Magal Security Systems (MAGS) Reports Q3 EPS of $0.05

Magal Security Systems (NASDAQ: MAGS) reported Q3 EPS of $0.05, versus $0.01 reported last year. Revenue for the quarter came in at $17 million, versus $15.7 million reported last year.

Commenting on the results, Mr. Saar Koursh, CEO of Magal, said, "We are pleased with the results and the continued sequential and steady growth in sales we have seen over the past two quarters, in particular our high level of gross margins. Furthermore, as we move into the latter part of 2015, we are seeing increased interest in our security solutions, especially from European and North American markets."

"We are seeing strong interest for our new and sophisticated technological solutions such as our fiber-optic sensors as well as Roboguard. We are also seeing increasing demand for hybrid physical and cyber security, and booked a major order in the US for one of the world's largest chemical manufacturers. This order covered four sites and included our fence mounted fiber product as well as Tungsten switches, streaming the full security network throughput, including camera feeds, and ensuring the cyber security of that network. Maintenance contracts are also becoming an increasing part of our business, currently making up about 10% of our revenues on an ongoing basis, providing us with additional stability and visibility. We believe that as security of critical infrastructure becomes an increasing focus in Western markets, we will continue to see growing traction for our products and services," concluded Mr. Koursh.

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

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