Magal Security Systems Ltd. – the parent company of perimeter access control provider Magal-Senstar – announced its consolidated financial results for the first quarter of 2005, a three-month period that ended on March 31. According to the announcement, revenues reached $13.8 million in U.S. dollars, a decrease of 2.6 percent compared to the same quarter of 2004.
Previously, Magal announced in April that it was merging its U.S. subsidiaries Senstar-Stellar Inc. and Perimeter Products Inc. into one company as a cost-saving measure.
Compared to the fourth quarter of 2004, revenues decreased 18.5 percent, operating income increased by 9.2 percent and net income decreased by 33.3 percent.
Operating expenses for the first quarter reached $5.3 million, an increase of 5.6 percent compared with the same period in 2004 and a decrease of 21.4 percent compared with the fourth quarter of 2004. Diluted earnings per share for the first quarter reached US$0.03, a decrease of 63 percent compared with the first quarter of 2004.
