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Elbit Vision Systems Announces Second Quarter 2014 Results

CAESAREA, Israel, Aug. 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 three month period ending June 30, 2014.

Second Quarter 2014 Results

Revenues for the quarter were $1.57 million, representing an increase of 33% compared to $1.18 million in the second quarter of 2013.

Gross profit for the quarter was $0.8 million, representing 50.8% of revenues, compared to $0.62 million for the second quarter of 2013, representing 52.5% of revenues.

Operating income for the quarter was $23 thousand compared with an operating profit of $5 thousand in the second quarter of 2013.

Net income on a non-GAAP basis for the quarter was $198 thousand, compared to a net loss of $27 thousand in the second quarter of 2013. Net income on a GAAP basis was $16 thousand compared to a net loss of $31 thousand in the second quarter of 2013.

Management Comment

Sam Cohen, CEO of EVS commented, "Our latest results are encouraging, showing strong growth in revenue and a positive trend in profits. We are more than pleased that iBar has began to make an impact on our bottom line. Early revenues from this tremendous product are beginning to be felt, and the market reception has been very positive. We believe we will carry this momentum into the third quarter where we expect revenues of around $1.7 million with further improvement in our profitability."

Conference call details

The Company will also host a conference call today August 12, starting at 10:00 am ET. Sam Cohen, Chief Executive Officer and Yaron Menashe, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.

To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call:

US: 1 888 281 1167 at 10:00 am Eastern Time
Israel: 03 918 0610 at 5:00 pm Israel Time
International: +972 3 918 0610

For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems' website at http://www.evs.co.il/ beginning 24 hours after the call.

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 JUNE 30, 2014
IN U.S. DOLLARS
Jun-30 Dec-31
2014 2013 2013
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 289 910 152
Restricted deposit (short term) 34 32 34
Trade Account receivables 1,206 894 1,013
Other receivables 158 149 120
Inventories 938 760 865
Total current assets 2,625 2,745 2,184
LONG-TERM RECEIVABLES:
Severance pay fund 299 284 296
Other long-term receivables and investment 101 181 87
Total long-term receivables 400 465 383
PROPERTY AND EQUIPMENT (net of accumulated depreciation and amortization) 25 38 31
OTHER ASSETS --
Goodwill 242 242 242
Total assets 3,292 3,490 2,840
Jun-30 Dec-31
2014 2013 2013
U.S. dollars in thousands
(except per share data)
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 183 180 183
Current Maturities of Loan from Shareholder and Other 370 370 370
Trade Accounts payable 670 430 738
Deferred revenues 466 55 38
Other payable 657 405 523
Total current liabilities 2,346 1,440 1,852
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities) 658 1,012 838
Other Long Terms liabilities 652 718 708
Accrued severance pay 317 301 314
Total long-term liabilities 1,627 2,031 1,860
Total liabilities 3,973 3,471 3,712
SHAREHOLDERS' EQUITY (DEFICIENCY) (681) 19 (872)
Total liabilities and shareholders' equity (deficiency) 3,292 3,490 2,840
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2014
IN U.S. DOLLARS
6 months ended 3 months ended year ended
Jun-30 Jun-30 December 31,
2014 2013 2014 2013 2013
U.S. dollars in thousands
(except per share data)
REVENUES 2,911 2,439 1,573 1,183 4,258
COST OF REVENUES 1,465 1,223 773 562 2,479
GROSS PROFIT 1,446 1,216 800 621 1,779
RESEARCH AND DEVELOPMENT
EXPENSES – net 232 317 125 165 625
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 474 525 257 254 1,022
General and administrative 355 371 184 197 866
OPERATING PROFIT 385 3 234 5 (734)
FINANCIAL INCOME (EXPENSES) - net (194) (93) (218) (36) (278)
OTHER INCOME (EXPENSES) – net -- -- -- -- --
PROFIT (LOSS) BEFORE TAXES ON INCOME 191 (90) 16 (31) (1,012)
TAXES ON INCOME -- -- -- -- --
NET PROFIT (LOSS) FOR THE PERIOD 191 (90) 16 (31) (1,012)
PROFIT (LOSS) PER SHARE BASIC 0.002 (0.001) 0.000 0.000 (0.013)
PROFIT (LOSS) PER SHARE DILUTED 0.002 (0.001) 0.000 0.000 (0.013)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:
BASIC (IN THOUSANDS) 80,798 75,562 80,798 76,223 78,155
DILUTED (IN THOUSANDS) 80,798 75,562 80,798 76,223 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.