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
May 2009
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,
333-127491 and 333-150197 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 First Quarter
2009 Results; Company Reports 11% Increase in Revenues and Net Profit
dated May 21, 2009.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
RADA Electronic Industries Announces First Quarter 2009 Results;
Company Reports 11% Increase in Revenues and Net Profit
On Thursday May 21, 2009, 9:39 am EDT
NETANYA, Israel, May 21, 2009 (GLOBE NEWSWIRE) -- RADA Electronic Industries
Ltd. (Nasdaq:RADA) reported today its financial results for the quarter ended
March 31, 2009. Revenues were $4.1 million, an increase of 11% compared with
revenues of $3.7 million in the first quarter of 2008. Gross profit increased
96% to $1.2 million from $0.6 million in the first quarter of 2008 and gross
margin was 30% compared with 17% in the first quarter of 2008. Operating
expenses were $1.3 million compared with operating expenses of $1.0 million in
the first quarter of 2008. Financial income was $95,000 compared with financial
expenses of $432,000 in the first quarter of 2008, which includes $240,000
income and $110,000 expenses from the changes of the U.S. dollar against the
Israeli Shekel, for the quarters ended March 31, 2009 and 2008, respectively.
As a result, the Company reported net profit of $42,000 or $0.01 per share. This
compares with a net loss of $770,000 or $0.09 per share, for the comparable
quarter in 2008.
Commenting on the results, Zvika Alon, RADA's CEO said, "The first quarter of
2009 is our third consecutive profitable quarter. The improvement in our
profitability was principally made possible by the sequential growth in our
revenues. This improvement occurred despite the increase in research and
development expenses, which expenses are expected to increase in the second and
third quarters of 2009. We are making these investments in order to allow us to
enhance and broaden our product offerings, which will provide us with greater
opportunities in the market. Although the current environment remains
challenging, we believe that the continued execution of our strategy to increase
our product offerings in the defense electronics market as well as commercial
derivatives will enable us to move forward and continue to improve our operating
results."
About RADA
RADA Electronic Industries Ltd. is an Israel based defense electronics
contractor. The Company specializes in data recording and management (Digital
Video & Data Recorders, Ground Debriefing Stations Head-Up Display Cameras),
inertial navigation systems, avionics solutions (Trainer Aircraft Upgrades,
Stores Management Systems, Interface Computers) and avionics systems for UAVs.
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
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U.S. dollars in thousands, except share and per share data
March 31, Dec. 31,
2009 2008
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Unaudited Audited
---------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,438 $ 964
Restricted cash 573 793
Trade receivables (net of allowance for
doubtful accounts of $60 at March 31,
2009 and December 31, 2008) 3,069 3,434
Other receivables and prepaid expenses 637 597
Costs and estimated earnings in excess of
billings on uncompleted contracts 2,044 2,210
Inventories 4,425 4,409
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Total current assets 12,186 12,407
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LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 773 803
Leasing deposits 55 56
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Total long-term receivables and deposits 828 859
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PROPERTY, PLANT AND EQUIPMENT, NET 3,600 3,699
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OTHER ASSETS:
Intangible assets, net 862 972
Goodwill 585 557
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Total other assets 1,447 1,529
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Total assets $ 18,061 $ 18,494
----- ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current
maturities of long-term loans $ 165 $ 162
Trade payables 1,852 2,760
Other payable and accrued expenses 4,308 3,860
Billings in excess of costs and estimated
earnings on uncompleted contracts -- 43
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Total current liabilities 6,325 6,825
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LONG-TERM LIABILITIES:
Long-term loan -- 33
Loans from shareholders, net 1,537 1,546
Convertible note from a shareholder, net 2,090 1,980
Accrued severance pay and other long
term liability 488 558
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Total long-term liabilities 4,115 4,117
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MINORITY INTERESTS 552 556
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SHAREHOLDERS' EQUITY
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at March 31,
2009 and December 31, 2008; Issued and
outstanding: 8,858,553 at March 31,
2009 and December 31, 2008 119 119
Additional paid-in capital 69,523 69,495
Accumulated other comprehensive income 320 317
Accumulated deficit (62,893) (62,935)
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Total shareholders' equity 7,069 6,996
----- ---------- ----------
Total liabilities and shareholders' equity $ 18,061 $ 18,494
----- ========== ==========
CONSOLIDATED STATEMENTS OF OPERATIONS
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U.S. dollars in thousands, except per share data
Year
Three months ended ended
March 31, Dec. 31,
--------------------- ---------
2009 2008 2008
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(unaudited) (audited)
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Revenues 4,095 3,691 17,881
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Cost of revenues 2,846 3,054 13,686
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Gross profit 1,249 637 4,195
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Operating expenses:
Research and development 474 94 686
Marketing and selling 330 367 1,496
General and administrative 502 507 1,903
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Total operating expenses 1,306 968 4,085
----- --------- --------- ---------
Operating profit (loss) (57) (331) 110
Financial income (expenses), net 95 (432) (668)
--------- --------- ---------
38 (763) 558
Minority interests in (profit) loss
of a subsidiary 4 (7) (18)
--------- --------- ---------
Net Profit (loss) for the period $ 42 $ (770) $ (576)
========= ========= =========
Profit (loss) per share:
Basic and diluted profit (loss)
per share $ 0.01 $ (0.09) $ (0.07)
========= ========= =========
Contact:
RADA Electronic Industries Ltd.
Shiri Lazarovich - C.F.O
011-972-9-8921111
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
------------------
Herzle Bodinger
President and Chairman
Date: May 21, 2009