RADA page 53

realize a pretax capital gain in
the first quarter for Rada of $3.3
million.
Rada is not the first, and will
not be the last company to ex-
plain a departure from its stat-
ed strategy by saying that it
wanted to focus on its core ac-
tivities, which are presumably
now its CATS and ACE busi-
nesses, despite the fact that in
1993 these and other related ac-
tivities accounted for only about
a third of the company's sales.
It may be that Rada was sim-
ply offered too good a price to
refuse, although that hardly jus-
tifies such a change in its strate-
gic focus.
For all the company's at-
tempts to position itself as a sup-
plier of cutting-edge solutions, it
spends very little money on re-
search and development — $1.8
million in 1992 and a mere
$611,000 in 1993.
Rada's share-price history sug-
gests that, despite its efforts to
excite the market, few people
were really turned on and Rada
never really participated in the
euphoria that surrounded Israeli
stocks on Wall Street in the early
1990s, marking time at around
the $8 level, peaking at $10 and
then sliding to its current level,
which gives the company a mar-
ket capitalization of around $20
million.
If CATS and ACE really take
off, that will prove to be a bar-
gain. Given the company's his-
tory, though, investors might
well find ACE and CATS dis-
carded as the company tries to
excite the market about another
new strategic direction. Li

Capital Gains
Tax Is Set

Jerusalem (JTA) — Prime Min-
ister Yitzhak Rabin ended two
weeks of speculation over the fu-
ture of Israel's new capital gains
tax when he announced this
week that the 10 percent tax
would take effect, as planned, at
the start of 1995.
Acknowledging criticism that
the controversial new tax could
hurt small investors, Mr. Rabin
said that the government would
closely monitor the implemen-
tation of the tax and make
changes if needed.
"The legislation passed the
Knesset, and the law will take
effect in January. At the same
time, we will do what is done
with any new law — watch it
and correct what has to be cor-
rected," Mr. Rabin told reporters
after meeting with Finance Min-
ister Avraham Shohat for the
third time in two days.
Mr. Rabin's announcement
had an immediate effect on the
Tel Aviv stock market, where
share prices plunged.

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