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 August 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 [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. 333-217063 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 Second Quarter 2017 Financial Results dated August 31, 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:  August 31, 2017

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	Press Release:  Magal Security Systems Ltd. Reports Second Quarter 2017 Financial Results dated August 31, 2017.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Magal Security Systems Ltd. Reports

Second Quarter 2017 Financial Results

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

SECOND QUARTER RESULTS SUMMARY

·   Revenue of $13.3 million with gross margin of 50.2%;

·   Incurred non-cash financial-expense of $1.3 million;

·   Net loss of $3.3 million in the quarter, EBITDA loss of $1.2 million;

·   Net cash and equivalents of $47.9 million at quarter-end;

·   Completed amalgamation of Aimetis and Senstar subsidiaries in Canada, leading to lower ongoing operating and tax expenses starting in the second half of 2017;

SECOND QUARTER 2017 RESULTS

Revenues for the second quarter of 2017 were $13.3 million, a decrease of 3% compared with revenues of $13.6 million in the second quarter of 2016.

Gross profit for the second quarter of 2017 was $6.7 million, or 50.2% of revenues, an increase of 10%, compared with a gross profit of $6.1 million or 44.5% of revenues, in the second quarter of 2016. The improvement in gross margin between quarters is due to the higher margins achieved on projects during the quarter.

Operating loss for the second quarter of 2017 was $1.7 million compared to an operating loss of $2.2 million in the second quarter of 2016.

Financial expenses, net, for the second quarter of 2017 were $1.4 million compared with financial income of $0.3 million in the second 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 4.0%, between the end of the first quarter and the end of the second quarter of 2017, similar to the decline experienced in the prior quarter, 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 second quarter of 2017 was $3.3 million, or $0.14 per share, compared with a net loss of $2.0 million, or $0.12 per share in the second quarter of 2016.

EBITDA in the second quarter of 2017 was a negative $1.2 million, compared to a negative EBITDA of $1.7 million in the second quarter of 2016.

Cash, short term deposits and restricted deposits, as of June 30, 2017, were $47.9 million, or $2.08 per share, compared with cash, short term deposits and restricted deposits of $50.7 million, or $2.21 per share, as of March 31, 2017.

MANAGEMENT COMMENT

Commenting on the results, Mr. Saar Koursh, CEO of Magal, said, “From a revenue standpoint, our second quarter was slightly weaker than the same quarter of last year. The increase in revenues from geographies outside of North America, partially offset the current weakness we are experiencing in the North American market. Our North American operations, which last year represented almost half of our global business, were significantly impacted this quarter by delays in critical infrastructure security spending which await clarity about the federal budget. In the interim, the cost efficiency actions we implemented in the quarter position us well for profitable growth upon the anticipated recovery in the US high-end security market in the second half of 2017.”

Continued Mr. Koursh, “Since last year, we have put much effort in improving our profitability on both the operational and gross margin levels. Additionally, in the second quarter, we amalgamated Aimetis and our North American subsidiary, Senstar. This will enable additional synergies as well as lower operating expenses and ultimately higher margins, in upcoming quarters.”

INVESTORS’ CONFERENCE CALL INFORMATION:

The Company will host a conference call later today, August 31, 2016, at 9:30 a.m. Eastern Time and 4:30 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.

A replay link of the call will be available from the day after the call from Magal’s website.

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 June 30,									Six Months Ended June 30,
	2016			2017			% change			2016			2017			% change
Revenue		13,629			13,254			(3	)		26,232			27,589			5
Cost of revenue		7,562			6,602						13,919			13,526
Gross profit		6,067			6,652			10			12,313			14,063			14
Operating expenses:
Research and development, net		1,980			1,682			(15	)		3,256			3,287			1
Selling and marketing		4,435			4,564			3			7,041			9,362			33
General and administrative		1,879			2,073			10			3,620			3,933			9
Total operating expenses		8,294			8,319			-			13,917			16,582			19
Operating loss		(2,227	)		(1,667	)					(1,604	)		(2,519	)
Financial income (expenses), net		303			(1,374	)					(556	)		(4,010	)
Loss before income taxes		(1,924	)		(3,041	)					(2,160	)		(6,529	)
Taxes on income		122			264						349			469
Net loss		(2,046	)		(3,305	)					(2,509	)		(6,998	)
Income (loss) attributable to non-controlling interests		(34	)		9						(21	)		14
Net loss attributable to Magal shareholders'		(2,012	)		(3,314	)					(2,488	)		(7,012	)
Basic and diluted net loss per share	$	(0.12	)	$	(0.14	)				$	(0.15	)	$	(0.31	)
Weighted average number of shares used in computing basic and diluted net loss per share		16,398,872			23,000,580						16,398,872			22,958,689

	Three Months Ended June 30				Six Months Ended June 30,
	2016 %		2017 %		2016 %		2017 %
Gross margin		44.5		50.2		46.9		51
Research and development, net as a % of revenues		14.5		12.7		12.4		11.9
Selling and marketing as a % of revenues		32.5		34.4		26.8		33.9
General and administrative  as a % of revenues		13.8		15.6		13.8		14.3
Operating margin		-		-		-		-
Net  margin		-		-		-		-

MAGAL SECURITY SYSTEMS LTD.

 RECONCILLATION OF EBITDA TO NET LOSS

(All numbers expressed in thousands of US$)

	Three Months Ended June 30						Six Months Ended June 30,
	2016			2017			2016			2017
GAAP Net loss		(2,046	)		(3,305	)		(2,509	)		(6,998	)
Less:
Financial income (expenses), net		303			(1,374	)		(556	)		(4,010	)
Taxes on income		(122	)		(264	)		(349	)		(469	)
Depreciation and amortization		(528	)		(462	)		(816	)		(912	)
EBITDA		(1,699	)		(1,205	)		(788	)		(1,607	)

MAGAL SECURITY SYSTEMS LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All numbers expressed in thousands of US$)

	December 31,		June 30,
	2016		2017
CURRENT ASSETS:
Cash and cash equivalents	$	19,692	$	15,656
Short-term bank deposits		31,036		32,024
Restricted deposits		1,809		193
Trade receivables, net		13,702		11,697
Unbilled accounts receivable		4,232		4,324
Other accounts receivable and prepaid expenses		2,751		2,802
Inventories		6,818		7,357
Total current assets		80,040		74,053
LONG TERM INVESTMENTS AND RECEIVABLES:
Long-term trade receivables		308		128
Long-term deposits and restricted bank deposits		126		149
Severance pay fund		1,321		1,471
Deferred income taxes		2,114		2,198
Total long-term investments and receivables		3,869		3,946
PROPERTY AND EQUIPMENT, NET		5,301		5,530
INTANGIBLE ASSETS, NET		4,933		4,635
GOODWILL		11,850		12,328
TOTAL ASSETS	$	105,993	$	100,492

MAGAL SECURITY SYSTEMS LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All numbers expressed in thousands of US$)

	December 31,			June 30,
	2016			2017
CURRENT LIABILITIES:
Trade payables	$	4,040		$	2,311
Customer advances		5,602			3,023
Other accounts payable and accrued expenses		11,646			10,557
Total current liabilities		21,288			15,891
LONG-TERM LIABILITIES:
Deferred revenues		472			479
Deferred income taxes		167			181
Accrued severance pay		2,089			2,285
Other long-term liabilities		59			62
Total long-term liabilities		2,787			3,007
SHAREHOLDERS' EQUITY
Share Capital: Ordinary shares of NIS 1 par value -
Authorized: 39,748,000 shares at December 31, 2016 and June 30, 2017; Issued and outstanding: 22,894,348 shares at December 31, 2016 and 23,012,448 shares at June 30, 2017		6,679			6,711
Additional paid-in capital		93,441			93,996
Accumulated other comprehensive loss		(1,923	)		(749	)
Foreign currency translation adjustments (stand alone financial statements)		412			5,325
Accumulated deficit		(16,600	)		(23,612	)
Total shareholders' equity		82,009			81,671
Non-controlling interest		(91	)		(77	)
TOTAL SHAREHOLDERS' EQUITY		81,918			81,594
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	105,993		$	100,492