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Magal Security Systems Ltd. Reports First Quarter 2021 Financial Results

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YEHUD, Israel, May 24, 2021 /PRNewswire/
Magal Security Systems, Ltd. (NASDAQ: MAGS) today announced its financial results for the three months ended March 31, 2021. Management will hold an investors conference call later today (at 10 am Eastern Time) to discuss the results.
FIRST QUARTER 2021 HIGHLIGHTS:
Entered into an asset and share purchase agreement for the sale of the Integrated Solutions division to Aeronautics Ltd. for $35 million (
closing expected in June 2021), representing value of $1.51 per share; accordingly, Magal s Integrated Solutions division results are excluded from results from continuing operations.
Strong cash position of $25.9 million, or $1.12 per share, as of March 31
st 2021 with no debt. ....

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Magal Security Systems Ltd. Reports Unaudited Fourth Quarter and Full Year 2020 Financial Results

Magal Security Systems Ltd. Reports Unaudited Fourth Quarter and Full Year 2020 Financial Results
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Aeronautics buys Magal's integrated solutions activities

Aeronautics buys Magal s integrated solutions activities
Magal, controlled by FIMI, will now focus on four key areas: energy, logistics, critical infrastructure and correctional facilities.
Israeli unmanned aerial systems developer Aeronautics Group, a unit of Rafael Advanced Defense Systems Ltd., has announced that it is acquiring the integrated solutions (projects) division of Israeli company Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS), including all the division s global operations and subsidiaries. No financial details were disclosed.
The acquisition will extend Aeronautics Group s operations in the defense, and homeland security markets. The acquisition is expected to be completed in the second quarter of 2021, and is subject to customary closing conditions, including regulatory approvals. ....

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