SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
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
November 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 Q3 2007 Results
dated November 21, 2007.
ITEM 1
Press Release Source: Rada Electronic Industries Ltd
RADA Electronic Industries Announces Q3 2007 Results
Wednesday November 21, 6:03 am ET
NETANYA, Israel, November 21 /PRNewswire-FirstCall/ -- RADA Electronic
Industries Ltd. (Nasdaq Capital Market: RADA) today reported its financial
results for the three and nine month periods ended September 30, 2007.
The company reported revenues of $2.8 million for the third quarter of 2007, as
compared to $2.9 million in the third quarter of 2006. Operating loss for the
third quarter of 2007 was $419,000, as compared to operating profit of $348,000
in the third quarter of 2006. As a result, the company reported a net loss of
$559,000 for the third quarter of 2007, compared to net income of $15,000 in the
third quarter of 2006.
Nine Months Financial Highlights
- Total revenue reaches $9.7 million, a 30% increase compared to the same period
of 2006.
- Gross profit of $1.9 million compared to $200,000 in 2006.
For the first nine months of 2007 the company reported total revenue of $9.7
million, an operating loss of $703,000 and a net loss of $1.2 million. This
compares with total revenue of $7.5 million, an operating loss of $1.9 million
and a net loss of $2.5 million for the first nine months of 2006.
Commenting on the results, Mr. Zvika Alon, RADA's CEO said, "The financial
results of the nine months ending September 30, 2007 are better than the same
period last year. Notwithstanding the third quarter results, we expect 2007
annual results to show similar improvement"
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.
Contact:
Elan Sigal- C.F.O
RADA Electronic Industries Ltd.
Tel: +972-9-8921111
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
September December
30, 2007 31, 2006
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,275 $ 990
Restricted cash 593 704
Trade receivables (net of allowance for doubtful
accounts of $ 63 at September 30, 2007 and $ 34 at
December 31, 2006) 3,079 4,296
Other accounts receivable and prepaid expenses 480 200
Costs and estimated earnings in excess of billings
on uncompleted contracts 897 668
Inventories 2,536 2,468
Total current assets 8,860 9,326
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 67 78
Severance pay fund 1,890 1,624
Total long-term receivables and deposits 2,940 2,685
PROPERTY AND EQUIPMENT, NET 2,922 3,359
OTHER ASSETS:
Intangible assets, net and goodwill 1,703 2,072
Deferred charges, net - 13
Total other assets 1,703 2,085
Total assets $ 16,425 $ 17,455
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of
long-term loans $ 416 $ 559
Convertible note - 2,858
Short-term loan from shareholder 3,000 -
Trade payables 1,239 1,611
Other accounts payable and accrued expenses 3,357 3,503
Billings in excess of costs and estimated earnings
on uncompleted contracts 180 285
Total current liabilities 8,192 8,816
LONG-TERM LIABILITIES:
Long-term loan 28 142
Long term loan from shareholders, net of discount 243 -
Accrued severance pay 2,284 2,026
Total long-term liabilities 2,555 2,168
MINORITY INTERESTS 432 397
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at September 30, 2007
and December 31, 2006; Issued and outstanding:
8,728,509 shares at September 30, 2007 and December
31, 2006 116 116
Additional paid-in capital 67,591 67,239
Accumulated deficit (62,461) (61,281)
Total shareholders' equity 5,246 6,074
Total liabilities and shareholders' equity $ 16,425 $ 17,455
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Three months
Nine months ended ended Year ended
September 30, September 30, December 31,
2007 2006 2007 2006 2006
(Unaudited) (audited)
Revenues $ 9,720 $ 7,456 $ 2,762 $ 2,879 $ 13,037
Cost of revenues 7,851 7,259 2,308 1,843 10,999
Gross profit 1,869 197 454 1,036 2,038
Operating
expenses:
Research and
development 210 139 61 70 181
Marketing and
selling 952 939 270 377 1,316
General and
administrative 1,410 1,041 542 241 1,794
Total operating
expenses: 2,572 2,119 873 688 3,291
Operating income
(loss) (703) (1,922) (419) 348 (1,253)
Financial expense,
net 442 650 118 303 (775)
Other income
(expenses), net - (45) - (23) 45
(1,145) (2,527) (537) 22 (1,983)
Minority interests
in profits of
subsidiary 35 7 22 7 17
Net (loss) income $ (1,180) $ (2,534) $ (559) $ 15 $ (2,000)
Net loss per
share:
Basic and diluted
net loss per share $ (0.14) $ (0.30) $ (0.06) $ 0.003 $ (0.23)
SIGNATURE
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
President and Chairman
Date: November 21, 2007