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 2007
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 Registrant's
Form F-3 Registration Statements File Nos. 333-12074, 333-115598, 333-117954,
and 333-127491 and Form S-8 Registration Statement File No. 333-111437.
RADA ELECTRONIC INDUSTRIES LTD.
6-K Items
1. Press Release re RADA Electronic Industries Announces Q1 2007 Results
dated May 24, 2007.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd
RADA Electronic Industries Announces Q1 2007 Results
Thursday May 24, 9:01 am ET
NETANYA, Israel, May 24 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq SmallCap: RADA - News) today reported its financial results for the
first quarter ended March 31, 2007. The company reported revenues of $2.75
million, compared to revenues of $2 million in the period ending March 31, 2006.
Cost of revenues decreased to $2.28 million from $2.43 million. The operating
expenses have increased to $812,000 for the quarter, from $708,000 in the first
quarter of 2006. As a result, the company reported net loss of $0.5 million.
This compares to a net loss of $1.19 million in the first quarter of 2006.
Commenting on the results, Major General (Ret.) Herzle Bodinger, RADA's CEO
said, "Although we presented a loss this quarter, we see that the Q1 2007
results have improved comparing to the Q1 2006 results. Traditionally we are
experiencing that the first quarter of the year is weaker then other quarters
and we maintain our view that throughout the year we will continue to show
improvement. The improvement is a result of our investments over the past two
years, both in new products and business relations."
About RADA
RADA Electronic Industries Ltd. is an Israel based company involved in the
military and commercial aerospace industries. The Company specializes in
Avionics systems (Digital Video Recorders, Ground Debriefing Stations, Stores
Management Systems, Flight Data Recorders, Inertial Navigation Systems),
Trainers Upgrades, Avionics systems for the UAV market, and Electro optic
cameras for airplanes and armored 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.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
March 31, December
2007 31, 2006
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,249 $ 990
Restricted cash 712 704
Trade receivables (net of allowance for doubtful
accounts of $ 34 at March 31, 2007 and December 31,
2006) 2,963 4,296
Other accounts receivable and prepaid expenses 473 200
Costs and estimated earnings in excess of billings
on uncompleted contracts 665 668
Inventories 2,598 2,468
Total current assets 8,660 9,326
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 68 78
Severance pay fund 1,709 1,624
Total long-term receivables and deposits 2,760 2,685
PROPERTY AND EQUIPMENT, NET 3,270 3,359
OTHER ASSETS:
Intangible assets, net and goodwill 1,949 2,072
Deferred charges, net 6 13
Total other assets 1,955 2,085
Total assets $ 16,645 $ 17,455
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of
long-term loans $ 530 $ 559
Convertible note 2,931 2,858
Trade payables 1,310 1,611
Other accounts payable and accrued expenses 3,288 3,419
Deferred revenues 73 84
Billings in excess of costs and estimated earnings
on uncompleted contracts 260 285
Total current liabilities 8,392 8,816
LONG-TERM LIABILITIES:
Long-term loan 107 142
Accrued severance pay 2,117 2,026
Total long-term liabilities 2,224 2,168
MINORITY INTERESTS 407 397
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at March 31, 2007 and
December 31, 2006; Issued and outstanding:
8,728,509 shares at March 31, 2007 and December 31,
2006 116 116
Additional paid-in capital 67,318 67,239
Accumulated deficit (61,812) (61,281)
Total shareholders' equity 5,622 6,074
Total liabilities and shareholders' equity $ 16,645 $ 17,455
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year
Three months ended ended
December
March 31, 31,
2007 2006 2006
(unaudited) (audited)
Revenues 2,754 2,007 13,037
Cost of revenues 2,281 2,433 10,999
Gross profit (loss) 473 (426) 2,038
Operating expenses:
Research and development 55 25 181
Marketing and selling 299 288 1,316
General and administrative 458 395 1,794
Total operating expenses 812 708 3,291
Operating loss (339) (1,134) (1,253)
Financial expenses, net (182) (120) (775)
Other income, net - 71 45
(521) (1,183) (1,983)
Minority interests in profits of
subsidiary (10) (9) (17)
Net loss for the period $ (531) $ (1,192) $ (2,000)
Loss per share:
Basic and diluted loss per share $ (0.06) $ (0.15) $ (0.23)
Contact:
Elan Sigal- C.F.O
RADA Electronic Industries Ltd.
Tel: +972-9-8921111
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 1, 2007