating loss (2,035) (3,225) (5,833)
Financing expenses, net (364) (210) (861)
Other income (expenses), net (290) (30) 563
(2,689) (3,465) (6,131)
Minority interest in
losses of subsidiaries 206 96 32
Net loss $ (2,483) $ (3,369) $ (6,099)
Basic and diluted net loss
per share $ (0.15) $ (0.24) $ (0.46)
Weighted average number of
Ordinary shares used in
computing basic and diluted
net loss per share
(in thousands) 16,555 13,817 13,305
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Rada Electronic Industries Ltd.
(Registrant)
By: /s/Herzle Bodinger
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Herzle Bodinger, Chairman
Date: June 30, 2003