Business
Senstar Technologies Reports Third Quarter 2022 Financial Results
RAMAT GAN, Israel, Dec. 22, 2022 /PRNewswire/ -- Senstar Technologies (NASDAQ: SNT), a leading international provider of comprehensive physical, video, and
About this update from Senstar Technologies Corporation
[{"type":"text","content":"RAMAT GAN, Israel, Dec. 22, 2022 /PRNewswire/ -- Senstar Technologies (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, 2022. Management will hold an investors' conference call later today (at 10 a.m. Eastern Time) to discuss the results.\nBusiness Highlights (all comparisons are for Q3 2022 versus Q3 2021): \nThird quarter revenue was $9.7 million compared with $9.3 million.Net income from continuing operations was $1.2 million compared to $44,000.EBITDA from continuing operations was $1.5 million compared with $1.1 million.Cash and cash equivalents of $15.2 million, or $0.65 per share, and zero debt as of September 30, 2022.Mr.Dror Sharon, Chief Executive Officer of Senstar Technologies, stated, \"Third quarter revenue of $9.7 million was up 5% over the year ago quarter, and our bookings were particularly strong compared to last year, despite longer sales cycles across the industry. Strength in our Canadian and European businesses is balancing contract award delays for government projects in the U.S. and in Asia Pacific due to prolonged lockdowns related to COVID. Importantly, projects have been postponed and not cancelled, and we are optimistic about the opportunities in our pipeline. We have a strong backlog that we expect to deliver over the next 12 months and are in negotiations for several larger projects that we expect to close in the coming months.\"\nThird Quarter 2022 Results Summary\nRevenue for the third quarter of 2022 was $9.7 million, an increase of 5.1% compared with $9.3 million in the third quarter of 2021. Third quarter gross profit was $6.0 million, or 61.1% of revenue, compared with $5.6 million, or 60.7% of revenue. The increase in gross margin was primarily due to a shift in the mix of products sold during the quarter.\nOperating expenses for the third quarter of 2022 were $4.82 million, essentially flat compared to $4.85 million in the prior year's third quarter.\nOperating income was $1.1 million for the third quarter of 2022 compared to $0.8 million in the third quarter of 2021.\nFinancial income was $0.2 million compared to financial expense of ($0.4) million in the third quarter of 2021.\nIncome from continuing operations was $1.2 ...