Rada Electronic Industries Ltd. (Nasdaq: RADA) has signed follow on contracts worth more than $10 million for an aircraft upgrade program with a strategic customer in Latin America. The new contracts, which follow contracts signed in 2010 and early 2011, boost Rada's revenue from the program to $17 million.
Rada will design and produce installation kits and supply various avionics units for the upgrade program, as well as providing customer support.
Rada added that it received $21 million in new orders during 2011, including $13 million in the fourth quarter.
Rada CEO Zvika Alon said, "We are satisfied with the total volume of new orders for 2011, which keeps our backlog at a similar level with the one at the end of 2010. While the majority of new orders in 2011 came from our traditional product lines, looking ahead to 2012, we expect to see increased orders from our recent investments in inertial navigation systems and tactical radars for force and border protection, while maintaining our market presence in our avionics and recorders business."
Rada's share price rose 3.4% yesterday to $1.99, giving a market cap of $18 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 4, 2012
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