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
August 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 Second Quarter
2009 Results dated August 26, 2009.
ITEM 1
RADA Electronic Industries Announces Second Quarter 2009 Results
Press Release
Source: RADA Electronic Industries Ltd.
On Wednesday August 26, 2009, 9:30 am EDT
NETANYA, Israel, Aug. 26, 2009 (GLOBE NEWSWIRE) -- RADA Electronic Industries
Ltd. (Nasdaq:RADA - News) reported today its financial results for the second
quarter ended June 30, 2009. Revenues were $3.0 million compared to $3.6 million
in the second quarter of 2008. Operating loss for the second quarter of 2009 was
$647,000 compared to operating loss of $376,000 in the second quarter of 2008.
The company reported a net loss of $951,000 for the second quarter of 2009,
compared to a net loss of $672,000 in the second quarter of 2008.
For the six-month period ended June 30, 2009, revenues were $7.1 million, a
decrease of 2.6% compared with revenues of $7.3 million for the same period in
2008. In the six months ended June 30, 2009, gross profit increased 47% to $1.8
million from $1.3 million in the 2008 period and gross margin was 26% up from
17% in the 2008 period. Operating expenses in the 2009 period were $2.5 million
compared to $1.9 million for the same period in 2008. Operating expenses for the
period ended June 30, 2009 includes $882,000 of research and development
expenses compared to $232,000 of research and development expenses in the same
period in 2008. Financial expenses were $200,000 in the 2009 period compared
with financial expenses of $726,000 in the period ended June 30, 2008, which
expenses were significantly impacted by currency fluctuations of the exchange
rate of the U.S. dollar against the Israeli Shekel (financial income of $130,000
and financial expenses of $196,000 for the periods ended June 30, 2009 and 2008,
respectively). As a result, the Company reported a net loss of $0.9 million or
$0.10 per share for the six-month period ended June 30, 2009. This compares with
a net loss of $1.4 million or $0.16 per share, for the comparable period in
2008.
Commenting on the results, Zvika Alon, RADA's CEO said, "The increase in
research and development expenses to support future product development has
significantly affected the results during the first half of 2009. We expect that
our R&D efforts will continue during the second half of 2009. Our order backlog
continued to increase during the second quarter; therefore we maintain our
expectation for an improvement in our operating results."
About RADA
RADA Electronic Industries Ltd. is an Israel based defense electronics
contractor. The Company specializes in data recording and management (Digital
Video & Data Recorders, Ground Debriefing Stations Head-Up Display Cameras),
inertial navigation systems, avionics solutions (Trainer Aircraft Upgrades,
Stores Management Systems, Interface Computers) and avionics systems for UAVs.
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
June 30, Dec. 31,
ASSETS 2009 2008
--------- --------
Unaudited Audited
--------- --------
CURRENT ASSETS:
Cash and cash equivalents $ 1,529 $ 964
Restricted cash 544 793
Trade receivables (net of allowance
for doubtful accounts of $59 and $60 at
June 30, 2009 and December 31, 2008,
respectively) 2,959 3,434
Other receivables and prepaid expenses 928 597
Costs and estimated earnings in excess
of billings on uncompleted contracts 1,469 2,210
Inventories 4,823 4,409
--------- --------
Total current assets 12,252 12,407
--------- --------
LONG-TERM RECEIVABLES AND DEPOSITS:
Long-term receivables 770 803
Leasing deposits 60 56
--------- --------
Total long-term receivables and deposits 830 859
--------- --------
PROPERTY, PLANT AND EQUIPMENT, NET 3,475 3,699
--------- --------
OTHER ASSETS:
Intangible assets, net 752 972
Goodwill 587 557
--------- --------
Total other assets 1,339 1,529
--------- --------
Total assets $ 17,896 $ 18,494
========= ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current
maturities of long-term loans $ 156 $ 162
Trade payables 1,645 2,760
Other payable and accrued expenses 5,103 3,860
Billings in excess of costs and estimated
earnings on uncompleted contracts 73 43
--------- --------
Total current liabilities 6,977 6,825
--------- --------
LONG-TERM LIABILITIES:
Long-term loan -- 33
Loans from shareholders, net 1,528 1,546
Convertible note from a shareholder, net 2,210 1,980
Accrued severance pay and other long term
liability 491 558
--------- --------
Total long-term liabilities 4,229 4,117
--------- --------
MINORITY INTERESTS 561 556
--------- --------
SHAREHOLDERS' EQUITY
Share capital -
Ordinary shares of NIS 0.015 par value
- Authorized: 16,333,333 shares at
June 30, 2009 and December 31, 2008;
Issued and outstanding: 8,858,553 at
June 30, 2009 and December 31, 2008 119 119
Additional paid-in capital 69,535 69,495
Accumulated other comprehensive income 319 317
Accumulated deficit (63,844) (62,935)
--------- --------
Total shareholders' equity 6,129 6,996
--------- --------
Total liabilities and shareholders' equity $ 17,896 $ 18,494
========= ========
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Six months Three months
ended ended
June 30, June 30,
---------------- ----------------
2009 2008 2009 2008
------- ------- ------- -------
(Unaudited)
----------------------------------
Revenues $ 7,115 $ 7,307 $ 3,020 $ 3,616
Cost of revenues 5,275 6,055 2,429 3,001
------- ------- ------- -------
Gross profit 1,840 1,252 591 615
------- ------- ------- -------
Operating expenses:
Research and development 882 232 408 138
Marketing and selling 719 699 389 332
General and administrative 943 1,016 441 521
------- ------- ------- -------
Total operating expenses: 2,544 1,947 1,238 991
------- ------- ------- -------
Operating loss (704) (695) (647) (376)
Financial expense, net 200 726 295 294
------- ------- ------- -------
(904) (1,421) (942) (670)
Minority interests
in profits of a subsidiary 5 21 9 2
------- ------- ------- -------
Net loss $ (909) $(1,442) $ (951) $ (672)
======= ======= ======= =======
Net loss per share:
Basic and diluted net loss
per share $ (0.10) $ (0.16) $ (0.11) $ (0.08)
======= ======= ======= =======
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: August 26, 2009