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."
Magal Security Systems Reports First Quarter 2012 Financial Results
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