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 2008
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 Q1 2008 Results
dated May 21, 2008.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd
RADA Electronic Industries Announces Q1 2008 Results
Wednesday May 21, 10:30 am ET
NETANYA, Israel, May 21 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq SmallCap: RADA - News) today reported its financial results for the
first quarter ended March 31, 2008. Revenues were $3.7 million, an increase of
34% from 2007 and gross profit was $0.6 million, an increase of 35% from 2007.
Operating loss for the quarter was $319 thousand compared with an operating loss
of $339 thousand in the first quarter of 2007. The financial expenses of the
period increased to $432 thousand from $182 thousand in 2007. As a result the
company reported a net loss of $0.77 million or $0.09 per share. This compares
with a net loss of $0.53 million or $0.06 per share, for the comparable quarter
in 2007.
Commenting on the results, Zvika Alon, RADA's CEO said, "The revenues and gross
profits of the first quarter have improved compared to the Q1 2007 results.
Traditionally we have experienced that the first half of the year is weaker than
the second, we maintain our view that we will continue to show improvement in
our orders backlog resulting from our marketing efforts. While our production
deliveries keep increasing, we plan to continue investing during 2008 in
research and development mainly in our new Inertial Navigation product line."
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,
2008 2007
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,308 $ 835
Restricted cash 633 598
Trade receivables (net of allowance for doubtful
accounts of $ 62 at March 31, 2008 and December 31,
2007) 3,607 4,907
Other accounts receivable and prepaid expenses 521 305
Costs and estimated earnings in excess of billings
on uncompleted contracts 1,137 701
Inventories 3,192 2,609
Total current assets 10,398 9,955
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 50 57
Severance pay fund 2,228 2,038
Total long-term receivables and deposits 3,261 3,078
PROPERTY AND EQUIPMENT, NET 2,976 2,745
OTHER ASSETS:
Intangible assets, net 1,304 1,414
Goodwill 396 214
Total other assets 1,700 1,628
Total assets $ 18,335 $ 17,406
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of
long-term loans $ 258 $ 490
Trade payables 1,876 1,472
Other accounts payable and accrued expenses 4,097 3,666
Deferred revenues 70 181
Billings in excess of costs and estimated earnings
on uncompleted contracts 109 88
Total current liabilities 6,410 5,897
LONG-TERM LIABILITIES:
Loan from shareholders, net 67 261
Convertible note from a shareholder, net 1,700 1,622
Long-term loan 282 -
Accrued severance pay 2,691 2,442
Total long-term liabilities 4,740 4,325
MINORITY INTERESTS 532 459
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at March 31, 2008 and
December 31, 2007; Issued and outstanding:
8,858,553 and 8,705,788 shares at March 31, 2008
and December 31, 2007 respectively 119 116
Additional paid-in capital 69,398 68,968
Accumulated other comprehensive income 265 -
Accumulated deficit (63,129) (62,359)
Total shareholders' equity 6,653 6,725
Total liabilities and shareholders' equity $ 18,335 $ 17,406
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Three months ended Year ended
March 31, December 31,
2008 2007 2007
(unaudited) (audited)
Revenues 3,691 2,754 14,021
Cost of revenues 3,054 2,281 10,681
Gross profit (loss) 637 473 3,340
Operating expenses:
Research and development 94 55 324
Marketing and selling 367 299 1,213
General and administrative 495 458 2,190
Total operating expenses 956 812 3,727
Operating loss (319) (339) (387)
Financial expenses, net (432) (182) (629)
(751) (521) (1,016)
Minority interests in profits of
subsidiary (7) (10) (62)
Loss before tax (758) (531) (1,078)
Tax expenses (12) - -
Net loss for the period $ (770) $ (531) $ (1,078)
Loss per share:
Basic and diluted loss per share $ (0.09) $ (0.06) $ (0.12)
Contact:
Shiri Lazarovich- C.F.O
RADA Electronic Industries Ltd.
Tel: +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
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Herzle Bodinger
President and Chairman
Date: May 22, 2008