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TheStreet Open House

Magal Security Systems Reports Second Quarter 2012 Financial Results

Stocks in this article: MAGS

YAHUD, Israel, August 30, 2012 /PRNewswire/ --

Magal S3 Ltd. (NASDAQ GMS: MAGS) today announced its financial results for the three and six month period ended June 30, 2012. Management will hold an investors' conference call later today, at 10:00 a.m. Eastern Time and 5:00 p.m. Israel time, to discuss the results.

SECOND QUARTER 2012 RESULTS SUMMARY

Revenues for the second quarter of 2012 increased 4.9% to $16.4 million. This is compared with $15.7 million in revenues for the second quarter of 2011. Revenues also increased 5.6% compared to revenues of $15.6 million in the prior quarter.

Gross profit in the second quarter was $7.2 million, or 44.1% of revenues, an increase of 13.2% compared to gross profit of $6.4 million, or 40.8% of revenues, in the second quarter of 2011. Gross profit increased 12.2% compared to gross profit of $6.5 million, or 41.5% of revenues in the prior quarter.

Operating profit in the second quarter increased to $474 thousand, or 2.9% of revenues, compared to an operating profit of $399 thousand in the second quarter of 2011 and an operating profit of $135 thousand in the prior quarter.

Financial income, net in the second quarter amounted to $662 thousand compared to financial expenses, net of $243 thousand in the second quarter of 2011 and financial expenses, net of $220 thousand in the prior quarter.

Tax expenses in the second quarter were $198 thousand, compared with tax expenses of $54 thousand in the second quarter of 2011 and an income tax of $131 thousand in the prior quarter.

Net income in the second quarter was $938 thousand, or $0.06 per share, compared with net income of $102 thousand, or $0.01 per share, in the first quarter of 2011 and net income of 46 thousand, or $0.00 per share in the prior quarter.

Cash and short term deposits, net of current bank debt, as of June 30, 2012, were $37.6 million, or $2.34 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.

FIRST SIX MONTHS 2012 RESULTS SUMMARY

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