Oxford, MS 6/1/2011 (PennyPayDay) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced yesterday, in a press release, its financial results for the quarter ended March 31, 2011. Revenues increased by 72% to $7.8 million from $4.5 million in the first quarter of 2010. The increase is attributed mainly to projects being executed for Latin American customers. Gross Profit increased by 168% to $2.5 million from $929,000 in the first quarter of 2010.
As a result, the Company reported a net profit of $393,000, or $0.04 per share, for the first quarter of 2011 compared to a net loss of $518,000 or $0.06 per share, for the first quarter of 2010.
Commenting on the results, Zvika Alon, RADA's Chief Executive Officer said, "We are pleased with our first quarter 2011 results, which put us on track with our strategic plan for the year. The increase in revenues can be partly attributed to the large scale integration projects we are executing for our Latin American customers. As a result of this increase, we have increased our R&D investment, particularly in the high growth areas such as our navigation and radar products, which will help us expand our product offerings in the coming years. Despite the weakened US dollar versus the Israeli Shekel this past quarter, we succeeded to mitigate its impact through hedging activities, which helped us reduce our financial expenses this quarter."
"Looking ahead," continued Mr. Alon, "we will continue to pursue large opportunities in the navigation and radar product markets and expect them to become major growth drivers for the Company in the future."
RADA Electronic 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 for air and land applications, Avionics Solutions (Aircraft Upgrades, Avionics for UAVs, Stores Management Systems, Mission & Interface Computers) and Radar Sensors for active protective systems for land vehicles.
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