Magal Security Systems (MAGS) Reports Q3 EPS of $0.06 on Revenues of $23.9M

Magal Security Systems (NASDAQ: MAGS) reported Q3 EPS of $0.06, versus ($0.01) reported last year. Revenue for the quarter came in at $23.9 million, versus $13.69 million reported last year.

Commenting on the results, Mr. Dror Sharon, CEO of Magal, commented, "We are pleased with Magal\'s performance in the quarter, with a strong year-over-year improvement in revenues, net income and EBITDA. In nine months, we have already surpassed 2017 full year revenues. Looking ahead, our pipeline of opportunities has more potential than in previous years and we are working hard to convert these opportunities into backlog which remains at high levels."

Continued Mr. Sharon, "Our improvement over last year is driven by our increasingly broad product suites that meet the increasing needs of security and HLS (homeland security) markets, especially border and critical infrastructure protection. All the geographies that we are focused on showed a recovery in 2018, both on the products side of the business as well as on the projects side. Furthermore, in line with our strategy, over the past few quarters we have successfully been increasing the recurring revenue portion of our revenues, which now amounts to around a fifth of revenue. Looking ahead, I am excited about the future as we begin to unleash our potential."

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

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