YAHUD, Israel, May 31, 2011 /PRNewswire-FirstCall/ -- Magal S3 Ltd. today announced its financial results for the three month period ended March 31, 2011.
FIRST QUARTER 2011 RESULTS SUMMARY
Revenues for the first quarter of 2011 totaled $11.5 million, an increase of 18% compared to the $9.8 million reported in the first quarter of 2010.
Gross profit for the first quarter of 2011 was $4.6 million, or 39.9% of revenues. This is an increase of 26% compared to a gross profit of $3.7 million, or 37.4% of revenues as reported for the first quarter of 2010.
Operating loss for the first quarter of 2011 was reduced to $1.2 million compared with an operating loss of $1.6 million as reported in the first quarter of 2010.
Financing expenses in the quarter amounted to $155,000 compared to $769,000 in the first quarter of 2010. Financing expenses in the quarter were influenced by the changes in the exchange rates of the Israel shekel, Mexican Pesos and Canadian Dollar against the US Dollar.
Taxes on income in the quarter were $200,000 compared with no tax expense in the first quarter of 2010. The relatively high tax expense in the quarter compared with prior quarter was due the fact that some of the Company's subsidiaries were profitable in the quarter.
Net loss for the first quarter of 2011, was $1.6 million, compared with net loss of US$2.4 million in the first quarter of 2010.
Net loss per share in the first quarter of 2011 was $0.15, compared with net loss per share of $0.23 in the same period last year.
Commenting on the results, Mr. Eitan Livneh, President and CEO of Magal, said,
"The first quarter of the year is seasonally the weakest, but we are pleased in the improvement over last year's results and it is a good base on which to start 2011. In the past few months we have won a number of key tenders for contracts in some important emerging regions. As we begin to execute on these projects, we expect to see the revenues and increasing contribution to our results in the upcoming quarters. Having proven our capabilities, we will continue to compete in further tenders and we look forward to winning further business in the coming quarters."
About Magal S3
Magal S3 is a leading international provider of security, safety and site management solutions and products (NASDAQ: MAGS).
Over the past 40 years, Magal S3 has delivered tailor-made solutions to hundreds of satisfied customers in over 80 countries.
Magal S3 offers a broad portfolio of unique products used to protect sensitive installations in some of the world's most demanding locations and harshest climates. This portfolio covers the following three categories:
- Perimeter Intrusion Detection Systems (PIDS) - a variety of smart barriers and fences, fence mounted detectors, virtual gates, buried and concealed detection systems
- Close Circuit TV (CCTV) - a comprehensive management platform with a leading Intelligent Video Analysis (IVA) and Video Motion Detection (VMD) engine
- Physical Security Information Management (PSIM) - an open site management system that enhances command, control and decision making during both routine operations and crisis situations
SOURCE Magal Security Systems Ltd