European customer to end Magal pact

Magal Security Systems reported Friday that a European customer intended to terminate its agreement with the company, which was expected to result in lower first quarter revenue and earnings.

Magal Security Systems reported Friday that a European customer intended to terminate its agreement with the company, which was expected to result in lower first quarter revenue and earnings. The company said, however, it would suffer no long-term negative effect from the decision. First quarter results will be released May 1. Magal had indicated the possibility of the termination in early April.