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
March 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,
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 Full Year 2007
Results dated March 6, 2008.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd
RADA Electronic Industries Announces Full Year 2007 Results
Thursday March 6, 3:08 pm ET
NETANYA, Israel, March 6 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq: RADA - News) today reported its financial results for the year
ended December 31, 2007. The company reported a net loss of $1.1 million or
$0.12 per share. This compares with a net loss of $2.0 million or $0.23 per
share, for the year ended December 31, 2006. Revenues in 2007 were $14.0
million, an increase of 8% from 2006. The company's gross margin increased to
24% in 2007 from 16% in 2006.The company's operating loss for the year was
$387,000 compared with an operating loss of $1.3 million in 2006.
Commenting on the results, Zvika Alon, RADA's CEO said, "Our financial results
in 2007 improved over the last two years. The improvement is mainly due to the
higher gross profit margin on our off-the-shelf products. We expect that our
production deliveries will continue to increase in 2008 and we plan to continue
investing during 2008 in research and development primarily in our new Inertial
Navigation product line. Our marketing efforts during 2007 were very successful
resulting in an increased backlog. We are continuing these efforts, focusing on
our main markets in Israel, U.S. and India."
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), Trainer
Aircraft 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
December 31,
2007 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 835 $ 990
Restricted cash 598 704
Trade receivables (net of allowance for doubtful
accounts of $ 62 and $ 34 at December 31, 2007 and
2006, respectively) 4,907 4,296
Other accounts receivable and prepaid expenses 305 200
Costs and estimated earnings in excess of billings
on uncompleted contracts 701 668
Inventories 2,609 2,468
Total current assets 9,955 9,326
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 983 983
Leasing deposits 57 78
Severance pay fund 2,038 1,624
Total long-term receivables and deposits 3,078 2,685
PROPERTY, PLANT AND EQUIPMENT, NET 2,745 3,359
OTHER ASSETS:
Intangible assets, net 1,414 1,906
Goodwill 214 166
Deferred charges, net - 13
Total other assets 1,628 2,085
Total assets $ 17,406 $ 17,455
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of
long-term loans $ 490 $ 559
Convertible note - 2,858
Trade payables 1,472 1,611
Other accounts payable and accrued expenses 3,666 3,419
Deferred revenues 181 84
Billings in excess of costs and estimated earnings
on uncompleted contracts 88 285
Total current liabilities 5,897 8,816
LONG-TERM LIABILITIES:
Long-term loan - 142
Loan from shareholders, net 261 -
Convertible note from a shareholder, net 1,622 -
Accrued severance pay 2,442 2,026
Total long-term liabilities 4,325 2,168
MINORITY INTERESTS 459 397
SHAREHOLDERS' EQUITY
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at December 31, 2007
and 2006; Issued and outstanding: 8,705,788 shares
at December 31, 2007 and 2006
Additional paid-in capital 116 116
Accumulated deficit 68,968 67,239
(62,359) (61,281)
Total shareholders' equity 6,725 6,074
Total liabilities and shareholders' equity $ 17,406 $ 17,455
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year ended December 31,
2007 2006 2005
Revenues:
Products $ 11,704 $ 10,984 $ 11,303
Services 2,317 2,053 2,118
14,021 13,037 13,421
Cost of revenues:
Products 9,501 9,517 10,601
Services 1,180 1,482 1,481
10,681 10,999 12,082
Gross profit 3,340 2,038 1,339
Operating costs and expenses:
Research and development 324 181 -
Marketing and selling 1,213 1,316 1,155
General and administrative 2,190 1,794 1,939
Total operating costs and expenses 3,727 3,291 3,094
Operating loss (387) (1,253) (1,755)
Financial expenses, net (629) (775) (624)
Other income, net - 45 33
(1,016) (1,983) (2,346)
Minority interests in losses
(earnings) of a subsidiary (62) (17) 17
Net loss $ (1,078) $ (2,000) $ (2,329)
Net loss per share:
Basic net loss per share $ (0.12) $ (0.23) $ (0.31)
Diluted net loss per share $ (0.12) $ (0.23) $ (0.31)
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: March 10, 2008