Magal Provides Revenue Guidance for the First Quarter of 2006
07 April 2006 - 2:02PM
PR Newswire (US)
YAHUD, Israel, April 7 /PRNewswire-FirstCall/ -- Magal Security
Systems, Ltd. (NASDAQ NM: MAGS, TASE: MAGS) today announced that it
expects revenues for the first quarter of 2006 to be in the range
of $12.5 to $14 million. In the first quarter of 2005, the Company
had revenues of $13.8 million. The lag in the expected revenue
increase in the first quarter of 2006 was the result of a delay in
the execution of a project in Europe. The delay was caused by a
customer that is considering the termination of the contract and
the project. In addition, a number of orders that were expected by
Magal in the first quarter were also delayed to subsequent
quarters. Mr. Jacob Even-Ezra, Chairman of Magal, said: "Our first
quarter is historically our slowest because of seasonal factors.
However, the results for first quarter of 2006 do not reflect the
year-over-year increase in revenues that we had anticipated.
Nevertheless, management believes that Magal is on track to report
year over year growth in revenues, and remains confident that the
Company will achieve its 2006 targets." About Magal Security
Systems, Ltd.: Magal Security Systems Ltd. (Magal) is engaged in
the development, manufacturing and marketing of computerized
security systems, which automatically detect, locate and identify
the nature of unauthorized intrusions. Magal also supplies Video
Monitoring Services through Smart Interactive Systems, Inc., a
subsidiary established in the U.S. in June 2001. The Company's
products are currently used in more than 70 countries worldwide to
protect national borders, airports, correctional facilities,
nuclear power stations and other sensitive facilities from
terrorism, theft and other threats. Israeli-based Magal has
subsidiaries in the U.S., Canada, the U.K., Germany, Mexico,
Romania and an office in China. Magal trades in the U.S. on the
NASDAQ National Market since 1993 and in Israel on the Tel-Aviv
Stock Exchange (TASE) since July 2001, under the symbol MAGS. This
press release contains forward-looking statements, which are
subject to risks and uncertainties. Such statements are based on
assumptions and expectations which may not be realized and are
inherently subject to risks and uncertainties, many of which cannot
be predicted with accuracy and some of which might not even be
anticipated. Future events and actual results, financial and
otherwise, may differ from the results discussed in the
forward-looking statements. A number of these risks and other
factors that might cause differences, some of which could be
material, along with additional discussion of forward-looking
statements, are set forth in the Company's Annual Report on Form
20-F filed with the Securities and Exchange Commission. Contacts:
Magal Security Systems, Ltd Raya Asher Tel: +972-3-539-1444 Fax:
+972-3-536-6245 E-mail: GK International Ehud Helft/Kenny Green
Tel: +1-866-704-6710 Int'l dial: +972-3-607-4717 E-mail: /
DATASOURCE: Magal Security Systems Ltd. CONTACT: Magal Security
Systems, Ltd, Raya Asher, Tel: +972-3-539-1444, Fax:
+972-3-536-6245, E-mail: ; GK International, Ehud Helft/Kenny
Green, Tel: +1-866-704-6710, Int'l dial: +972-3-607-4717, E-mail: ,
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