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magal security sys ltd (MAGS) Key Developments

Magal Security Systems Ltd. Appoints Moshe Tsabari to its Board of Directors

Magal Security Systems Ltd. advised that an extraordinary general meeting of the company was held on December 16, 2014. The shareholders approved the election of Moshe Tsabari as an external director for a three year term commencing at the date of the Meeting and expiring on December 15, 2017. Upon his election, Mr. Tsabari became a member of the Company's Audit Committee and Compensation Committee.

Magal Security Systems, Ltd. Enters into $2.1 Million Contract to Deliver Technology and Services

Magal Security Systems Ltd. announced that it recently entered into a $2.1 million contract to deliver technology and services as part of an overall security solution for the Port of Tarragona in Spain. The solution includes the full coverage of the port's perimeter with taut wire detection (Magal's DTR) as well as a decorative smart fence (Magal's DTAC), enforced by microwave sensors and infrared beams. CCTV legacy coverage will also be extended by 150 new day/night and thermal cameras. The seaside will be monitored by six new dual technology (thermal and CCD) high resolution cameras, with accurate positioning and intelligent video analytics (using Magal's MTC 1500i). This new deployment, along with the port's legacy systems, will be fully integrated into a new control center managed by Magal's advanced command and control platform (Fortis4G), enabling mobile land and marine police to interact with the system.

Magal Security Systems Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Magal Security Systems Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s revenue increased 67% to $21.5 million from $12.8 million for the third quarter of 2013 and increased 32% from $16.2 million in the second quarter of 2014. Operating income was $2.6 million, compared to an operating loss of $0.1 million in the third quarter of 2013. Net income was $3.6 million, or $0.22 per share, compared with a net loss of $0.4 million, or $0.02 per share, in the third quarter of 2013. Income before income taxes was $3,949,000 compared to loss before income taxes of $470,000 a year ago. Net income attributable to the company’s shareholders was $3,634,000 compared to net loss attributable to the company’s shareholders of $316,000 a year ago For the nine months, the company reported revenue of $50,227,000 compared to $38,523,000 a year ago. Operating loss was $285,000 compared to $2,090,000 a year ago. Income before income taxes was $792,000 compared to loss before income taxes of $2,178,000 a year ago. Net income was $478,000 compared to net loss of $2,185,000 a year ago. Net income attributable to the company’s shareholders was $533,000 compared to net loss attributable to the company’s shareholders of $2,108,000 a year ago. Basic and diluted earnings per share were $0.03 compared to basic and diluted loss per share of $0.13 a year ago.

Magal Security Systems Ltd., Special/Extraordinary Shareholders Meeting, Dec 16, 2014

Magal Security Systems Ltd., Special/Extraordinary Shareholders Meeting, Dec 16, 2014., at 10:00 Israel Standard Time. Location: at 17 Altalef Street, Industrial Zone. Agenda: To elect Mr. Moshe Tsabari as an external director for an initial three-year term, effective upon the date of the Meeting.

Magal Security Systems Ltd., Q3 2014 Earnings Call, Nov 20, 2014

Magal Security Systems Ltd., Q3 2014 Earnings Call, Nov 20, 2014

 

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