Magal S3 Slips To Loss In Q3 - Quick Facts

(RTTNews) - Magal S3 Ltd. (MAGS) reported that its third-quarter net loss attributable to shareholders was $316 thousand or $0.02 per share, compared to net income of $1.8 million, or $0.11 per share in the third quarter of 2012.

Revenues for the third quarter of 2013 were $12.8 million, compared to $23.5 million in revenues for the third quarter of 2012.

Commenting on the results, Eitan Livneh, President and CEO of Magal, said,"While we are disappointed that 2013 is shaping up to be a weaker year for us, I am encouraged by the recent increase in activity. In light of the lower level of revenues, we have kept close control over our expense levels and have minimized our losses. We have also maintained our balance sheet strength with over $35 million in net cash."

Livneh said, "Looking ahead to 2014, we have much to be optimistic about....... we believe that 2014 will be the year in which we will begin to see the fruits of our investment in CyberSeal, our Cyber Security activity, with the expected launch of our first product line in the first quarter of 2014. Accordingly, I am optimistic about our ability to resume our growth in 2014 and about our future growth potential."