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In a release, the company stated:
- Revenues were $3.6 million compared to $4.2 million in the second quarter of 2007. Operating loss for the second quarter of 2008 was $376,000 compared to operating income of $55,000 in the second quarter of 2007 and financing expenses were $294,000 for the second quarter of 2008, compared to $142,000 in the second quarter of 2007. As a result, the company reported a net loss of $672,000 for the second quarter of 2008, compared to a net loss of $90,000 in the second quarter of 2007.
Zvika Alon, RADA's CEO, said, "Our income this quarter was approximately as expected while our expenses were higher compared to the same period in 2007 mainly due to the continued devaluation of the U.S. dollar against the Israeli Shekel.
"Based on our current backlog and pipeline and as indicated in our first quarter release, we expect higher revenues during the second half of 2008 resulting in an increase in 2008 revenues in comparison to 2007."
RADA Electronic Industries is an Israel based company involved in the military and commercial aerospace industries. The company specializes in Avionics systems (Digital Video Recorders, Ground Debriefing Stations, Stores Management Systems, Flight Data Recorders, Inertial Navigation Systems), Trainers Upgrades, Avionics systems for the UAV market, and Electro optic cameras for airplanes and armored vehicles.
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