RADA Electronic Industries Announces 2011 First Quarter Results:
Company reported a net profit of $393,000, or $0.04 per share, for the first quarter of 2011 compared to a net loss of $518,000 or $0.06 per share, for the first quarter of 2010. stock soars more than 18 % to $ 3.95.
Below is the News Release:
NETANYA, Israel, May 31, 2011 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today its financial results for the quarter ended March 31, 2011.
2011 First quarter highlights include:
Revenues of $7.8 million, a 72% increase compared to the first quarter of 2010.
Operating Profit of $543,000.
Net Profit of $393,000 compared to a net loss of $518,000 for the first quarter of 2010.
2011 First quarter Results
Revenues increased by 72% to $7.8 million from $4.5 million in the first quarter of 2010. The increase is attributed mainly to projects being executed for Latin American customers.
Gross Profit increased by 168% to $2.5 million from $929,000 in the first quarter of 2010.
Operating Profit increased to $543,000 compared with a $247,000 loss in the first quarter of 2010.
Financial Expenses totaled $152,000 compared with financial expenses of $279,000 in the first quarter of 2010.
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