Magal Security Systems, Ltd. (MAGS) has reported a 25.12 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $0.65 million, or $0.04 a share in the quarter, compared with $0.86 million, or $0.05 a share for the same period last year.
Revenue during the quarter grew 25.45 percent to $21.34 million from $17.01 million in the previous year period. Gross margin for the quarter expanded 150 basis points over the previous year period to 51.10 percent. Total expenses were 92.62 percent of quarterly revenues, up from 92.43 percent for the same period last year. That has resulted in a contraction of 19 basis points in operating margin to 7.38 percent.
Operating income for the quarter was $1.58 million, compared with $1.29 million in the previous year period.
Commenting on the results, Mr. Saar Koursh, chief executive officer of Magal, said, "We are pleased with these results, growing our top line and demonstrating a fair profitability level. These results support our expectations that the second half of 2016 will be better than the first half. In particular, we saw broad strength across our product portfolio as well as within our focus region, in North America. We see further potential in this region, with investments in critical sites and border security."
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