Rada Electronic Industries (RADA) saw its loss narrow to $0.50 million, or $0.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.96 million, or $0.25 a share. Revenue during the quarter grew 21.83 percent to $4.30 million from $3.53 million in the previous year period. Gross margin for the quarter expanded 249 basis points over the previous year period to 19.06 percent. Operating margin for the quarter stood at negative 12.57 percent as compared to a negative 33.27 percent for the previous year period.
Operating loss for the quarter was $0.54 million, compared with an operating loss of $1.18 million in the previous year period.
Dov Sella, RADAs chief executive officer commented, "We are very pleased with our improved results in the fourth quarter of 2016, as our financial metrics have begun to demonstrate the successful turnaround process that we are undergoing. Following the investments in our company last year by some leading institutional funds, our balance sheet is healthy and we have the working capital to support and invest in our continued growth ahead. We plan to invest further in our growth engine, our software-defined tactical radars, where we currently see significant opportunities globally. In particular, and along with our cooperation with DRS Technologies, we see much potential in the U.S. market for our technology and plan to bolster our presence in the United States to capitalize on these opportunities. Looking ahead, as we announced a few weeks ago, we expect revenues to reach at least $18 million in 2017, representing a year over year growth of 40%."
Debt comes down significantly
Rada Electronic Industries has recorded a decline in total debt over the last one year. It stood at $0.58 million as on Dec. 31, 2016, down 76.20 percent or $1.84 million from $2.42 million on Dec. 31, 2015. Rada Electronic Industries has recorded a decline in short-term debt over the last one year. It stood at $0.58 million as on Dec. 31, 2016, down 76.20 percent or $1.84 million from $2.42 million on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
