Magal Security Systems (MAGS) Reports Q3 EPS of $0.01 on Revenues of $18.3M

Magal Security Systems (NASDAQ: MAGS) reported Q3 EPS of $0.01, versus $0.06 reported last year. Revenue for the quarter came in at $18.3 million, versus $22.2 million reported last year.

Third Quarter 2020 Results Summary (all comparisons are to the third quarter of 2019)

• Revenue of $18.3 million compared to $22.2 million
• Gross margin 41.8% compared to 45.1%
• Operating income of $0.9 million compared to $2.5 million
• Net income attributable to Magal's shareholders of $0.6 million compared to $1.3 million
• EBITDA of $1.3 million, or EBITDA margin of 7.3% compared to $3.1 million, or EBITDA margin of 13.8%
• $53.4 million, or $2.31 per share, of cash and cash equivalents, short-term deposits and restricted cash and deposits, net of short-term credit, compared to $51.6 million, or $2.23 per share at year-end 2019

Mr. Dror Sharon, Chief Executive Officer of Magal, commented, "Globally, the Magal team is executing well, despite the impact of COVID restrictions. We are closing sales in the Magal Integrated Solutions (projects) and Senstar Products divisions, with backlog improving to a record level. Magal has remained profitable in every quarter of 2020 and preserved cash without restricting investments in sales and R&D, our primary growth drivers. Investments in new products and upgrades to our core platforms have continued throughout 2020, allowing the Company to maintain a competitive advantage and grow our business. With a strong balance sheet, industry-leading technological expertise and record backlog, Magal is positioned for recovery and growth post-COVID. I remain confident in our ability to execute our long-term strategy to grow revenue, improve profitability and close M&A opportunities."

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

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