Rada Ends Successful Year with Revenues of $25 Million, Backlog of $24 Million, Record Net Income.HERZLIYA Herzliya or Herzlia (hĕrtslē`ə), town (1994 pop. 83,800), central Israel, near the Mediterranean Sea. It is a resort with fine beaches, as well as an important electronics center. PITUACH, Israel--(BUSINESS WIRE)--May 15, 1996--Rada Electronic Industries Ltd. (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :RADIF The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page.
A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. year for the Company, generating revenues of $25.08 million, a record backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $24 million and record net income. Rada's 1994 revenues were $23.10 million. Industrial sector revenues rose 64 percent to $15.88 million compared with $9.67 million in the previous year. Rada's consolidated statements of income do not include the revenues of its former subsidiary, Kellstrom, which was sold June June: see month. 22, 1995. Rada RADA (in Britain) Royal Academy of Dramatic Art RADA (Brit) n abbr (= Royal Academy of Dramatic Art) → Schauspielschule Chief Executive Officer Haim Haim is the surname of:
fatigue, in engineering, microscopic cracking of materials, especially metals, after repeated applications of stress. Fissures may be formed within pieces of metal during their manufacture when, while cooling from the molten state, Autonomous Combat Maneuvers For the military usage, see . "Maneuvers" is the 27th episode of , and the eleventh episode in the second season. Plot After Voyager detects a Federation probe, the Kazon Nistrim attack and steal some transporter technology. Evaluation System, and Smarts Catsc Avionics Testing Equipment (ATE) system. Rada received a total of $27.00 million in new orders during 1995. For the full year, net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $209,000 or $0.034 per share as against a loss of $987,000 or $0.165 per share in 1994. Net income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $539,000, reflecting six months activity, down from $1.16 million in 1994. The net gain on the sale of the discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: assets was $2.38 million. Resulting net income for the year rose to $3.13 million or $0.503 per share compared with a 1994 net income of $169,000 or or $0.028 per share. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to $1.52 million as contrasted with $348,000 in the prior year. Research and development expenses were $793,000, down from $920,000, sales and marketing costs rose to $4.49 million compared with $3.83 million in 1994, reflecting Rada's successful efforts to promote sales in the industrial sector. General and administrative expenses were up marginally to $2.84 million compared with $2.81 million, despite the volume growth in Rada's business. For the fourth quarter ended December 31 Rada reported revenues of $7.05 million, up 32.3 percent from 1994 revenues of $5.33 million, due again to a significant rise in industrial sector sales. Fourth quarter net income from continuing operations was $157,000 as contrasted with a loss of $51,000 in the year-ago quarter. Net income after discontinued operations for the fourth quarter was $14,000 compared to $89,000 in the year-ago quarter. Cost of sales and contract revenues earned increased to $4.41 million from $2.98 million in the prior year's fourth quarter, due primarily to a $764,000 write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of program development costs. Financial expenses were $257,000 against $259,000 in the fourth quarter of 1994. Operating income in the quarter more than doubled to $466,000 compared with $208,000 in the year-ago quarter. Rada Chairman Haim Nissenson said the Company ended the year with a backlog of $24 million, the largest by far in its operating history, and achieved major goals it had set for itself. "We achieved a major business turnaround, demonstrated by our record backlog and established a strong position in healthy niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. ," Mr. Nissenson declared. "We have also moved strongly into high-growth commercial aviation markets and dramatically increased our presence in the international markets." In the third quarter Rada received a $14.5 million order for its ACE/FACE system, the Company's largest ever, from the Royal Netherlands Air Force The Royal Netherlands Air Force (RNLAF), Dutch Koninklijke Luchtmacht (KLu), is the aviation branch of the Netherlands armed forces. Its ancestor, the Luchtvaartafdeling of the Dutch Army was founded on July 1, 1913, and it originally consisted of just 4 pilots. . In April 1996 Rada announced $4 million in reorders for its Smart Catsc avionics testing equipment (ATE) from British Airways British Airways in full British Airways PLC International passenger airline based in London. In 1936 British Airways Ltd. was founded through the merger of three smaller airlines. , ATE for the Israeli Air Force The Israeli Air Force (IAF; Hebrew: זרוע האויר והחלל, Zroa HaAvir VeHaḤalal , and for its ACE air operations evaluation system by the Royal Netherlands Air Force. Rada Electronic Industries Ltd. is a leading niche aerospace business focused on avionics testing and post-flight debriefing de·brief·ing n. 1. The act or process of debriefing or of being debriefed. 2. The information imparted during the process of being debriefed. Noun 1. (Top Gun) systems for commercial and military aviation. The Company's strategically located subsidiaries reach markets worldwide. Subsidiaries include Tasco Electronics Inc. and Active Technologies Inc. in the US, Vectronics Ltd. and Unitec Universal Technologies Ltd. in Israel, Adar Active Technologies B.V. in Holland, and CACS CACS Center for Advanced Computer Studies CACS Computer Audit, Control and Security CACS Carrier Access Corporation (stock symbol) CACs Criteria Air Contaminants CACS Center for Alaskan Coastal Studies CACS Coronary Artery Calcium Scoring in China. -0-
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Year Ended December 31,
1995 1994
Sales and contract revenues earned $ 25,084 $ 23,104
Cost of sales and cost of contract
revenues earned 15,433 15,188
9,651 7,916
Research and development expenses, net 793 920
Selling and marketing expenses 4,492 3,834
General & administrative expenses 2,844 2,814
8,129 7,568
Operating income 1,522 348
Financial expenses, net (1,309) (1,270)
Other income 48 4
Income (loss) from continuing operations before 261 (918)
Taxes on income 52 69
Income (loss) from continuing operations 209 (987)
Income from discontinued operations 539 1,156
Gain on disposal of discontinued operations
(net of taxes) 2,379 -
Net income from discontinued operations 2,918 1,156
Net income $ 3,127 $ 169
Earnings (loss) per share from
continuing operations $0.034 ($0.165)
Earnings per share from discontinued
operations $0.087 $0.193
Earnings per share from gain on disposal
of discontinued operations $0.382 -
$0.503 $0.028
Weighted average number of shares outstanding
equivalents outstanding (in thousands) 6,213 5,988
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, December 31,
1995 1994
ASSETS
Current assets:
Cash and cash equivalents $ 1,745 $ 926
Trading securities 2 64
Accounts receivable 5,479 9,805
Other receivables and prepaid
expenses 1,602 1,532
Cost and estimated earnings in excess of
billings on uncompleted contracts 8,331 4,815
Inventories 8,177 9,904
Total current assets 25,358 27,046
Long term receivables 3,091 609
Property and equipment
Cost 19,562 16,017
Less: Accumulated depreciation and
amortization 8,687 7,429
10,875 8,588
Other assets and deferred charges 11,369 11,061
$ 50,693 $ 47,304
RADA ELECTRONIC INDUSTRIES LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, December 31,
1995 1994
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank credits $ 7,389 $ 9,201
Current maturities of long term debt 1,604 708
Accounts payable - trade 6,376 6,209
Other liabilities and accrued expenses 3,658 2,625
Billings in excess of cost and estimated
earnings on uncompleted contracts 5 -
Total current liabilities 19,032 18,743
Long-term debt net of current maturities 2,854 3,976
Deferred income taxes 115 83
Accrued severance pay 363 338
Minority interest in joint venture 24 -
Shareholder's equity
Share capital
Preferred shares of NIS 0.002 par value
Authorized - 5,000,000 shares. None issued
Ordinary shares of NIS 0.002 par value
Authorized - 20,000,000 shares
Issued and outstanding - 5,935,495 89 89
Contribution in excess of par value 22,932 21,918
Retained earnings 5,284 2,157
28,305 24,164
$ 50,693 $ 47,304
CONTACT: Randeep S. Grewal Rada Electronic Industries 516-938-7878 OR Kam H. Chan The Anne McBride Anne C. McBride (born Nova Scotia) was a frequent candidate in Canadian federal and provincial elections and by-elections in the 1970s, 1980s and 1990s. McBride was an ordained minister in the Assemblies of God, a Pentecostal Christian denomination. Co. 212-752-0504 OR Heidi Friedman Anne McBride Media 212-752-0504 |
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