RADA Electronic Industries Ltd. (NASDAQ:RADA) announced today its financial results for the year and quarter ended December 31, 2017.
NETANYA, Israel, March 07, 2018 (GLOBE NEWSWIRE) --
Highlights of 2017
2017 was the strongest year in over 20 years, with excellent financial performance and margins across the board.
Revenues of $26.2 million (up 104% year-over-year) with Q4 revenues contributing $9 million (up 112% quarter-over-quarter).
Net income of $2.2 million and EBITDA of $3.5 million.
Generated approximately $1 million in operating cash flow; year-end net cash position of $12.4 million.
Management Comments
Dov Sella, RADA's Chief Executive Officer commented, “2017 was by far the strongest year in over two decades. We more than doubled our revenues over last year and importantly, we returned the business to profitability. We also had a good year of cash generation and following an investment earlier in the year, our balance sheet is now strong with over $12 million in net cash and no financial liabilities, providing us with the capital to support continued growth over the coming years.”
“In the fourth quarter, we completed a major project of radar sales for counter-UAV systems, with very short-term delivery time for RADA’s highly strategic U.S. customer. This significantly boosted our revenues to record levels at over $9 million in the last quarter, up over 29% versus the prior quarter and more than double that of last year. We believe our success here will have strong potential to bring even more significant orders down the road, especially since the U.S. Army has recently stated that Short Range Air Defense and Active Protection Systems, have become a modernization priority.”
Concluded Mr. Sella, “In the near to mid-term, we are preparing to capitalize on the significant potential ahead of us, by opening a subsidiary in the United States, while investing further in our R&D capabilities. Looking to the coming first quarter of 2018, our ongoing business is strong and we expect to see revenues growth in the range of 30% over the first quarter of 2017.”
2017 Fourth Quarter Summary
Revenues totaled $9.1 million in the fourth quarter of 2017, an increase of 112% compared to revenues of $4.3 million in the fourth quarter of 2016.
Gross Profit totaled $2.2 million in the fourth quarter of 2017 (or 24% of revenues) compared to gross profit of $0.8 million in the fourth quarter of 2016 (or 19% of revenues). The gross margin in the fourth quarter of 2017 was impacted by the product mix and some other unique factors and is expected to return to the more typical 30%-32% range in the coming quarter.
Operating Income was $0.1 million in the fourth quarter of 2017 compared to an operating loss of $0.5 million in the fourth quarter of 2016.
Net income attributable to RADA’s shareholders in the fourth quarter of 2017, was $0.5 million, or $0.02 per share, compared to a net loss of $0.5 million, or loss of $0.03 per share, in the fourth quarter of 2016.
EBITDA was $0.5 million in the fourth quarter of 2017 compared to an EBITDA loss of $0.2 million in the fourth quarter of 2016.
Full Year 2017 Results Summary
Revenues totaled $26.2 million, an increase of 104% compared to revenues of $12.8 million in 2016.
Gross profit totaled $8.3 million (or 32% of revenues) compared to gross profit of $1.4 million (or 11% of revenues) in 2016.
Operating income totaled $2.0 million (or 7.6% of revenues) compared to operating loss of $3.4 million in 2016.
Net income attributable to RADA’s shareholders was $2.2 million, or $0.09 per share for the year ended December 31, 2017, compared to a net loss of $4.9 million, or loss of $0.35 per basic share, for the year ended December 31, 2016.
EBITDA totaled $3.5 million compared to an EBITDA loss of $2.6 million in 2016.
As of December 31, 2017, RADA had net cash and cash equivalents of $12.4 million, compared to $1.2 million as of year-end 2016. During the year, RADA had positive operating cash flow generation of approximately $1 million.
https://globenewswire.com/news-release/2018/0...sults.html
NETANYA, Israel, March 07, 2018 (GLOBE NEWSWIRE) --
Highlights of 2017
2017 was the strongest year in over 20 years, with excellent financial performance and margins across the board.
Revenues of $26.2 million (up 104% year-over-year) with Q4 revenues contributing $9 million (up 112% quarter-over-quarter).
Net income of $2.2 million and EBITDA of $3.5 million.
Generated approximately $1 million in operating cash flow; year-end net cash position of $12.4 million.
Management Comments
Dov Sella, RADA's Chief Executive Officer commented, “2017 was by far the strongest year in over two decades. We more than doubled our revenues over last year and importantly, we returned the business to profitability. We also had a good year of cash generation and following an investment earlier in the year, our balance sheet is now strong with over $12 million in net cash and no financial liabilities, providing us with the capital to support continued growth over the coming years.”
“In the fourth quarter, we completed a major project of radar sales for counter-UAV systems, with very short-term delivery time for RADA’s highly strategic U.S. customer. This significantly boosted our revenues to record levels at over $9 million in the last quarter, up over 29% versus the prior quarter and more than double that of last year. We believe our success here will have strong potential to bring even more significant orders down the road, especially since the U.S. Army has recently stated that Short Range Air Defense and Active Protection Systems, have become a modernization priority.”
Concluded Mr. Sella, “In the near to mid-term, we are preparing to capitalize on the significant potential ahead of us, by opening a subsidiary in the United States, while investing further in our R&D capabilities. Looking to the coming first quarter of 2018, our ongoing business is strong and we expect to see revenues growth in the range of 30% over the first quarter of 2017.”
2017 Fourth Quarter Summary
Revenues totaled $9.1 million in the fourth quarter of 2017, an increase of 112% compared to revenues of $4.3 million in the fourth quarter of 2016.
Gross Profit totaled $2.2 million in the fourth quarter of 2017 (or 24% of revenues) compared to gross profit of $0.8 million in the fourth quarter of 2016 (or 19% of revenues). The gross margin in the fourth quarter of 2017 was impacted by the product mix and some other unique factors and is expected to return to the more typical 30%-32% range in the coming quarter.
Operating Income was $0.1 million in the fourth quarter of 2017 compared to an operating loss of $0.5 million in the fourth quarter of 2016.
Net income attributable to RADA’s shareholders in the fourth quarter of 2017, was $0.5 million, or $0.02 per share, compared to a net loss of $0.5 million, or loss of $0.03 per share, in the fourth quarter of 2016.
EBITDA was $0.5 million in the fourth quarter of 2017 compared to an EBITDA loss of $0.2 million in the fourth quarter of 2016.
Full Year 2017 Results Summary
Revenues totaled $26.2 million, an increase of 104% compared to revenues of $12.8 million in 2016.
Gross profit totaled $8.3 million (or 32% of revenues) compared to gross profit of $1.4 million (or 11% of revenues) in 2016.
Operating income totaled $2.0 million (or 7.6% of revenues) compared to operating loss of $3.4 million in 2016.
Net income attributable to RADA’s shareholders was $2.2 million, or $0.09 per share for the year ended December 31, 2017, compared to a net loss of $4.9 million, or loss of $0.35 per basic share, for the year ended December 31, 2016.
EBITDA totaled $3.5 million compared to an EBITDA loss of $2.6 million in 2016.
As of December 31, 2017, RADA had net cash and cash equivalents of $12.4 million, compared to $1.2 million as of year-end 2016. During the year, RADA had positive operating cash flow generation of approximately $1 million.
https://globenewswire.com/news-release/2018/0...sults.html
