RADA Reports Backlog Growth Following new orders of over $11 million since the Beginning of 2016
September 15 2016 - 8:30AM
RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today that
it has received new orders totaling over $11 million since the
beginning of 2016. 60% of the new orders are due to its avionics
business, while 40% came from the tactical radars line of business.
As a result, the Company's backlog has begun to resume growth.
The Company also reported that it expects its revenues in the
second half of 2016 to be significantly improved over the first
half, which will positively impact the operating and net income
during this period.
It is also anticipated that the rate of new orders from the
radars’ line of business is expected to further increase during the
remainder of this year and 2017.
Zvi Alon, RADA’s CEO, commented: "While we did
not stop our advanced development activity, we are now
transitioning our radar business from the R&D and demonstration
phase into orders and sales. We are starting to see the fruits of
this strategic change through the improving performance of our
business and we believe that this trend will continue, and grow, in
the near future.”
About RADA
RADA Electronic Industries Ltd. is an Israel-based defense
electronics contractor. The Company specializes in the development,
production, and sales of Tactical Land Radars for Force and Border
Protection, Inertial Navigation Systems for air and land
applications, and Avionics Systems and Upgrades.
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.
Company Contact:
RADA Electronics Industries
Dov Sella, CBDO
Tel: +972-9-8921111
mrkt@rada.com
Investor Relation Contact
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: +1 646 688 3559
Rada@gkir.com
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