NETANYA, Israel, Feb. 5, 2014 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced today that it had received new orders totaling $26 million along 2013.
The vast majority of these new orders, totaling $21 million, are for airborne mission data recording and ground debriefing systems. New orders are comprised of repeated and growing orders from RADA's strategic customers base, along with new customers. Adding various avionics systems and aircraft upgrade services, the new orders for RADA's airborne products line of business reached $25 million along 2013.
Of significant importance are several new orders for radar systems, both for the Compact Hemispheric Radar (CHR) and for the Multi-Mission Hemispheric Radar (MHR) products, all coming from new customers.
Zvika Alon, RADA CEO, commented: "The stable backlog of our globally-recognized recorders and avionics facilitates the continuous investment and conversion into orders of our inertial navigation and tactical radars product lines. We anticipate that these new product lines will become the growth engines for the company in the near future."
RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection, Inertial Navigation Systems for air and land applications, and Avionics Systems and Upgrades.
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.
CONTACT: Company Contact:
Dubi Sella (CBDO)
Source: RADA Electronic Industries Ltd.