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Magal Security Systems Reports First Quarter 2012 Financial Results

MAGAL S3 LTD. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All numbers expressed in thousands of US$)

                                                      March 31,   December 31,
                                                        2012          2011
    CURRENT ASSETS:
    Cash and cash equivalents                         $32,794     $32,622
    Short-term bank deposit                             8,318       3,005
    Restricted deposit                                  2,167       2,299
    Trade receivables, net                             12,737      13,230
    Unbilled accounts receivable                        4,155       4,855
    Other accounts receivable and prepaid expenses      5,616       5,438
    Deferred income taxes                                 702         508
    Inventories                                        10,059       9,664
    Total current assets                               76,548      71,621
 
    Long term investments and receivables:
    Long-term trade receivables                         1,359       1,423
    Long-term deposits and restricted bank deposits        45       2,202
    Severance pay fund                                  2,285       2,121
    Total long-term investments and receivables         3,689       5,746
 
    PROPERTY AND EQUIPMENT, NET                         6,603       6,460
 
    OTHER INTANGIABLE ASSETS, NET                         183         190
 
    GOODWILL                                            2,025       1,970
 
    Total assets                                      $89,048     $85,987
 
    CURRENT LIABILITIES:
    Short-term bank credit                             $5,402      $5,357
    Current maturities of long-term bank debt              33          33
    Trade payables                                      4,908       6,724
    Customer advances                                   7,766       5,877
    Other accounts payable and accrued expenses        14,157      13,137
    Total current liabilities                          32,266      31,128
 
    LONG-TERM LIABILITIES:
    Long-term bank debt                                    75          38
    Deferred income taxes                                 209         205
    Accrued severance pay                               3,851       3,605
    Total long-term liabilities                         4,135       3,848
 
    SHAREHOLDERS' EQUITY
    Ordinary shares of NIS 1 par value - Authorized:
    39,748,000 shares at
    March 31, 2012 and December 31, 2011;
    Issued and outstanding: 15,827,682 shares at
    March 31, 2012
    and 15,819,822 shares at December 31, 2011          4,815       4,813
    Additional paid-in capital                         65,002      64,920
    Accumulated other comprehensive income              5,579       4,486
    Foreign currency translation adjustments
    (Company's stand alone
    financial statements)                               1,016         603
    Accumulated deficit                               (23,765)    (23,811)
    TOTAL SHAREHOLDERS' EQUITY                         52,647      51,011
 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY        $89,048     $85,987

For more information:

Magal S3 Ltd. Eitan Livneh, CEO Tel: +972-3-539-1421 Assistant: Ms. Elisheva Almog E-mail:  elishevaa@magal-s3.com Web:  http://www.magal-s3.com   CCG Investor Relations Ehud Helft/Kenny Green Tel: (US) +1-646-201-9246 E-mail:  magal@ccgisrael.com

SOURCE Magal S3

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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