Magal Security Systems (MAGS) Swings to Q2 Loss

August 31, 2016 6:51 AM EDT
Get Alerts MAGS Hot Sheet
Trade MAGS Now!
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

Magal Security Systems (NASDAQ: MAGS) reported Q2 EPS of ($0.12), versus $0.01 reported last year. Revenue for the quarter came in at $13.6 million, versus $15.7 million reported last year.

Commenting on the results, Mr. Saar Koursh, CEO of Magal, said, "We have been active on the strategic front in 2016. At the start of the second quarter, we completed the acquisition of Aimetis, adding a state-of-the-art video surveillance offering. This move has significantly broadened our product portfolio and is very much in line with our long-term strategy of evolving into an increasingly product and service focused company."

"Given the strong opportunities in our end-markets, we are investing strongly in marketing and sales and R&D at Aimetis. In addition, in the coming weeks we will be releasing the latest Aimetis' VMS software and we expect to see a resulting sales growth. Our increased operating expenses in the first half of 2016 reflect these investments and the costs associated with our acquisition of Aimetis. More broadly, in the past few months, our overall backlog has improved as we have received a number of larger orders from customers in Latin America, Africa and Israel, with deliverables towards the end of the year. This underlies our expectation that the second half of 2016 will be better than the first half," concluded Mr. Koursh.

For earnings history and earnings-related data on Magal Security Systems (MAGS) click here.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Earnings, Management Comments

Related Entities

Earnings, Definitive Agreement

Add Your Comment