RADA Electronic Industries Ltd. (RADA) saw its loss narrow to $0.99 million, or $0.06 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.73 million, or $0.25 a share.

Revenue during the quarter grew 5.75 percent to $3.51 million from $3.32 million in the previous year period. Gross margin for the quarter contracted 461 basis points over the previous year period to 12.07 percent. Operating margin for the quarter stood at negative 24.97 percent as compared to a negative 20.63 percent for the previous year period.

Operating loss for the quarter was $0.88 million, compared with an operating loss of $0.68 million in the previous year period.

Dov Sella, RADA's chief executive officer commented, "Reporting first time as RADA'S chief executive officer, I am happy to indicate that performance in the third quarter improved compared to the first half of 2016 as our backlog continued to grow, especially in our radar business. We anticipate that our operating results will continue to improve in the next quarter and throughout 2017. Our recent capital raise of $3 million from our controlling shareholder, DBSI, and the Phoenix Insurance Company Ltd., one of Israel's largest insurance companies, significantly strengthened our balance sheet and will enables us to move full speed ahead in executing our growth strategy."