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
August 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 Half 2005
Results dated August 1, 2005.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
RADA Electronic Industries Announces First Half 2005 Results
Monday August 1, 9:00 am ET
NETANYA, Israel, August 1 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (NASDAQ: RADI - News) today reported its financial results for the first
half ending June 30, 2005. The company reported earnings of $6.65 million,
compared to earnings of $6.92 million in the period ending June 30, 2004. Gross
profit decreased to $1.23 million from $1.68 million. The SG&A costs have
increased to $1.53 million, from $1.38 in the first half of 2004. As a result
the company reported a net loss of $586,000. This compares to a profit of
$163,000 in the first half of 2004.
Commenting on the results, RADA's CEO, Mr. Adar Azancot stated, "We believe in
the products we are developing and in our ability to sell them in the future. We
are experiencing an increase in volume and scale of proposals for programs that
we are competing for, and we anticipate some positive outcomes before the end of
2005. However, being a provider of components to development programs of new
platforms and upgrades of existing platforms, RADA is sensitive to circumstances
which determine the timing of the sale of our products."
About RADA
RADA Electronic Industries Ltd. is an Israeli-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 armoured 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.
Contact: Elan Sigal- C.F.O
RADA Electronic Industries Ltd.
Tel: +972-9-8921111
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share data
June 30, December 31,
2005 2004
ASSETS (unaudited)
CURRENT ASSETS $ 9,745 $ 8,524
LONG-TERM RECEIVABLES AND DEPOSITS 3,904 3,722
PROPERTY, PLANT AND EQUIPMENT, NET 4,237 4,283
OTHER ASSETS, NET 2,545 1,768
Total assets $ 20,431 $ 18,297
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES $ 5,803 $ 6,259
LONG-TERM LIABILITIES 4,806 4,409
MINORITY INTERESTS 386 397
SHAREHOLDERS' EQUITY:
Share capital
Ordinary shares of NIS 0.005 par value -
Authorized: 47,500,000 and 45,000,000 shares at
June 30, 2005 and December 31, 2004,
respectively; Issued and outstanding: 22,356,032
and 20,448,364 shares at June 30, 2005 and
December 31, 2004, respectively 112 110
Additional paid-in capital 64,541 61,851
Warrants 2,321 2,223
Accumulated deficit (57,538) (56,952)
Total shareholders' equity 9,436 7,232
Total liabilities and shareholders' equity $ 20,431 $ 18,297
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year
Six months ended Three months ended ended
December
June 30, June 30, 31,
2005 2004 2005 2004 2004
Revenues:
$
Products $ 5,426 5,210 $ 3,178 $ 4,419 $ 11,123
Services 1,222 1,708 628 814 3,037
6,648 6,918 3,806 5,233 14,160
Cost of revenues:
Products 4,817 4,360 2,590 3,285 9,111
Services 596 873 290 587 1,176
5,413 5,233 2,880 3,872 10,287
Gross profit 1,235 1,685 926 1,361 3,873
Operating expenses:
Marketing and selling 538 410 360 130 738
General and
administrative 997 968 469 444 2,116
Total operating
expenses: 1,535 1,378 829 574 2,854
Operating income
(loss) (300) 307 97 787 1,019
Financial expense, net (297) (172) (178) (77) (248)
Other income, net - 10 - 5 23
(597) 145 (81) 715 794
Minority interests in
losses of subsidiary 11 18 3 8 28
Net income (loss) $ (586) $ 163 $ (78) $ 723 $ 822
Income (loss) per
share:
Basic income (loss)
per share $ (0.03) $ 0.01 $ (0.004) $ 0.04 $ 0.04
Diluted income (loss)
per share $ (0.03) $ 0.01 $ (0.004) $ 0.03 $ 0.03
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: August 2, 2005