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Magal Security Systems Ltd. Message Board

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  • bengrahamvalueinvestor bengrahamvalueinvestor Nov 6, 2007 12:41 PM Flag

    Conference Call

    Operating income, including that charge, was $95,000. Operating income on a non-GAAP basis, which excludes this charge,
    totaled $1.1m compared to $1.2m operating income in the third quarter of 2006, a 39% sequential increase over the $761,000
    operating income in the second quarter of 2007.
    Operating margin for the quarter, excluding the one-time benefit charge, totaled 4.8%, compared to 7.6% in the third quarter
    last year and 5.1% in the second quarter. As noted, the margin was affected by the low-margin order to the Israeli government.
    Operating income for the nine months, excluding the charge, was $2.6m or 4.9% operating margin, up 9% compared to $2.4m
    or 5.3% operating margin in the same period last year. Operating income for the nine months, including the one-time benefit
    charge this quarter, totaled $1.6m.
    Financial expenses for the third quarter totaled $981,000, which includes approximately $700,000 of currency exchange losses
    due to the weakening of the U.S. dollar by approximately 6% against each of the new Israeli shekel and the Canadian dollar.
    Compared to the third quarter last year, by comparison, in the third quarter last year financial expenses totaled $260,000.
    Taxes on income for the third quarter of 2007 totaled $749,000, and included a tax provision for final tax assessments in the
    amount of $0.5m relating to the years 2001 to 2004. Net result for the quarter was therefore affected by the one-time
    compensation benefit as well as the tax provisions, causing us to present a net loss of $1.6m.
    Non-GAAP net loss, excluding the one-time benefit charge and tax provision, totaled $367,000. The non-GAAP net loss still
    includes the impact of the weaker dollar, which increased our financial expenses by approximately $700,000, compared to
    $623,000 net income in the third quarter of 2006 and a net income of $342,000 in the previous quarter. Diluted loss per share
    was $0.16 compared to diluted earnings per share of $0.06 in the third quarter last year.
    Net loss for the nine months, including the one-time charges in the third quarter, totaled $1m compared to a $1m net income
    in 2006. Diluted loss per share for the nine months totaled $0.10, compared with diluted earnings per share of $0.10 last year.
    Turning to the balance sheet, cash, cash equivalents, marketable securities and bank deposits as of September 30 were $27.2m.
    And now I would like to open the call for questions. Operator?

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