Rada Electronics posts wider 2nd-quarter loss
Rada Electronics 2nd-quarter loss widens as revenue falls 17 percent
- On 12:58 pm EDT, Wednesday August 26, 2009
WASHINGTON (AP) -- Aviation and defense equipment maker Rada Electronic Industries Ltd. said Wednesday it posted a deeper second-quarter loss on lower sales of its product.
Losses totaled $951,000, or 11 cents per share, compared with a loss of $672,000, or 8 cents per share, in the prior-year period.
RADA said revenue for the period dropped 17 percent to $3 million, from $3.6 million for the second period in 2008. Meanwhile, its research and development costs nearly tripled to $408,000 from $138,000, in the year-ago period.
Shares of the Israeli company added 13 cents, or 4.7 percent, to $2.98 in afternoon trading.
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