Magal third quarter revenues jumped by 75% to $ 23.9 million

Magal published its financial results for the three and nine months ended September 30, 2018.
Magal reports:
• A 75% increase in third quarter revenues compared to last year to $ 23.9 million
• Operating income of $ 2.1 million (8.7% of revenues) compared to a loss of $ 0.5 million in the third quarter of 2017.
• Net income of $ 1.5 million (6.2% of revenues) compared to a net loss of $ 0.2 million in the third quarter of 2017.
• EBITDA amounted to $ 2.6 million (10.9% of revenues).
Revenues for the third quarter of 2018 were $ 23.9 million, an increase of 75% compared to $ 13.7 million in the third quarter of 2017.
Gross profit for the third quarter of 2018 was $ 11.1 million (46.4% of revenue), an increase of 70% compared to gross profit of $ 6.5 million (47.7% of revenue) in the third quarter of 2017.
Operating profit in the third quarter of 2018 was $ 2.1 million (8.7% of revenues), a significant improvement over the operating loss of $ 0.5 million in the third quarter of 2017.
Net profit for the third quarter of 2018 was $ 1.5 million (6.2% of revenue) or $ 0.06 per share, compared with a net loss of $ 0.2 million, or $ 0.10 per share, for the third quarter of 2017.
EBITDA in the third quarter of 2018 was $ 2.6 million (10.9% of revenues), a significant improvement over the $ 43,000 negative EBITDA in the third quarter of 2017.
As of September 30, 2018, cash, deposits and restricted deposits stood at $ 50.4 million, or $ 2.19 per share, compared to cash, deposits and restricted deposits of $ 45.4 million, or $ 1.97 per share, as of June 30, 2018.
Commenting on the results, Magal CEO Dror Sharon said that he is pleased with Magal's performance in the quarter and the significant improvement in revenues, net profit and EBITDA compared to last year.
"Our improvement over last year prevents our broad product offering, which addresses the growing need for security and homeland security (HLS) security, especially securing border crossings and critical installations. 2018 in all the Company's sites worldwide, both in terms of products and projects.
Magal Security Systems is an international leader in providing solutions and products for integrated security - physical and video. Over the past 45 years, Magal has provided comprehensive solutions tailored to the needs of hundreds of satisfied customers in more than 80 countries
Magal develops and provides comprehensive and integrative solutions for the protection of sensitive sites against physical threats, managed by the FORTIS4G system for hybrid management of physical security with PSIM, based on a unique range of peripheral security detectors, CCTV solutions for video management and analysis Smart (IVA).