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
November 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, 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 Q3 2005 Results dated
November 10, 2005.
ITEM 1
Press Release Source: RADA Electronic Industries Ltd.
/C O R R E C T I O N -- RADA Electronic Industries/
Thursday November 10, 6:50 am ET
In the news release, RADA Electronic Industries Ltd. (Nasdaq: RADI - News)
Announces Q3 2005 Results, issued yesterday, Nov. 9, by RADA Electronic
Industries Ltd. over PR Newswire, we are advised by the company that the first
table, CONSOLIDATED BALANCE SHEETS was issued incorrectly. Complete, corrected
release follows:
RADA Electronic Industries Announces Q3 2005 Results
NETANYA, Israel, Nov. 9 /PRNewswire-FirstCall/ -- RADA Electronic Industries
Ltd. (Nasdaq: RADI - News) today reported its financial results for the first
nine month period ended September 30, 2005. The company reported revenues of
$9.2 million, compared to revenues of $10.66 million for the period ending
September 30, 2004. Gross profit for the nine month period decreased to $0.82
million from $2.89 million for the same period in 2004. SG&A costs for the nine
month period remained unchanged at $2.1 million.. As a result, the company
reported a net loss of $1.8 million. This compares to a net profit of $476,000
for the first nine months of 2004.
Commenting on the results, RADA's CEO, Mr. Adar Azancot stated, "Our current
financial results for September 2005 show a net loss, higher than expected. The
main reason for this is our lack of off-the-shelf product sales in 2005. While
in 2003 and 2004 our Company recorded over 55% off-the-shelf product revenues,
so far in 2005, about 75% of our revenues originate from development programs.
Since development programs require a certain amount of investment, and as we
have over 10 development programs in progress, without product sales to
compensate, a loss was inevitable".
"However, looking at the progress that we have made in a wider perspective along
three years, we see substantial growth in all dimensions of the Company. Our
development efforts over the past three years well position us with over 10 new
product types, compared with only two off-the-shelf products that we had over
the last three years; our traditional FACE and CATS. These new products will be
available for sale during 2006. We knew that extensive development activity will
require investment and we adjusted our Company to this period. I am glad to note
that on the marketing front, we see a wider range of customers, and potential
penetration into two strategic markets: the US, and India."
As for the strategic vision Mr. Azancot stated; "We believe that RADA today is
turning into a solid and mature Company with a broad product offering and with
the ability to compete for larger programs in volume, grow externally through
M&A activity, and participate in future privatization opportunities in Israel."
The Company will host a conference call, today, November 9th, at 10:30am EST. On
the call, Mr. Adar Azancot, CEO and Mr. Elan Sigal CFO, will review and discuss
the quarter results and will be available to answer questions. To participate,
you may dial one of the numbers below to join the call. Please place your calls
at least 5 minutes before the conference call commences. If you are unable to
connect using the toll-free number, please try the international dial-in number.
US Dial-in Number: 1 866 229 7198
ISRAEL Dial-in Number: 03 918 0600
INTERNATIONAL Dial-in Number: +972 3 918 0600
At:
10:30am Eastern Time
7:30am Pacific Time
5:30pm Israel Time
For those unable to participate in the conference call, there will be a replay
available starting 2 hours after the call. The replay will be available for two
days. To access the reply, dial: 1 866 500 4953 (US) or +972 3 925 5936 (Intl).
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.
Contact: Elan Sigal- C.F.O
RADA Electronic Industries Ltd.
Tel: 011-972-9-8921111
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
September 30, December 31,
2005 2004
ASSETS (unaudited)
CURRENT ASSETS $8,751 $8,524
LONG-TERM RECEIVABLES AND DEPOSITS 3,625 3,722
PROPERTY, PLANT AND EQUIPMENT, NET 4,089 4,283
OTHER ASSETS, NET 2,644 1,768
Total assets $19,109 $18,297
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES $6,014 $6,259
LONG-TERM LIABILITIES 4,473 4,409
MINORITY INTERESTS 381 397
SHAREHOLDERS' EQUITY:
Share capital
Ordinary shares of NIS 0.005 par
value - Authorized: 47,500,000 and
45,000,000 shares at September 30,
2005 and December 31, 2004,
respectively; Issued and outstanding:
22,362,032 and 20,448,364 shares at
September 30, 2005 and December 31,
2004, respectively 112 110
Additional paid-in capital 64,545 61,851
Warrants 2,321 2,223
Accumulated deficit (58,737) (56,952)
Total shareholders' equity 8,241 7,232
Total liabilities and shareholders'
equity $19,109 $18,297
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Year
Nine months ended Three months ended ended
December
September 30, September 30, 31,
2005 2004 2005 2004 2004
Unaudited Unaudited
Revenues:
Products $ 7,416 $ 8,372 $ 1,990 $ 3,162 $ 11,123
Services 1,755 2,286 533 578 3,037
9,171 10,658 2,523 3,740 14,160
Cost of revenues:
Products 7,254 6,579 2,437 2,219 9,111
Services 1,094 1,192 498 319 1,176
8,348 7,771 2,935 2,538 10,287
Gross profit (loss) 823 2,887 (412) 1,202 3,873
Operating expenses:
Marketing and selling 717 570 179 160 738
General and
administrative 1,441 1,555 444 587 2,116
Total operating
expenses: 2,158 2,125 623 747 2,854
Operating income
(loss) (1,335) 762 (1,035) 455 1,019
Financial expense,
net (464) (321) (167) (149) (248)
Other income, net 17 7 23
(1,799) 458 (1,202) 313 794
Minority interests in
losses of subsidiary 14 18 3 - 28
Net income (loss) $(1,785) $ 476 $(1,199) $ 313 $ 822
Income (loss) per
share:
Basic net income
(loss) per share $(0.09) $ 0.02 $ (0.06) $ 0.02 $ 0.04
Diluted net income
(loss) per share $(0.09) $ 0.02 $ (0.06) $ 0.01 $ 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: November 10, 2005