RADA Electronic Industries (RADA) Says It Received New Orders Totaling Over $11M Since Beginning of 2016
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RADA Electronic Industries Ltd. (Nasdaq: RADA) announced today that it has received new orders totaling over $11 million since the beginning of 2016. 60% of the new orders are due to its avionics business, while 40% came from the tactical radars line of business. As a result, the Company's backlog has begun to resume growth.
The Company also reported that it expects its revenues in the second half of 2016 to be significantly improved over the first half, which will positively impact the operating and net income during this period.
It is also anticipated that the rate of new orders from the radars’ line of business is expected to further increase during the remainder of this year and 2017.
Zvi Alon, RADA’s CEO, commented: "While we did not stop our advanced development activity, we are now transitioning our radar business from the R&D and demonstration phase into orders and sales. We are starting to see the fruits of this strategic change through the improving performance of our business and we believe that this trend will continue, and grow, in the near future.”
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