May 21, 2018 9:29 AM ET

Electronic Equipment, Instruments and Components

Company Overview of Magal Security Systems Ltd.

Company Overview

Magal Security Systems Ltd. develops, manufactures, markets, and sells perimeter intrusion detection sensors, physical barriers, video analytics and video management systems, and cyber security products and systems worldwide. It operates through three segments: Perimeter Products, Turnkey Projects, and Video and Cyber Security. The company offers perimeter security products that enable customers to monitor, limit, and control access by unauthorized personnel to specific regions or areas. Its perimeter security systems include fence mounted detection systems; detection grids, gates, and fences to protect water passages, VIP residences, and other outdoor applications; buried sensors; hybrid pe...

17 Altalef Street

Industrial Zone

PO Box 70

Yehud,  5621617

Israel

Founded in 1965

360 Employees

Phone:

972 3 539 1444

Fax:

972 3 536 6245

Key Executives for Magal Security Systems Ltd.

Deputy Chief Executive Officer, Chief Technology Officer and President of Senstar Corporation
Age: 60
Total Annual Compensation: $186.0K
Compensation as of Fiscal Year 2016.

Magal Security Systems Ltd. Key Developments

Magal Security Systems Ltd. Wins $2.3 Million Contract to Protect Correctional Facilities in North America

Magal Security Systems Ltd. announced that it has been awarded a $2.3 million contract for a perimeter and motion detection system. The system will be used to secure correctional facilities in North America and delivery is targeted to be completed in 2018.

Magal Security Systems, Ltd. Announces Management Changes

Magal Security Systems Ltd. announced that Mr. Dror Sharon has been appointed as CEO replacing Mr. Saar Koursh, who has led Magal since 2015. Mr. Sharon is expected to start his role as Magal's CEO on June 24th, 2018. Mr. Koursh will continue in his position until April 30th. Mr. Yaniv Shachar, E.V.P. and General Manager of Magal Israel, will serve as acting CEO in the interim period. Mr. Sharon joins Magal following a successful career as President and CEO at Controp Precision Technology Ltd.

Magal Security Systems Ltd. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018

Magal Security Systems Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue was $23,017,000 against $20,252,000 a year ago. Operating income was $1,803,000 against $1,523,000 a year ago. Income before income taxes was $1,320,000 against $1,979,000 a year ago. Net income was $291,000 against $2,853,000 a year ago. Net income attributable to shareholders was $291,000 against $2,870,000 a year ago. Basic and diluted net income per share was $0.01 against $0.13 a year ago. EBITDA was $2,282,000 against $1,897,000 a year ago. The company reported solid cash flow in the fourth quarter, generating $4.6 million of operating cash flow in the quarter. For the full year, the company reported revenue was $64,292,000 against $67,825,000 a year ago. Operating loss was $1,244,000 against operating income of $1,495,000 a year ago. Loss before income taxes was $5,205,000 against income before income taxes of $904,000 a year ago. Net loss was $6,900,000 against net income of $1,026,000 a year ago. Net loss attributable to shareholders was $6,914,000 against net income attributable to shareholders of $1,029,000 a year ago. Basic and diluted net loss per share was $0.3 against basic and diluted net income per share of $0.06 a year ago. EBITDA was $632,000 against $3,199,000 a year ago. Strong bookings in the fourth quarter (and beyond) leading to expectations of strong revenue and profitability growth in 2018.

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