RADA Reports New Orders of $3.3 Million During Q1 of 2012
NETANYA, Israel, April 2, 2012 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today that it had received new orders totaling $3.3 million over the course of the first quarter of 2012.
70% of the orders arrived from Israeli customers, 10% from Latin America, 10% from Asia and 8% from Europe.
More than 50% of these new orders are for various Inertial Navigation products, 5% are for Radars, and the rest are various follow-on production and maintenance orders for avionics products and services.
Zvika Alon, RADA CEO, commented: "Although we see delays in new programs around the world, which cause reduction of the total value of new orders received by the company during this quarter when compared to 2011, we are encouraged by the fact that our new product lines gradually become significant part of our backlog. In particular, this quarter we were able to secure more than half of our new orders from the Inertial Navigation product line. The geographical distribution of new orders in this quarter is not indicating major change in our customer base, and we continue to be very active in Latin America and Asia."
RADA Electronic Industries Ltd. is an Israel based defense electronics contractor. The Company specializes in the development, production and sales of Data Recording and Management Systems (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) and Radars for Force and Border Protection solutions.
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.
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