Magal Security Systems (MAGS) Reports Corrected Q3 2011 Earnings Figure
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Magal Security Systems Ltd. (NASDAQ: MAGS) today announced that it is correcting its reported earnings per share for the quarter ended September 30, 2011 to $0.51 per share from $0.61 per share, and for the nine months ended September 30, 2011 to $0.48 per share from $0.52 per share as previously reported on November 29, 2011.
The correction is due to a computational error in calculating the number of shares issued during the period with respect to the Company's successful rights offering.
The number of basic and diluted shares reported for the third quarter was corrected to 13,944,880 from 11,579,325. For the nine month period ended September 30, 2011, basic and diluted shares were corrected to 11,587,103 from 10,794,696.
The correction is due to a computational error in calculating the number of shares issued during the period with respect to the Company's successful rights offering.
The number of basic and diluted shares reported for the third quarter was corrected to 13,944,880 from 11,579,325. For the nine month period ended September 30, 2011, basic and diluted shares were corrected to 11,587,103 from 10,794,696.
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