Magal Security Systems, Ltd. (NASDAQ: MAGS) has announced its financial results for the three and nine month period ended September 30, 2017, the company said.
Revenues for the third quarter of 2017 were USD 13.7 million. This represents a decrease of 36% compared with revenues of USD 21.3 million in the third quarter of 2016 and an increase of 3% compared with revenues of USD 13.3 million in the prior quarter.
Gross profit for the third quarter of 2017 was USD 6.5 million (47.7% of revenues). This is compared with USD 10.9 million in the third quarter of 2016 (51.1% of revenues) and USD 6.7 million in the prior quarter (50.2% of revenues). The variation in margin between quarters is reflective of the product mix sold in the quarter which had a comparatively higher portion projects during the quarter.
Operating expenses in the quarter were USD 7.1 million. This is an improvement compared with USD 9.3 million in expenses in the third quarter of 2016 and USD 8.3 million in the prior quarter. The reduction in expenses is primarily due to the steps taken earlier in the year, including the amalgamation of the Aimetis and Senstar subsidiaries in North America.
Magal is a international provider of solutions and products for physical and video security solutions, as well as site management. Over the past 45 years, Magal has delivered its products as well as tailor-made security solutions and turnkey projects to hundreds of satisfied customers in over 80 countries — under some of the most challenging conditions.
Magal offers comprehensive integrated solutions for critical sites, managed by Fortis4G — our 4th generation, cutting-edge PSIM (Physical Security Information Management system). The solutions leverage our broad portfolio of homegrown PIDS (Perimeter Intrusion Detection Systems), advanced VMS (Video Management Software) with native IVA (Intelligent Video Analytics) Security solutions.