6-K

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 May 2017

MAGAL SECURITY SYSTEMS LTD.

(Name of Registrant)

P.O. Box 70, Industrial Zone, Yahud 5610001 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 S                                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 S

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. 333-217063 and Form S-8 Registration Statements File Nos. 333-127340, 333-164696, 333-174127 and 333-190469.

Magal Security Systems Ltd.

EXPLANATORY NOTE

The following exhibit is attached:

99.1 Press Release:  Magal Security Systems Ltd. Reports First Quarter 2017 Financial Results dated May 30, 2017.

SIGNATURE

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/Saar Koursh

Saar Koursh

Chief Executive Officer

Date:  May 30, 2017

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	Press Release:  Magal Security Systems Ltd. Reports First Quarter 2017 Financial Results dated May 30, 2017.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Magal Security Systems Ltd. Reports

First Quarter 2017 Financial Results

YEHUD, ISRAEL, May 30, 2017 -- Magal Security Systems, Ltd. (NASDAQ: MAGS) today announced its financial results for the three month period ended March 31, 2017. Management will hold an investors’ conference call later today (at 9 am Eastern Time) to discuss the results.

FIRST QUARTER RESULTS SUMMARY

·   Revenue grew year-over-year by 14% to $14.3 million;

·   Higher level of operating expenses led to operating loss of $0.9 million, primarily due to increased investment in sales and marketing to capitalize on opportunities, particularly in the North American market;

·   Incurred non-cash financial-expense of $2.4 million due to a sharp quarterly variation in the US dollar/Israeli shekel exchange rate;

·   Net loss of $3.7 million in the quarter;

·   EBITDA loss of $0.4 million in the quarter;

·   Net cash and equivalents of $50.7 million at quarter-end.

FIRST QUARTER 2017 RESULTS

Revenues for the first quarter of 2017 were $14.3 million, an increase of 14% compared with revenues of $12.6 million in the first quarter of 2016.

Gross profit for the first quarter of 2017 was $7.4 million, or 51.7% of revenues, compared with a gross profit of $6.2 million or 49.6% of revenues, in the first quarter of 2016. The change in gross margin between quarters is a function of the revenue mix between volume of projects executed, and volume of products and services sold.

Operating loss for the first quarter of 2017 was $0.9 million compared to operating income of $0.6 million in the first quarter of 2016. The main difference was due to a higher level of operating expenses in the current quarter, which was primarily an increase in sales and marketing expenses, which grew to $4.8 million from $2.6 million in the first quarter of 2016.

Financial expenses, net, for the first quarter of 2017 were $2.6 million compared with financial expenses of $0.6 million in the first quarter of 2016.  In Israel, Magal’s functional currency is the Israeli Shekel and the vast majority of Magal’s cash deposits are held in US dollars. Because the US dollar declined in value by 5.5%, between the end of 2016 and the end of the first quarter of 2017, the Company recorded a non-cash financial expense due to the reduction in the Israeli shekel value of its US dollar deposits, leading to the high level of financial expense in the current quarter.

Net loss in the first quarter of 2017 was $3.7 million, or $0.16 per share, compared with a net loss of $0.5 million, or $0.03 per share in the first quarter of 2016.

EBITDA in the first quarter of 2017 was a negative $0.4 million, compared to a positive EBITDA of $0.9 million in the first quarter of 2016.

Cash, short term deposits and restricted deposits, net of bank debt, as of March 31, 2017, were $50.7 million, or $2.21 per share, compared with cash and short term deposits, net of bank debt, of $52.5 million, or $2.29 per share, as of December 31, 2016.

MANAGEMENT COMMENT

Commenting on the results, Mr. Saar Koursh, CEO of Magal, said, “Our first quarter is typically a seasonally weak quarter; however, we still achieved revenue growth of 14% over the first quarter of last year. Our net income was negatively impacted by a non-cash financial expense related to a relatively sharp quarterly change in the US dollar/Israeli shekel exchange rate and its effect on our sizable US dollar denominated cash holdings. In addition, we significantly increased our investment in sales and marketing, primarily in the United States. This is because we see many solid opportunities in our end-markets that we intend to capitalize on. We believe that these investments, together with our strong balance sheet, will enable us to pursue many opportunities for growth, and will position Magal well for long-term prosperity.”

INVESTORS’ CONFERENCE CALL INFORMATION:

The Company will host a conference call later today, May 30, 2016, at 9:00 a.m. Eastern Time and 4:00 p.m. Israel time.

To participate, please call one of the following teleconferencing numbers:

US: 1 888 407 2553; Israel: 03 918 0687; UK: 0 800 917 9141; Intl.: +972 3 918 0687

If you are unable to connect using the toll-free numbers, please try the international dial-in number.

The call will also be webcast live. The link to access the call can be found in the investor relations section of the company’s website or direct from the attached link:

 http://www.veidan-stream.com/?con=Magal_Security_Systems_Q1_2017_Results_Conference_Call

A replay link of the call will be available from the day after the call from the above link.

ABOUT MAGAL

Magal is a leading international provider of solutions and products for physical and video security solutions, as well as site management. Over the past 45 years, Magal has delivered its products as well as tailor-made security solutions and turnkey projects to hundreds of satisfied customers in over 80 countries – under some of the most challenging conditions.

Magal offers comprehensive integrated solutions for critical sites, managed by Fortis4G – our 4th generation, cutting-edge PSIM (Physical Security Information Management system). The solutions leverage our broad portfolio of homegrown PIDS (Perimeter Intrusion Detection Systems), advanced VMS (Video Management Software) with native IVA (Intelligent Video Analytics)  Security solutions.

Forward Looking Statements

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 Annual Report on Form 20-F filed with the Securities and Exchange Commission.

Information with Regard to non-GAAP Financial Measures

The Company presents its financial statements in accordance with U.S. GAAP. Magal’s management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. EBITDA is provided in this press release and the accompanying supplemental information because management believes this non-GAAP measure is useful for investors and financial institutions as it facilitates operating performance comparisons from period to period. As presented in this release, the term EBITDA consists of net profit (loss) according to U.S. GAAP, excluding net financing expenses,  taxes, depreciation and amortization.  EBITDA should not be considered in isolation or as a substitute for net profit (loss) or other statement of operations data prepared in accordance with GAAP as a measure of profitability. A reconciliation between the Company's results on a GAAP and non-GAAP basis is provided in a table below.

For more information:

Magal Security Systems  Ltd. Saar Koursh, CEO Tel: +972 3 539 1421 E-mail: elishevaa@magal-s3.com Web:www.magal-s3.com   GK Investor Relations Ehud Helft / Gavriel Frohwein Tel: (US) +1 646 688 3559 E-mail: magal@gkir.com

* Tables to follow *

MAGAL  SECURITY SYSTEMS LTD.

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All numbers except EPS expressed in thousands of US$)

	Three Months Ended March 31,
	2016			2017			% change
Revenue		12,603			14,335			14
Cost of revenue		6,357			6,924
Gross profit		6,246			7,411			19
Operating expenses:
Research and development, net		1,276			1,605			26
Selling and marketing		2,606			4,798			84
General and administrative		1,741			1,860			7
Total operating expenses		5,623			8,263			47
Operating income (loss)		623			(852	)
Financial expenses, net		(859	)		(2,636	)
Loss before income taxes		(236	)		(3,488	)
Taxes on income		227			205
Net loss		(463	)		(3,693	)
Loss attributable to non-controlling interests		(13	)		(5	)
Net loss attributable to Magal shareholders'		(476	)		(3,698	)
Basic and diluted  net earnings per share	$	(0.03	)	$	(0.16	)
Weighted average number of shares used in computing basic and diluted  net earnings (loss) per share		16,398,872			22,916,333

	Three Months Ended March 31
	2016 %		2017 %
Gross margin		49.6		51.7
Research and development, net as a % of revenues		10.1		11.2
Selling and marketing as a % of revenues		20.7		33.5
General and administrative  as a % of revenues		13.8		13.0
Operating margin		4.9		-
Net  margin		-		-

MAGAL  SECURITY SYSTEMS LTD.

 RECONCILIATION OF EBITDA TO NET LOSS

(All numbers expressed in thousands of US$)

	Three Months Ended March 31,
	2016			2017
GAAP Net loss		(463	)		(3,693	)
Less:
Financial expenses, net		(859	)		(2,636	)
Taxes on income		(227	)		(205	)
Depreciation and amortization		(288	)		(450	)
EBITDA		911			(402	)

MAGAL SECURITY SYSTEMS LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All numbers expressed in thousands of US$)

	December 31,		March 31,
	2016		2017
CURRENT ASSETS:
Cash and cash equivalents	$	19,692	$	16,889
Short-term bank deposits		31,036		32,028
Restricted deposits		1,809		1,830
Trade receivables, net		13,702		11,790
Unbilled accounts receivable		4,232		3,475
Other accounts receivable and prepaid expenses		2,751		3,441
Inventories		6,818		7,198
Total current assets		80,040		76,651
LONG TERM INVESTMENTS AND RECEIVABLES:
Long-term trade receivables		308		225
Long-term deposits and restricted bank deposits		126		134
Severance pay fund		1,321		1,397
Deferred income taxes		2,114		2,178
Total long-term investments and receivables		3,869		3,934
PROPERTY AND EQUIPMENT, NET		5,301		5,424
INTANGIBLE ASSETS, NET		4,933		4,761
GOODWILL		11,850		12,013
TOTAL ASSETS	$	105,993	$	102,783

	December 31,			March 31,
	2016			2017
CURRENT LIABILITIES:
Trade payables	$	4,040		$	3,008
Customer advances		5,602			3,165
Other accounts payable and accrued expenses		11,646			11,844
Total current liabilities		21,288			18,017
LONG-TERM LIABILITIES:
Deferred revenues		472			472
Deferred income taxes		167			170
Accrued severance pay		2,089			2,197
Other long-term liabilities		59			58
Total long-term liabilities		2,787			2,897
SHAREHOLDERS' EQUITY
Share Capital: Ordinary shares of NIS 1 par value -
Authorized: 39,748,000 shares at December 31, 2016 and March 31, 2017; Issued and outstanding: 22,894,348 shares at December 31, 2016 and 22,952,448 shares at March 31, 2017		6,679			6,694
Additional paid-in capital		93,441			93,753
Accumulated other comprehensive loss		(1,923	)		(1,471	)
Foreign currency translation adjustments (stand alone financial statements)		412			3,277
Accumulated deficit		(16,600	)		(20,298	)
Total shareholders' equity		82,009			81,955
Non-controlling interest		(91	)		(86	)
TOTAL SHAREHOLDERS' EQUITY		81,918			81,869
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	105,993		$	102,783