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 October 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. Announces Results for
the Nine Months Ended September 30, 2003 dated October 20, 2003.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
RADA Electronic Industries Ltd. Announces Results for the
Nine Months Ended September 30, 2003.
Monday October 20, 1:43 pm ET
NETANYA, Israel, Oct. 20 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq SmallCap: RADIF - News) today reported its financial results for
the nine months ended September 30, 2003. The company reported $7.3 million in
revenues and $261,000 of net income.
The financials statements reflect the previously announced debt settlement
agreement with its banks that closed on September 24, 2003. Other income related
to the debt settlement agreement amounted to $832,000. As a result of the debt
settlement the company had shareholders equity of $2,554,000 at September 30,
2003.
About RADA
RADA Electronic Industries Ltd. is an Israel based company involved in the
military and commercial aerospace industries, with 100 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.
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
In thousands of U.S. dollars (except per share data)
September 30, December 31,
2003 2002
(Unaudited) (Audited)
Current assets
Cash and cash equivalents $689 $570
Trade receivables (net of allowance for
doubtful accounts of $214 as of September 30,
2003 and December 31, 2002) 1,774 1,832
Other receivables and prepaid expenses 498 93
Inventories 1,094 1,077
Total current assets 4,055 3,572
Long-term receivables and deposits
Long-term receivables 975 893
Leasing deposits 70 70
Severance pay funds 1,695 1,334
2,740 2,297
Property and equipment, net
Cost 16,503 16,456
Less - accumulated depreciation 11,559 10,845
Total property and equipment, net 4,944 5,611
Intangible assets, net 2,834 3,127
Total assets $14,573 $14,607
Current liabilities
Short-term bank credits and loans $2,076 $5,697
Trade payables 557 635
Other payables and accrued expenses 2,657 2,949
Deferred revenues 1,590 1,771
Billings in excess of costs and estimated
earnings on uncompleted contracts 2,508 575
Total current liabilities 9,388 11,627
Long-term liabilities
Accrued severance pay 2,208 2,043
Minority interests 423 452
Shareholders' equity
Share capital
Ordinary shares of NIS 0.005 par value:
Authorized - 45,000,000 shares as of
September 30, 2003 and December 31, 2002;
Issued and outstanding - 18,510,716
shares as of September 30, 2003 and
December 31, 2002 108 108
Additional paid-in capital 59,140 58,785
Warrants 1,577 124
Accumulated deficit (58,271) (58,532)
Total shareholders' equity 2,554 485
Total liabilities and shareholders' equity $14,573 $14,607
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARY
UNAUDITED CONSOLIDATED INCOME STATEMENTS
In thousands of U.S. dollars
For the three For the nine
months ended months ended
September 30, 2003
(Unaudited)
Revenues
Products $1,921 $4,806
Services 853 2,515
2,774 7,321
Cost of revenues
Products 1,639 4,323
Services 495 1,439
2,134 5,762
Gross profit 640 1,559
Operating expenses:
Marketing, selling, general and
administrative expenses 674 1,981
Operating loss (34) (422)
Financing expenses, net (49) (280)
Other income, net 872 934
789 232
Minority interest in losses of subsidiary 22 29
Net income $811 $261
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: October 21, 2003