RADA Announces $8 Million in New Orders
March 04 2019 - 5:23AM
RADA Electronic Industries Ltd. (NASDAQ: RADA)
announced the receipt of $8 million in new orders in the past two
months.
Out of these, $5 million were orders for RADA’s
software-defined radars for counter rocket artillery and mortar
(C-RAM), counter UAV and short-range air defense (SHORAD). The
majority of these were follow-on orders from customers that had
placed initial orders previously. There were also initial orders
from new defense customers with potential for significantly greater
follow-on orders in the future.
The remaining $3 million out of the $8 million,
were follow-on orders for RADA’s legacy avionics, including
avionics for UAVs, helicopters, digital video recorders, and
ongoing maintenance orders for RADA’s wide installment base of core
avionics for military platforms.
All these orders are expected to be delivered
during 2019.
Dov Sella, RADA’s CEO,
commented, "While we are pleased that our avionics
business remains a stable cash generating business, we are
increasingly excited that our growth engine - the software defined
radar business, is continuing to gain traction. We are now reaching
the stage where we are receiving follow-on orders from our early
customers, along with initial orders from new customers, a
demonstration of our great future potential from this business.
This momentum of new orders substantiates our recently announced
revenue expectations of over $40 million for 2019, representing
year-over-year revenue growth of over 40%.”
About RADA
RADA Electronic Industries Ltd., an Israel-based
defense electronics company, specializes in the development,
production, and sales of Tactical Land Radars for Force and Border
Protection, and Avionics Systems (including Inertial Navigation
Systems) for fighter aircraft and UAVs.
Company Contact:Gil
Schwartz (VP, BD & Marketing)Tel: +972-9-892-1111
mrkt@rada.comwww.rada.com |
Investor Relations
Contact:GK Investor RelationsEhud Helft/Gavriel FrohweinTel: 1 646
688 3559rada@gkir.com |
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