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Magal Security Systems Reports Record Fourth Quarter And Full Year 2011 Financial Results

 

** Financial Tables to Follow **

MAGAL S3 LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(All numbers except EPS expressed in thousands of US$)

                                AUDITED                          UNAUDITED
 
                               Year Ended                    Three months Ended
 
                              December 31,                      December 31,
                                                   %                                 %
                          2011           2010 change        2011           2010 change
 
    Revenues           $88,591        $49,699   78.3     $33,731        $15,133  122.9
    Cost of
    revenues            49,089         31,400   56.3      18,284          9,512   92.2
 
    Gross profit        39,502         18,299  115.9      15,447          5,621  174.8
    Operating
    expenses:
    Research and
    development,
    net                  3,898          4,105    (5)         980          1,041  (5.9)
    Selling and
    marketing           19,415         11,261   72.4       7,033          3,413  106.1
    General and
    administrative       8,682          7,593   14.3       2,431          1,729   40.6
    Other income
    (expense)          (2,304)              -                  6              -
    Total operating
    expenses            29,691         22,959   29.3      10,450          6,183     69
 
    Operating
    income (loss)        9,811        (4,660)              4,997          (562)
    Financial
    income
    (expense), net         756          (967)               (73)          (405)
 
    Income (loss)
    before income
    taxes               10,567        (5,627)              4,924          (967)
 
    Income tax
    expense                723            602                668            556
 
    Net income
    (loss)               9,844        (6,229)              4,256        (1,523)
    Less: net loss
    attributable to
    non-controlling
    interest                 -             24                  -             43
    Net income
    (loss)
    attributable to
    Magal
    shareholders'       $9,844       $(6,205)             $4,256       $(1,480)
 
    Basic and
    diluted income
    (loss) per
    share from
    continuing
    operations           $0.78        $(0.60)              $0.27        $(0.14)
 
    Number of basic
    and diluted
    shares          12,645,283     10,396,548         15,819,822     10,396,548
 
                             AUDITED
                                                              UNAUDITED
                       Twelve Months Ended
                                                         Three months ended
                          December 31,                      December 31,
                          2011           2010               2011           2010
 
                             %              %                  %              %
 
    Gross margin          44.6           36.8               45.8           37.1
    Research and
    development,
    net as a % of
    revenues               4.4            8.3                2.9            6.9
    Selling and
    marketing as a
    % of revenues         21.9           22.7               20.9           22.6
    General and
    administrative
    as a % of
    revenues               9.8           15.3                7.2           11.4
    Operating
    margin                11.1          (9.4)               14.8          (3.7)
    Net margin            11.1         (12.5)               12.6          (9.8)

 

 

MAGAL S3 LTD.

AUDITED CONSOLIDATED BALANCE SHEETS

(All numbers expressed in thousands of US$)

                                                                    December
                                                     December 31,   31,
                                                         2011          2010
    CURRENT ASSETS:
    Cash and cash equivalents                        $32,622        $16,596
    Short-term bank deposit                            3,005              -
    Restricted deposit                                 2,299          2,692
    Trade receivables, net                            13,230         15,106
    Unbilled accounts receivable                       4,855          2,927
    Other accounts receivable and prepaid expenses     5,438          2,630
    Deferred income taxes                                508            474
    Inventories                                        9,664         10,340
    Total current assets                              71,621         50,765
 
    Long term investments and receivables:
    Long-term trade receivables                        1,423          1,568
    Long-term deposits and restricted bank deposits    2,202          2,196
    Severance pay fund                                 2,121          2,148
    Total long-term investments and receivables        5,746          5,912
 
    PROPERTY AND EQUIPMENT, NET                        6,460          6,794
 
    OTHER INTANGIABLE ASSETS, NET                        190            213
 
    GOODWILL                                           1,970          2,026
 
    Total assets                                     $85,987        $65,710
 
    CURRENT LIABILITIES:
    Short-term bank credit                            $5,357         $9,327
    Current maturities of long-term bank debt             33            503
    Trade payables                                     6,724          3,937
    Customer advances                                  5,877          2,428
    Other accounts payable and accrued expenses       13,137          7,958
    Total current liabilities                         31,128         24,153
 
    LONG-TERM LIABILITIES:
    Long-term bank debt                                   38             50
                                                           -          9,907
 
    Loan from related party                              205            190
    Deferred income taxes
    Accrued severance pay                              3,605          3,394
    Total long-term liabilities                        3,848         13,541
 
    SHAREHOLDERS' EQUITY
    Ordinary shares of NIS 1 par value -
    Authorized: 39,748,000 shares at
    December 31, 2011 and 19,748,000 shares at
    December 31, 2010;
    Issued and outstanding: 15,819,822 shares at
    December 31, 2011
    and 10,396,548 shares at December 31, 2010         4,813          3,225
    Additional paid-in capital                        64,920         49,971
    Accumulated other comprehensive income             4,486          5,075
    Foreign currency translation adjustments
    (Company's stand alone
    financial statements)                                603          3,400
    Accumulated deficit                              (23,811)       (33,655)
    TOTAL SHAREHOLDERS' EQUITY                        51,011         28,016
 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       $85,987        $65,710

 

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