SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
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 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 Full Year 2008
Results dated March 16, 2009.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
RADA Electronic Industries Announces Full Year 2008 Results
Monday March 16, 12:14 pm ET
NETANYA, Israel, March 16, 2009 (GLOBE NEWSWIRE) -- RADA Electronic Industries
Ltd. (NasdaqGS:RADA - News) today reported its financial results for the year
ended December 31, 2008. The company reported revenues in 2008 of $17.9 million,
an increase of 27% from 2007. Rada's gross profit increased 26% to $4.2 million
in 2008 from $3.3 million in 2007. The gross margin was 24% in both 2008 and
2007. The Company had operating profit of $110,000 in 2008 compared to an
operating loss of $387,000 in 2007. As a result, the Company reported a net loss
of $576,000 or $0.07 per share. This compares with a net loss of $1.08 million
or $0.12 per share, for the year ended December 31, 2007.
Commenting on the results, Zvika Alon, RADA's CEO, said, "Our 2008 financial
results show continuous improvement during the last three years. We are pleased
with the on-going increase in revenues and, for the first time in four years,
reaching operational profitability this fiscal year. Our internal investment in
research and development during 2008 was $686,000, which amount exceeded our net
loss, and we achieved these results despite the increasingly challenging
economic environment worldwide. Going into 2009 we intend to continue to invest
in research and development of new products to ensure that we are prepared to
capitalize on the many opportunities we see in the defense market. We will
continue our marketing efforts, which were very successful during the past year
resulting in an increased order backlog. Based on our backlog and sales
forecast, we maintain our expectations for revenues growth in 2009."
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
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U.S. dollars in thousands, except share and per share data
December 31,
--------------------
2008 2007
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 964 $ 835
Restricted cash 793 598
Trade receivables (net of allowance for
doubtful accounts of $ 60 and $ 62 at
December 31, 2008 and 2007, respectively) 3,434 4,907
Other receivables and prepaid expenses 597 305
Costs and estimated earnings in excess of
billings on uncompleted contracts 2,210 701
Inventories 4,409 2,609
-------- --------
Total current assets 12,407 9,955
-------- --------
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 803 983
Leasing deposits 56 57
-------- --------
Total long-term receivables and deposits 859 1,040
-------- --------
PROPERTY, PLANT AND EQUIPMENT, NET 3,699 2,745
-------- --------
OTHER ASSETS:
Intangible assets, net 972 1,414
Goodwill 557 214
-------- --------
Total other assets 1,529 1,628
-------- --------
Total assets $ 18,494 $ 15,368
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current
maturities of long-term loans $ 162 $ 490
Trade payables 2,760 1,472
Other accounts payable and
accrued expenses 3,860 3,847
Billings in excess of costs and estimated
earnings on uncompleted contracts 43 88
-------- --------
Total current liabilities 6,825 5,897
-------- --------
LONG-TERM LIABILITIES:
Long-term loan 33 --
Loans from shareholders, net 1,546 261
Convertible note from a shareholder, net 1,980 1,622
Accrued severance pay and other
long term liability 558 404
-------- --------
Total long-term liabilities 4,117 2,287
-------- --------
MINORITY INTERESTS 556 459
-------- --------
SHAREHOLDERS' EQUITY
Share capital -
Ordinary shares of NIS 0.015 par value -
Authorized: 16,333,333 shares at
December 31, 2008 and 2007; Issued and
outstanding: 8,858,553 and 8,705,788
shares at December 31, 2008 and
December 31, 2007 respectively 119 116
Additional paid-in capital 69,495 68,968
Accumulated other comprehensive income 317 --
Accumulated deficit (62,935) (62,359)
-------- --------
Total shareholders' equity 6,996 6,725
-------- --------
Total liabilities and shareholders' equity $ 18,494 $ 15,368
======== ========
CONSOLIDATED STATEMENTS OF OPERATIONS
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U.S. dollars in thousands, except per share data
Year ended December 31,
-------------------------------
2008 2007 2006
-------- -------- --------
Revenues:
Products $ 15,543 $ 11,704 $ 10,984
Services 2,338 2,317 2,053
-------- -------- --------
17,881 14,021 13,037
-------- -------- --------
Cost of revenues:
Products 12,472 9,501 9,517
Services 1,214 1,180 1,482
-------- -------- --------
13,686 10,681 10,999
-------- -------- --------
Gross profit 4,195 3,340 2,038
-------- -------- --------
Operating costs and
expenses:
Research and
development 686 324 181
Marketing and selling 1,496 1,213 1,316
General and
administrative 1,903 2,190 1,794
-------- -------- --------
Total operating costs
and expenses 4,085 3,727 3,291
-------- -------- --------
Operating profit (loss) 110 (387) (1,253)
Financial expenses, net 668 629 775
Other income, net -- -- 45
-------- -------- --------
558 1,016 1,983
Minority interest in
earnings of subsidiary 18 62 17
-------- -------- --------
Net loss $ 576 $ 1,078 $ 2,000
======== ======== ========
Net loss per share:
Basic and diluted net
loss per share $ 0.07 $ 0.12 $ 0.23
======== ======== ========
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: March 16, 2009