YAHUD, Israel, November 29, 2011 /PRNewswire/ --
Magal S3 Ltd. (NASDAQ GMS: MAGS, TASE: MAGS) today announced its financial results for the three month period ended September 30, 2011. Management will hold an investors' conference call later today, at 10:00 a.m. Eastern Time and 5:00 p.m. Israel time, to discuss the results.
THIRD QUARTER 2011 RESULTS SUMMARY
Revenues for the third quarter of 2011 increased 107% to a record $27.7 million. This is compared with $13.4 million, of revenues in the third quarter of 2010.Gross profit in the quarter was $13.1 million, or 47.2% of revenues. This is an increase of 142% compared to gross profit of $5.4 million, or 40.4% of revenues in the third quarter of 2010. Operating profit in the quarter was $5.6 million compared to an operating loss of $0.8 million in the third quarter of 2010. During the quarter, the Company recorded a $2.3 million arbitration award arising from the unwarranted cancellation of a contract entered into in 2006 with a customer in Eastern Europe. Financial income in the quarter amounted to $1.2 million compared to financial income of $97,000 in the third quarter of 2010. The company reported a tax benefit of $199,000 in the quarter compared with a tax expense of $66,000 in the third quarter of 2010. Net income in the quarter was $7.1 million. This is compared with a net loss of $799,000 in the third quarter of 2010. Net income per basic and fully diluted share in the third quarter of 2011 was $0.61, compared with a net loss per basic share of $0.08 in the same period last year. Cash and cash equivalents as of September 30, 2011, were $33.8 million, or $2.14 per basic share, compared with $22.4 million or $2.12 per basic share as of June 30, 2011. FIRST NINE MONTHS 2011 RESULTS SUMMARY
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