Magal Security Systems Ltd. develops, manufactures, and sells safety, security, site management, and intelligence gathering and compilation solutions and products worldwide. It operates through Perimeter Products, Turnkey Projects, and Security segments. The company offers perimeter security systems that enable customers to monitor, limit, and control access by unauthorized personnel to specific regions or areas. Its perimeter security systems include hybrid perimeter intrusion detection systems with physical barrier; fence mounted vibration detection systems; detection grids, gates, and fences to protect water passages, VIP residences, and other outdoor applications; and buried cable sensor...
PO Box 70
Founded in 1969
Magal Security Systems, Ltd. Wins Contract of $13 Million in Two Large Orders
May 13 15
Magal Security Systems Ltd. announced that it has recently received two new orders amounting to $13 million. The first order is for an integrated security solution for several sites of a national power supplier in Latin America; it includes the integration of hundreds of existing and new cameras, several high-end thermal cameras and smart car and pedestrian gates. The IP network will be managed by CyberSeal's Tungsten™ advanced switches, with built-in cyber security, optimized for security networks. The second order covers the maintenance and the technical support for a security project, which is already operational in Africa.
Magal Security Systems, Ltd. Wins $12 Million New Orders
Mar 30 15
Magal Security Systems Ltd. announced it has recently won new orders amounting to $12 million. Most of the new orders are expected to be delivered to customers during 2015. The major order, amounting $6.4 million, is for a project to secure multiple secondary power stations in Latin America. The second major order, for $2.5 million is for Perimeter intrusion detection system, CCTV and Access Control which will be supplied for a Western Government military installation within the next two years. The third major order, for $1.6 million, is an integrated security solution for a large electrical utility company in Canada. It includes fence mounted perimeter sensors (fiberoptic), smart gates, biometric based access control, door locks, IP CCTV with IR illumination and a video management system. The balance of the orders come from security integrators in Poland and Latin America; and include maintenance agreements as well as Magal's new generation of fence mounted sensors: Magal's long range fiber optic sensor and a copper based ranging sensor.
Magal Security Systems Ltd. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment Charge for the Fourth Quarter of 2014
Mar 26 15
Magal Security Systems Ltd. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. Revenues for the fourth quarter of 2014 were $27.3 million, an increase of 110% compared with revenues of $13.0 million in the fourth quarter of 2013. Operating income in the fourth quarter was $1.7 million, or 6.3% of revenues, compared to an operating loss of $2.4 million in the fourth quarter of 2013. Excluding impairment of goodwill and other intangible assets, operating income for the fourth quarter was $4.1 million, or 15.2% of revenues. Net income in the fourth quarter was $2.9 million, or $0.18 per share, compared with a net loss of $2.4 million, or $0.15 per share, in the fourth quarter of 2013. Excluding the impairment charge, net income in the quarter was $5.3 million, or $0.33 per share. Income before income taxes was $2,610,000 against loss of $2,282,000 a year ago.
Revenues for the year ended December 31, 2014 were $77.5 million, a 51% increase compared with $51.5 million in 2013. Operating income for the year ended December 31, 2014 was $1.4 million, or 1.8% of revenues, compared with an operating loss of $4.5 million in 2013. Excluding the impairment of goodwill and other intangible assets, operating income for 2014 was $3.9 million, or 5.0% of revenues, in 2014. Net income for the year ended December 31, 2014 was $3.4 million, or $0.21 per share, compared with a net loss of $4.5 million, or $0.28 per share, in 2013. Excluding the above-mentioned impairment charge, net income was $5.8 million, or $0.36 per share. Income before income taxes was $3,402,000 against loss of $4,460,000 a year ago.
During the fourth quarter of 2014, Magal recorded a charge of $2.4 million for the impairment of goodwill and other intangible assets related to CyberSeal, which was acquired in 2013.