RADA Announces $12 Million in New Orders
November 12 2018 - 4:18AM
Over $5 million are for Tactical
Radars
RADA Electronic Industries Ltd. (NASDAQ: RADA)
announced the receipt of over $12 million in new orders, in recent
weeks.
Out of these, over $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 orders were from new and strategic defense
organizations, and these orders represent initial orders with
potential for much greater follow-on orders in the future. Portions
of the orders were follow-ons from customers that have placed
initial orders earlier this year.
Almost $7 million out of the $12 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.
Dov Sella, RADA’s CEO,
commented, "As these orders demonstrate, our avionics
business remains strong, stable and income generating; these new
orders give us the confidence that this line of business will
continue to stay at these solid levels for the coming years. Beyond
this, our growth engine - the software defined radar business, is
continuing to gain traction, with new strategic customers placing
initial orders, representing great future potential. Furthermore,
we are increasingly seeing that our new customers from earlier in
the year are beginning to place repeat orders. I again emphasize
that the market for our tactical radars is new and very much in the
emerging phase, and we are witnessing it gaining accelerated
momentum. We do believe that our leadership in tactical radars for
the maneuver force will provide us with its fruits in the near
future.”
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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