Magal increased earning in the second quarter by 66% to $ 11 million

Magal published business results for the second quarter of the year. Revenue was $ 25.3 million, up 91% from $ 13.3 million in the second quarter of 2017.
Gross profit for the second quarter of 2018 was $ 11.1 million (43.6% of revenues), an increase of 66% compared to gross profit of $ 6.7 million (50.2% of revenues) in the second quarter of 2017. The difference in gross profit rates between quarters stems from differences in the revenue mix Which was characterized by various projects and products in the current quarter.
Operating profit for the second quarter of 2018 was $ 2.1 million, compared to an operating loss of $ 1.7 million in the second quarter of 2017.
Net profit for the second quarter of 2018 was $ 1.7 million, or $ 0.81 per share, compared with a net loss of $ 3.3 million, or $ 0.14 per share, for the second quarter of 2017.
EBITDA in the second quarter of 2018 was $ 2.6 million (10.2% of revenues), an improvement over the negative EBITDA of $ 1.2 million in the second quarter of 2017.
As of June 30, 2018, the volume of cash, deposits and restricted deposits was $ 45.4 million, or $ 1.97 per share, compared to cash, deposits and restricted deposits of $ 52.3 million, or $ 2.27 per share, as of December 31, 2017. The decrease in cash is mainly due to capital investment Back to start new projects.
In addition, this is the first quarter in which MAGAL includes in its financial statements the full financial results of its newly acquired ECS BAZ subsidiary (55%).
Commenting on the results, Dror Sharon, CEO of Magal said: "This quarter is excellent for Magal in all aspects, with strong organic growth in revenue and improvement in all profitability indices compared to last year. Our revenues have grown thanks to our significant backlog, which continues to maintain robustness. The sickle is well positioned for success in 2018. "