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Elbit Vision Systems Announces 2013 Results

Elbit Vision Systems Ltd

CAESAREA, Israel, May 12, 2014 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, today announced its consolidated financial results for the twelve month period ending December 31, 2013.

2013 yearly Results:

Revenues for the year 2013 were approximately $4.3 million, representing decrease of 35.8% compared to $6.7 million in 2012.

Gross profit on a GAAP basis was approximately $1.8 million, representing 41.9% of revenues, compared to $3.7 million for 2012. Gross margins decreased mainly due to the decrease in revenues.

Operating loss on a GAAP basis was approximately $0.73 million compared with an operating profit of approximately $0.1 million in 2012.

Net loss on a GAAP basis for 2013 was approximately $1 million, compared to net profit of approximately $0.8 million in 2012.

Sam Cohen, CEO of EVS commented, "During 2013, we faced delays in our research and development department , causing a shift in our sales into the last part of the year. Though bookings were only down 10% from 2012, the timing of the bookings certainly had a tremendous overall negative effect on our annual results. Clearly, these late bookings will translate into solid operating profits in the first half of 2014.

"Even through the losses suffered last year, EVS continued with our push for the development of new and innovative products for our existing markets, as well as exciting new markets. Over the last few months, we were able to launch, sell, and install our latest technological solutions to select customers with remarkable success. Rolling these out to whole markets in the second half of this year will be a tremendous step forward in our product offering which we are confident will translate into profitability," concluded Mr. Cohen.

About Elbit Vision Systems Ltd. (EVS): www.evs.co.il

EVS offers a broad portfolio of automatic State-of-the-Art Visual Inspection Systems for both in-line and off-line applications, and process monitoring systems used to improve product quality, safety, and increase production efficiency. EVS' systems are used by over 700 customers, many of which are leading global companies.

This press release and other releases are available on www.evs.co.il

Safe Harbor Statement

This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2013
IN U.S. DOLLARS
Dec-31
2013 2012
U.S. dollars in
thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents 152 1,392
Restricted deposits (short term) 34 30
Accounts receivable:
Trade 1,013 1,099
Other 120 159
Inventories 865 773
Total current assets 2,184 3,453
LONG-TERM RECEIVABLES:
Severance pay fund 296 283
Other long-term receivables and investment 87 186
Total long-term receivables 383 469
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization 31 43
OTHER ASSETS
Goodwill 242 242
Total assets 2,840 4,207
Dec-31
2013 2011
U.S. dollars in
thousands
Liabilities and shareholders' deficiency
CURRENT LIABILITIES:
Current Maturities of Long Term Loan from Banks 183 183
Current Maturities of Long Term Loan from Shareholders and Other 370 568
Trade account payable 738 917
Deferred income 38 64
Other payables 523 470
Total current liabilities 1,852 2,202
LONG-TERM LIABILITIES:
Loans terms loans (net of current maturities) 838 1,189
Other Long Terms liabilities 708 790
Accrued severance pay 314 300
Total long-term liabilities 1,860 2,279
Total long-term liabilities 3,712 4,481
SHAREHOLDERS' DEFICIENCY (872) (274)
Total liabilities and shareholders' deficiency 2,840 4,207
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE MONTHS PERIOD ENDED DECEMBER 31, 2013
IN U.S. DOLLARS
12 months ended
Dec-31
2013 2012
U.S. dollars in thousands
(except per share data)
REVENUES 4,258 6,708
COST OF REVENUES 2,479 2,961
GROSS PROFIT 1,779 3,747
RESEARCH AND DEVELOPMENT EXPENSES – net 625 682
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 1,022 1,371
General and administrative 866 734
OPERATING (LOSS) INCOME (734) 960
FINANCIAL (EXPENSES) INCOME - net (278) (134)
OTHER EXPENSES – net -- (2)
INCOME (LOSS) BEFORE TAXES ON INCOME (1,012) 824
TAXES ON INCOME -- --
INCOME (LOSS) FOR THE PERIOD (1,012) 824
PROFIT (LOSS) PER SHARE BASIC (0.013) 0.012
PROFIT (LOSS) PER SHARE DILUTED (0.013) 0.012
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:
BASIC (IN THOUSANDS) 78,155 70,042
DILUTED (IN THOUSANDS) 78,155 71,639

CONTACT: Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il

Source:Elbit Vision Systems Ltd.