May 26, 2020

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Earnings News to Watch: Magal Security Systems, Ltd. (NASDAQ:MAGS)

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Magal Security Systems, Ltd. (NASDAQ:MAGS) changed -0.20% to recent value of $5. The stock transacted 1713 shares during most recent day however it has an average volume of 12.39K shares. It spotted trading -15.40% off 52-week high price. On the other end, the stock has been noted 28.87% away from the low price over the last 52-weeks.

Magal Security Systems, Ltd. (NASDAQ:MAGS) declared its financial results for the three months ended March 31, 2019. Management will hold an investors’ conference call later today (at 10:00am Eastern Time) to discuss the results.

FIRST QUARTER 2019 HIGHLIGHTS

  • Revenue of $21.2 million, up 23% year over year;
  • Operating income of $0.5 million versus $33 thousand in same quarter last year;
  • Net loss of $0.7 million
  • EBITDA of $1.0 million, up 96% year-over-year;
  • Quarter-end net cash at $52.8 million;

FIRST QUARTER 2019 RESULTS

Revenues were $21.2 million, an increase of 23% compared with revenues of $17.3 million in the first quarter of 2018.

Revenues from projects represented approximately 63% of total revenues, while revenues from products represented approximately 37% of total revenues. Revenues from projects and from products increased by approximately 21% and 14%, respectively, year over year.

Gross profit was $9 million, or 42.3% of revenues, compared with gross profit of $7.6 million, or 43.8% of revenues, in the first quarter of 2018. The change in gross margin between quarters is a function of the revenue mix in the particular quarter.

Operating income was $0.5 million compared to operating income of $33 thousand in the first quarter of 2018.

Financial expenses were $0.7 million compared to a financial income of $0.1 million in the first quarter of 2018. In Israel, Magal’s functional currency is the Israeli Shekel (NIS) and the vast majority of Magal’s cash deposits are held in US dollars. Because of the sharp appreciation of the NIS against the US dollar during the quarter, the Company recorded a high level of non-cash financial expenses.

Net loss attributable to Magal shareholders’ was $0.6 million, or $0.02 per share, compared with a net loss attributable to Magal shareholders’ of $0.2 million, or $0.01 per share in the first quarter of 2018.

EBITDA was $1.0 million compared with $0.5 million in the first quarter of 2018.

Cash, short term deposits and restricted deposits, net of bank debt, as of March 31, 2019, was $52.8 million, or $2.29 per share, compared with cash and short term deposits, net of bank debt, of $55.0 million, or $2.38 per share, at December 31, 2018.

MANAGEMENT COMMENT

Commenting on the results, Mr. Dror Sharon, CEO of Magal, said, “We are pleased with our performance, generating a solid level of revenues for a first quarter, which traditionally is a seasonally weaker one for Magal. Our revenue growth was driven by a diversified mix of projects as well as products, leading to improved operating profit and EBITDA. Long-term, our goal is to continue to achieve organic growth while pursuing additional growth opportunities.”

MAGS has a gross margin of 43.50% and an operating margin of 4.10% while its profit margin remained 3.20% for the last 12 months. Its earnings per share (EPS) expected to touch remained 144.50% for this year .

The company has 23.33M of outstanding shares and 13.28M shares were floated in the market. According to the most recent quarter its current ratio was 2.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -3.09% from the mean of 20 days, -3.18% from mean of 50 days SMA and performed -4.36% from mean of 200 days price. Company’s performance for the week was -0.20%, -5.66% for month and YTD performance remained 12.36%.

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