G&K, Magal Security, A. Schulman Achieve 52-Week Stock Price Highs Above Dow 13,000

April 04, 2012

G&K Services (NASDAQ:GKSR): G&K Services announced that its Board of Directors declared a special cash dividend of $6.00 per share, payable on April 27, 2012 to shareholders of record at the close of business on April 13, 2012. The stock will begin to trade ex-dividend on April 11, 2012. The total special dividend payment will be approximately $113M and will be funded through the company’s revolving credit facility. After payment of the special dividend, the company maintains significant liquidity, with over $100M of debt capacity available under its credit facilities. The shares closed at $36.93, up $2.23 or 6.43% on the day. They have traded in a 52-week range of $24.24 to $36.54.

Magal Security (NASDAQ:MAGS): Shares of Israel’s Magal Security (NASDAQ:MAGS), which builds “smart barriers” and other security solutions, are soaring after the company reported that its Q4 EPS jumped to 27c, compared to (14c) during the same period one year earlier. Moreover, the company’s revenue jumped 122.9% last quarter to a record $33.7M, compared with $15.1M during the same period one year earlier. “Our success is the result of the strenuous efforts we have made over the past two years in transitioning Magal into a leader in delivering full-scale homeland security projects,” said Magal CEO Eitan Livneh. “Our now exceptionally strong balance sheet, with $32.5M in net cash, opens many new growth avenues for us enabling both organic investments and synergistic acquisitions,” Livneh added. In mid-morning trading, Magal jumped $1.61, or 35.31%, to $6.17. The shares closed at $5.43, up $0.87 or 19.08% on the day. They have traded in a 52-week range of $2.18 to $5.10.

A. Schulman (NASDAQ:SHLM): A. Schulman reports Q2 adjusted EPS 38c, consensus 44c
Reports Q2 revenue $495.9M, consensus $482.2M. The shares closed at $27.85, up $0.05 or 0.18% on the day. They have traded in a 52-week range of $16.16 to $27.96.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com