Commenting on the results, Mr. Eitan Livneh, President and CEO of Magal, said, "Our results are a good start to 2012, showing improvements in revenue and profitability compared with the first quarter of last year. In addition, our strong balance sheet will enable us to invest in our long-term growth strategy. We intend to strengthen our market leadership in PIDS products through both internal development as well as synergistic acquisitions, while establishing a strong local presence in various key emerging geographic areas."
Continued Mr. Livneh, "We continued to perform well in the developing regions of Africa, Latin America and Asia. We completed the Africa Cup of Nations project in Gabon early in the quarter, and the project was a resounding success for us on many levels, both financially and for our reputation in the region. As 2012 progresses, we expect to increasingly recognize revenues from our other major project, protecting the port of Mombassa."
INVESTORS' CONFERENCE CALL INFORMATION
The Company will host a conference call later today, May 30, 2012, at 10 a.m. Eastern Time and 5 p.m. Israel time.To participate, please call one of the following teleconferencing numbers: US: 1-888-281-1167 ; Israel: 03-918-0685 ; UK: 0-800-917-9141 ; Intl.: +972-3-918-0685 Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number. A replay of the call will be available from the day after the call for three months. The link to the replay will be accessible from Magal's website at: http://www.magal-s3.com. ABOUT MAGAL S 3 Magal S3 is a leading international provider of security, safety and site management solutions and products. Over the past 42 years, Magal S3 has delivered tailor-made solutions and turnkey projects to hundreds of satisfied customers in over 80 countries in some of the world's most demanding locations.