Business
Senstar Technologies Reports Second Quarter 2021 Financial Results
YEHUD, Israel, Aug. 12, 2021 /PRNewswire/ -- Senstar Technologies Ltd. (legal name: Magal Security Systems Ltd.) (NASDAQ: MAGS) today announced its financial
About this update from Senstar Technologies Corporation
[{"type":"text","content":"YEHUD, Israel, Aug. 12, 2021 /PRNewswire/ -- Senstar Technologies Ltd. (legal name: Magal Security Systems Ltd.) (NASDAQ: MAGS) today announced its financial results for the three and six months ended June 30, 2021. Management will hold an investors' conference call later today (at 10 a.m. Eastern Time) to discuss the results.\nSECOND QUARTER 2021 BUSINESS HIGHLIGHTS: \nAwarded a multi-million dollar contract for Perimeter Security at a major Asian airport; Bookings increased sequentially across all regions. Completed the sale of the Integrated Solutions division to Aeronautics Ltd. for $35 million, subject to post-closing working capital and other customary adjustments. Pristine balance sheet with cash of $50.5 million, or $2.18 per share, and zero debt as of June 30. Court approval for a distribution of up to $40 million received.Mr. Dror Sharon, Chief Executive Officer of Senstar Technologies, said, \"In the second quarter, Senstar delivered 30% annual revenue growth, along with a 270 basis point improvement in gross margin, which resulted in income from continuing operations increasing by 35% to $0.7 million, and EBITDA from continuing operations increasing by 95% to $2.5 million. The strength of our performance this quarter validates our growth strategy. We are now singularly focused on developing Senstar's highly scalable business model, having completed the divestiture of the Integrated Solution division on June 30, 2021. In the second quarter we grew revenue in each of our four key verticals, Energy, Corrections, Logistics, and Critical Infrastructure. We are reaping the benefits of our R&D investment and will launch new products and software in the second half of 2021. Our sales processes are working more effectively, and we have seen our pipeline grow in all regions, with increased bookings year over year. Our sound balance sheet gives us the latitude to acquire innovative technology and essential expertise that will support our brand leadership. We anticipate continued revenue growth and maintaining high profitability for the remainder of 2021.\"\nSECOND QUARTER 2021 RESULTS*\nRevenue up 30.9% to $10.1 million. Gross margin improved by 270 basis points to 69.8%. Operating income more than doubled to $2.2 million. Income from continuing operations rose 35% to $0.7 million. EBITDA from continuing operations up nearly 95...