================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2004
MAGAL SECURITY SYSTEMS LTD.
(Name of Registrant)
P.O. Box 70, Industrial Zone, Yahud 56100 Israel
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):__
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):__
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes__ No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-____________
This Report on Form 6-K is incorporated by reference into the
Registrant's Form F-3 Registration Statement File No. 333-9050.
================================================================================
Magal Security Systems Ltd.
6-K Items
1. Press Release re MAGAL Announces a Change to the Board of Directors and a
Grant of $1.2 Million to the Company's Employees Paid by its Major
Shareholders dated June 21, 2004.
ITEM 1
Press Release Source: Magal Security Systems Ltd.
MAGAL Announces a Change to the Board of Directors and a Grant of $1.2 Million
to the Company's Employees Paid by its Major Shareholders
Monday June 21, 12:51 pm ET
YAHUD, Israel, June 21 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd.
(NASDAQ NM:MAGS, TASE:MAGS) today announced that Mr. Shlomo Yanai resigned from
his position on the company's board of directors.
Magal also announced that the company's major shareholders Mr. N. Kirsh and Mr.
J. Even-Ezra have declared, as part of the celebration of the 20th anniversary
of Magal's founding, to personally allocate an award of $1.2 million to the
company's employees worldwide, in gratitude of the employees' efforts and
participation in the company's growth and achievements. The award will be
allocated among the employees according to the discretion of management.
In accordance with the generally accepted accounting principles in the United
States such an award will be recorded in Magal's second quarter statement of
income as an expense, although it will not effect the total shareholders' equity
or its statement of cash- flows. As a result of the above accounting treatment
the company expects to record a loss for the second quarter of 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 2003 were US$59 million, with net income of US$2.4
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 Gal IR International
Raya Asher, CFO Ehud Helft/Kenny Green
Tel: +972-3-539-1444 Tel: +1-866-704-6710
Fax: +972-3-536-6245 Int'l dial: +972-3-607-4717
E-mail: magalssl@trendline.co.il E-mail: ehud.helft@galir.com
kenny.green@galir.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MAGAL SECURITY SYSTEMS LTD.
(Registrant)
By: /s/Jacob Even-Ezra
------------------
Jacob Even-Ezra
Chairman of the Board and
Chief Executive Officer
Date: June 22, 2004