×

Elbit Vision Systems Announces First Quarter 2014 Results

Elbit Vision Systems Ltd

CAESAREA, Israel, June 26, 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 three month period ending March 31, 2014.

First Quarter 2014 Results

Revenues for the quarter were $1.34 million, representing an increase of 6.3% compared to $1.26 million in the first quarter of 2013.

Gross profit on a GAAP basis for the quarter was $0.65 million, representing 48.3% of revenues, compared to $0.6 million for the first quarter of 2013, representing 47.4% of revenues. Gross margins improved due to the increase in revenues.

Operating income on a GAAP basis for the quarter was $151 thousand compared with an operating loss of $2 thousand in the first quarter of 2013.

Net income on a GAAP basis for the quarter was $175 thousand, compared to a net loss of $59 thousand in the first quarter of 2013.

Management Comment

Sam Cohen, CEO of EVS commented, "We are very pleased with the marked improvement in our first quarter 2014 results, particularly our return to net profitability and our strong growth in revenue compared with the previous quarters. We expect to see continued sequential improvement in our financial results throughout 2014. For the second quarter, we expect revenues to grow to around $1.5 million level."

Concluded Mr. Cohen, "We have made strong investments in our technology and product offering over the past few years and as we move into 2014, we are finally at a stage in which we expect to see the fruits of our efforts. We believe that 2014 will very much represent a historic turnaround year for EVS."

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.

FINANCIAL TABLES FOLLOW

ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT MARCH 31, 2014
IN U.S. DOLLARS
Mar-31 Dec-31
2014 2013 2013
   
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 334 855 152
Restricted deposits (short term) 34 32 34
Trade account receivables 1,020 1,000 1,013
Other receivables 161 176 120
Inventories 920 769 865
Total current assets 2,469 2,832 2,184
LONG-TERM RECEIVABLES:
Severance pay fund 295 283 296
Other long-term receivables 121 189 87
Total long-term receivables 416 472 383
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization 28 42 31
OTHER ASSETS
Goodwill 242 242 242
Total assets 3,155 3,588 2,840
Mar-31 Dec-31
2014 2013 2013
   
In thousands
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 183 183 183
Current Maturities of Loan from Shareholder and Other 370 568 370
Trade account payable 782 480 738
Deferred revenues 343 53 38
Other payables 440 470 523
Total current liabilities 2,118 1,754 1,852
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities) 747 1,100 838
Other Long Terms liabilities 675 767 708
Accrued severance pay 311 299 314
Total long-term liabilities 1,733 2,166 1,860
Total liabilities 3,851 3,920 3,712
SHAREHOLDERS' DEFICIENCY (696) (332) (872)
Total liabilities and shareholders' deficiency 3,155 3,588 2,840
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2014
IN U.S. DOLLARS
3 months ended year ended
Mar-31 December 31,
2014 2013 2013
   
U.S. dollars in thousands
(except per share data)
REVENUES 1,338 1,256 4,258
COST OF REVENUES 692 661 2,479
GROSS PROFIT 646 595 1,779
RESEARCH AND DEVELOPMENT EXPENSES – net 107 152 625
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 217 271 1,022
General and administrative 171 174 866
     
OPERATING PROFIT 151 (2) (734)
FINANCIAL (EXPENSES) INCOME - net 24 (57) (278)
OTHER (EXPENSES) INCOME – net --   --
PROFIT(LOSS) BEFORE TAXES ON INCOME 175 (59) (1,012)
TAXES ON INCOME -- -- --
NET PROFIT(LOSS) FOR THE PERIOD 175 (59) (1,012)
PROFIT (LOSS) PER SHARE- BASIC 0.002 (0.001) (0.013)
PROFIT (LOSS) PER SHARE- DILUTED 0.002 (0.001) (0.013)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:
BASIC (IN THOUSANDS) 80,798 74,916 78,155
DILUTED (IN THOUSANDS) 80,798 74,916 78,155

CONTACT: Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft, Kenny Green Tel: +1 646 201 9246 evs@gkir.com

Source:Elbit Vision Systems Ltd.