Magal S3 announced its financial results for the three and twelve month period ended December 31, 2011.
FOURTH QUARTER 2011 RESULTS SUMMARY Revenues in the fourth quarter of 2011 increased year-over-year by 122.9 percent to a record $33.7 million, compared with $15.1 million in the fourth quarter of 2010.
Gross profit in the quarter was $15.4 million, or 45.8 percent of revenues, an increase o...
Magal S3 announced its financial results for the three and twelve month period ended December 31, 2011.
FOURTH QUARTER 2011 RESULTS SUMMARY
Revenues in the fourth quarter of 2011 increased year-over-year by 122.9 percent to a record $33.7 million, compared with $15.1 million in the fourth quarter of 2010.
Gross profit in the quarter was $15.4 million, or 45.8 percent of revenues, an increase of 174.8 percent compared to gross profit of $5.6 million, or 37.1 percent of revenues, in the fourth quarter of 2010.
Operating profit in the quarter was $5.0 million, or 14.8 percent of revenues, compared to an operating loss of $0.6 million in the fourth quarter of 2010.
Financial expenses in the quarter amounted to $73,000 compared to financial expenses of $405,000 in the fourth quarter of 2010.
Tax expenses in the quarter were $668,000, compared with $556,000 in the fourth quarter of 2010.
Net income in the quarter was $4.3 million, compared with a net loss of $1.5 million in the fourth quarter of 2010.
Earnings per share in the fourth quarter of 2011 were $0.27, compared with a net loss per share of $0.14 in the same period last year.
FULL YEAR 2011 RESULTS
Revenues for the year ended December 31, 2011 were $88.6 million, a 78.3 percent increase compared $49.7 million in 2010.
Gross Proifit for the year was $39.5 million, representing 44.6 percent of revenues, compared with $18.3 million, representing 36.8 percent of revenues in 2010.
Operating profit for 2011 was $9.8 million, representing 11.1 percent of revenues, compared with an operating loss of $4.7 million in 2010.
Financial income in 2011 amounted to $756,000 compared to financial expenses of $967,000 in 2010.
Tax expenses in 2011 were $723,000 compared with $602,000 in 2010.
Net income for 2011 was $9.8 million, compared with a net loss of $6.2 million in 2010.
Earnings per share for the year ended December 31, 2011 was $0.78, compared with a net loss per share of $0.60 in 2010.
Cash and short term deposits net of current bank debt, as of December 31, 2011, were $32.5 million, or $2.06 per share, compared with net cash and equivalents of $9.5 million, or $0.91 per share, on December 31, 2010.
As of December 31, 2011, the Company's backlog was $50.1 million, compared with $50.2 million on December 31, 2010.