Business
Senstar Technologies Reports Third Quarter 2021 Financial Results
YEHUD, Israel, Nov. 16, 2021 /PRNewswire/ -- Senstar Technologies Ltd. (NASDAQ: SNT), a leading international provider of comprehensive physical, video and
About this update from Senstar Technologies Corporation
[{"type":"text","content":"YEHUD, Israel, Nov. 16, 2021 /PRNewswire/ -- Senstar Technologies Ltd. (NASDAQ: SNT), a leading international provider of comprehensive physical, video and access control security products and solutions, today announced its financial results for the three and nine months ended September 30, 2021. Management will hold an investors' conference call later today (at 10 a.m. Eastern Time) to discuss the results. \nSUMMARY FINANCIAL RESULTS\n($ in thousands)\nThree months ended September 30,\nNine months ended September 30,\n2021\n2020\n2021\n2020\nRevenue\n9,263\n8,379\n25,905\n23,720\nGross profit\n5,627\n5,375\n16,744\n15,500\nGross margin\n60.70%\n64.10%\n64.60%\n65.30%\nOperating income \n779\n970\n2,324\n1,779\nNet income (loss)\n(222)\n616\n9,597\n1,208\nEBITDA from continuing operations*\n1,129\n1,258\n3,302\n2,644\n EBITDA margin*\n12.20%\n15.00%\n12.70%\n11.10%\n*Non-GAAP measure\n \nBUSINESS HIGHLIGHTS: \nRevenues up 9% to $25.9 million for the nine months ended September 30, 2021 compared with comparable period in 2020. Net income increased to $9.6 million for the nine months ended September 30, 2021 up from $1.2 million in the 2020 period, reflecting income from discontinued operations EBITDA up 25% to $3.3 million for the nine months ended September 30, 2021 compared with comparable period in 2020. As part of our growth engine for 2022 and on, we introduced the Senstar TC200 thermal-visible, dual-video detection camera for outdoor site security and announced our new sensor fusion engine, which synthesizes data from multiple sensors to generate actionable information and address nuisance alarms. Completed a one-time cash distribution to shareholders in the amount of $1.725 per share (approximately $40 million in the aggregate). Strong balance sheet with cash of $24.0 million (following the ~$40 million cash distribution), or $1.03 per share, and zero debt as of September 30, 2021.Mr. Dror Sharon, Chief Executive Officer of Senstar Technologies, said, \"We delivered 11% revenue growth in the third quarter, as a result of our solid performance, especially in the APAC region, attributable to a large infrastructure contract that was announced in the second quarter of this year. Our US business experienced contract delays related to COVID, including our difficulty in fulfilling customer orders due to supply chain constraints t...