YAHUD, Israel, May 30, 2012 /PRNewswire/ --
Magal S3 Ltd. (NASDAQ GMS: MAGS) today announced its financial results for the three month period ended March 31, 2012. Management will hold an investors' conference call later today, at 10 a.m. Eastern Time and 5 p.m. Israel time, to discuss the results.
FIRST QUARTER 2012 RESULTS SUMMARY
Revenues for the first quarter of 2012 increased 34.8% to $15.6 million. This is compared with $11.5 million in revenues for the first quarter of 2011.Gross profit in the quarter was $6.5 million, or 41.5% of revenues, an increase of 40% compared to gross profit of $4.6 million, or 39.9% of revenues, in the first quarter of 2011. Operating profit in the quarter was $135,000, or 0.9% of revenues, compared to an operating loss of $1.2 million in the first quarter of 2011. Financial expenses in the quarter amounted to $220,000 compared to financial expenses of $155,000 in the first quarter of 2011. Tax benefit in the quarter was $131,000, compared with tax expenses of $200,000 in the first quarter of 2011. Net income in the quarter was $46,000, compared with a net loss of $1.6 million, or $0.15 per share, in the first quarter of 2011. Cash and short term deposits net of current bank debt, as of March 31, 2012, were $37.8 million, or $2.39 per share, compared with cash and short term deposits net of current bank debt of $32.5 million, or $2.06 per share, on December 31, 2011. MANAGEMENT COMMENT