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  • acharithayamim acharithayamim May 2, 2005 8:49 PM Flag

    Globes Article 5/2

    Magal Q1 2005 net profit down 57%

    As warned, revenues for the first quarter of 2005 were in the range of estimates at $13.84 million.

    Globes correspondent 2 May 05 19:14

    Magal Security Systems Ltd. (MAGS) today announced its consolidated financial results for the three-month period ended March 31, 2005.
    Net profit for the first quarter of 2005 dropped 57.1% to $295,000 from $687,000 in the corresponding period of 2004.

    Revenue for the first quarter of 2005 decreased by 2.6% to $13.84 million from $14.2 million in the first quarter of 2004.

    Magal chairman Jacob Even-Ezra said, "Revenues for the first quarter of 2005 were in the upper range of our estimate of between $12 to $14 million. Usually, our first quarter of the year is the weakest quarter, as outdoor installations are more difficult during the winter months."

    "The decrease in revenues in the first quarter resulted from a number of other factors. We signed the recent $6.1 million framework agreement with the Israeli Ministry of Defence (MOD) for the seamline in Israel only at the end of March 2005 and revenues from that agreement will be recorded at the second and third quarters of the year. In comparison, we recorded revenues of approximately $2 million from the seamline project in the first quarter of last year. Additionally, a number of orders that were expected to be received by our US-based subsidiary in the first quarter were delayed to subsequent quarters."

    "Despite the first quarter results and based on the current backlog, management remains confident in its guidance issued in February, that the company will see a good year in 2005, with revenue growth over 2004."

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