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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
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