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
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV