Magal Security Systems (MAGS) Reports Q1 Loss of $0.01 on Revenues of $17.26M

Magal Security Systems (NASDAQ: MAGS) reported Q1 EPS of ($0.01). Revenue for the quarter came in at $17.26 million.

First Quarter Results Summary

• Strong growth in first quarter revenue to $17.3 million, up 20% year-over-year.
• Significant improvement in operating expenses: a 9% reduction year-over-year.
• Net loss of $0.2 million, or $0.01 per share, an improvement compared with a net loss of $3.7 million, or $0.16 per share last year.
• EBITDA of $0.5 million compared with negative EBITDA of $0.4 million in the first quarter of last year.
• Backlog at highest ever level as of end of the first quarter.

Management Comment

Commenting on the results, Mr. Yaniv Shachar, interim CEO of Magal, said, "We are pleased with our return to growth and operating profitability, recovering from a weak 2017. The solid improvement in results, especially the lower level of expenses, follows important steps that we took last year to rationalize expenses and increase efficiencies. Looking ahead, the high level of new orders that Magal has won over the past few months has built a strong backlog, and as at the end of the first quarter, our backlog is the highest it has ever been in our history. This bodes very well for Magal in the coming year."

Continued Mr. Shachar, "In the coming weeks, Dror Sharon, a highly experienced homeland security industry veteran will be joining Magal as the new CEO. We thank Saar Koursh, our former CEO, for his key contributions to Magal throughout his tenure which culminated in the successful first quarter that we announced today. We wish him well in future."

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

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