Magal Security Systems (MAGS) Reports Q4 EPS of $0.05

Magal Security Systems (NASDAQ: MAGS) reported Q4 EPS of $0.05, versus ($0.01) reported last year. Revenue for the quarter came in at $23.8 million, versus $26.1 million reported last year.

FOURTH QUARTER 2019 RESULTS SUMMARY (all comparison to Fourth quarter 2018)

• Revenue of $23.8 million, compared to $26.1 million, a 9% decline related to Integrated Solutions operations offset by growth in products sales
• Operating income rose to $2.9 million from an operating loss of ($0.4) million
• Net income attributable to Magal's shareholders increased to $1.8 million from a net loss of ($0.1) million
• EBITDA increased 161% to $3.4 million from $1.3 million

Mr. Dror Sharon, CEO of Magal, commented, "Our strategy to diversify our revenue is working, as evidenced by the broad-based growth in Magal's Integrated Solutions Division, excluding the impact of the LATAM region in 2019, and the Senstar Products Division delivering growth across all regions. The diversification of revenue streams, as evidenced by the addition of new geographies, new customers and consecutive year-over-year growth in the Senstar Products Division has elevated the performance of the Company from the revenue levels seen in the years prior to executing this growth strategy. We made significant improvement in operational efficiencies in 2019, which fueled a 61% increase in operating income. While net income was impacted by a non-cash foreign exchange expense, we delivered an outstanding 17% increase in EBITDA for the year."

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

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