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 2005
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 and
333-117954, and Form S-8 Registration Statements File Nos. 333-12844 and
333-111437.
RADA ELECTRONIC INDUSTRIES LTD.
6-K Items
1. Press Release re RADA Electronic Industries Announces First Quarter
2005 Results dated May 5, 2005.
ITEM 1
Press Release Source: RAA Electronic Industries Ltd.
RADA Electronic Industries Announces First Quarter 2005 Results
Thursday May 5, 8:33 am ET
NETANYA, Israel, May 5 /PRNewswire-FirstCall/ -- RADA Electronic Industries Ltd.
(Nasdaq: RADI - News) today reported its financial results for the first quarter
ended March 31, 2005. The company reported first quarter 2005 revenues of
US$2.84 million, compared to revenues of US$1.69 million in the same period of
last year.
Operating expenses in the first quarter of 2005 increased to US$2.53 million
from US$1.36 million. As a result the company reported a net loss of $508,000
for the quarter. This compares to a loss of $560,000 in the first quarter of
2004.
Commenting on the results, RADA's CEO, Mr. Adar Azancot stated, "Although we
have seen an improvement in both the top and bottom line compared to the first
quarter of last year, the results were still slightly below our average
quarterly forecast for 2005. This occurred for two reasons. First, a number of
projects were pushed out to the second quarter. Second, most of the revenues
during the quarter derived from development programs, which are, by nature,
lower-margin programs."
Mr. Azancot concluded, "We believe our second quarter results will compensate
for our slightly lower than expected revenue volume received this quarter."
RADA will host a conference call today, Thursday, May 5, 2005 at 10:00 a.m. EST.
Mr. Adar Azancot, Chief Executive Officer, will be on the call and available to
answer investor questions after presenting the results.
To participate, please call one of the telephone numbers below at least 5
minutes before the start of the call.
US: +1-866-860-9642 at 10:00 a.m. EST
Israel: 03-918-0600 at 5:00 p.m. Israel time
International: +972-3-918-0600
For those unable to participate, a replay will be available for 48 hours in the
US. Please dial +1-866-276-1002, international callers please dial
+972-3-925-5936
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 31,
2005 2004
Assets (unaudited)
Current Assets $ 7,628 $ 8,524
Long-Term Receivables 3,957 3,722
Property And Equipment, Net 4,316 4,283
Other Assets, Net 2,684 1,768
Total assets $ 18,585 $ 18,297
Liabilities And Shareholders' Equity
Current Liabilities $ 6,280 $ 6,259
Long-Term Liabilities 5,185 4,409
Minority Interests 389 397
Shareholders' Equity:
Share capital
Ordinary shares of NIS 0.005 par value -
Authorized: 45,000,000 shares at March 31, 2005
and December 31, 2004; Issued and outstanding:
20,458,364 and 20,448,364 shares at March 31,
2005 and December 31, 2004, respectively 110 110
Additional paid-in capital 61,858 61,851
Warrants 2,223 2,223
Accumulated deficit (57,460) (56,952)
Total shareholders' equity 6,731 7,232
Total liabilities and shareholders' equity $ 18,585 $ 18,297
Consolidated Statements of Operations
U.S. dollars in thousands, except share and per share data
Year
Three months ended ended
December
March 31, 31,
2005 2004 2004
(unaudited)
Revenues:
Products $ 2,248 $ 791 $ 11,123
Services 594 894 3,037
2,842 1,685 14,160
Cost of revenues:
Products 2,227 1,075 9,111
Services 306 286 1,176
2,533 1,361 10,287
Gross profit 309 324 3,873
Operating expenses:
Marketing and selling 178 280 738
General and administrative 528 524 2,116
Total operating expenses: 706 804 2,854
Operating income (loss) (397) (480) 1,019
Financial expenses, net (119) (95) (248)
Other income, net 5 23
(516) (570) 794
Minority interests in losses of
subsidiary 8 10 28
Net income (loss) $ (508) $ (560) $ 822
Earnings per share:
Basic net earnings per share $ (0.03) $ (0.03) $ 0.04
Diluted net earnings per share $ (0.02) $ (0.03) $ 0.03
Company Contact
Elan Sigal, C.F.O
RADA Electronic Industries Ltd.
Tel: +972-9-892 1111
Investor Relations Contacts
Ehud Helft/Kenny Green
GK Investor Relations
Ehud@gk-biz.com/Kenny@gk-biz.com
Tel. +1-866-704-6710
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: May 5, 2005