Magal Reports US$ 4 Million Orders for Israeli Seam Line
January 07 2004 - 7:14AM
PR Newswire (US)
Magal Reports US$ 4 Million Orders for Israeli Seam Line YAHUD,
Israel, Jan. 7 /PRNewswire-FirstCall/ -- Magal Security Systems,
Ltd. today announced that during the second half of the last
quarter of 2003 we received from the Israeli Ministry of Defense
(MOD) orders of approximately US$4 million for installation of
intrusion detection systems along the seam line between Israel and
the West Bank. Part of these orders were executed in the fourth
quarter of 2003, and the balance will be completed by the end of
the first quarter of 2004. Mr. Even-Ezra, Chairman of Magal said:
"These orders are a follow on of previous orders that Magal
received in September 2002 for US$15 million for installation on
the seam line that were executed in the years 2002 and 2003. We
believe the company will continue to receive more orders for the
seam line during the year 2004." 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.
Revenues for fiscal year 2002 were US$43 million, with net income
of US$1.9 million. 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, in both 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 Report on Form 8-K filed with the Securities
and Exchange Commission. Contacts: Magal Security Systems, Ltd Raya
Asher, CFO Tel: +972-3-539-1444 Fax: 972-3-536-6245 E-mail: Gal IR
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: Raya Asher, CFO of Magal Security Systems, Ltd,
+972-3-539-1444, fax, +1-972-3-536-6245, ; or Ehud Helft, , or
Kenny Green, , both of Gal IR International, 1-866-704-6710, or
Int'l dial, +972-3-607-4717
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