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Magal Security Systems Reports Second Quarter 2011 Financial Results

YAHUD, Israel, August 31, 2011 /PRNewswire/ --

Magal S3 Ltd. (NASDAQ GMS: MAGS, TASE: MAGS) today announced its financial results for the three and six month period ended June 30, 2011. Management will hold an investors' conference call later today, at 9:00 a.m. Eastern Time and 4:00 p.m. Israel time, to discuss the results.

SECOND QUARTER 2011 RESULTS SUMMARY

Revenues for the second quarter of 2011, totaled $15.7 million, an increase of 37.0% compared to the $11.4 million reported in the second quarter of 2010.

Gross profit for the second quarter of 2011 was $6.4 million, or 40.8% of revenues. This is an increase of 76.3% compared to a gross profit of $3.6 million, or 31.7% of revenues, reported in the second quarter of 2010.

Operating profit for the second quarter of 2011 totaled $0.4 million, compared to an operating loss of $1.7 million, reported in the second quarter of 2010.

Financing expenses in the quarter amounted to $243 thousand compared to financial income of $110 thousand in the second quarter of 2010.

Tax expenses in the quarter were $54 thousand compared with a tax benefit of $20 thousand in the second quarter of 2010.

Net income for the second quarter of 2011 was $102 thousand, compared with a net loss of US$1.5 million in the second quarter of 2010.

Net income per basic share in the second quarter of 2011 was $0.01, compared with a net loss per basic share of $0.15 in the same period last year.

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