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Elbit Vision Systems Announces First Quarter 2015 Results

Revenues of $1.95 Million Up 46% Year-Over-Year

With Record Backlog of $4.5 Million

CAESAREA, Israel, May 19, 2015 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today its consolidated financial results for the three month period ending March 31, 2015.

First Quarter 2015 Results

Revenues for the quarter were $1.95 million, representing an increase of 46% compared to $1.34 million in the first quarter of 2014.

Gross profit for the quarter was $1.12 million, representing 58% of revenues, an increase of 74% compared to $646 thousand for the first quarter of 2014, which represented 48% of revenues.

Operating income for the quarter was $457 thousand, an increase of 203% compared to $151 thousand in the first quarter of 2014.

Net income was $363 thousand, an increase of 107% compared to $175 thousand in the first quarter of 2014.

Management Comment

Sam Cohen, CEO of EVS commented, "We are pleased with our first quarter results which show strong year-over-year growth in revenue and a doubling of our net profits. Currently, our backlog stands at $4.5 million to be delivered this year, well ahead of where it stood at this time last year. These factors underlie our expectations for a strong 2015.

"Our land-and-expand strategy for selling iBar is progressing well. The iBar penetration is taking longer than our initial expectations, yet, customers are very excited with the product and their feedback has been very positive and useful. Over the past few months, we have been making improvements and refinements to the system. We recently announced that some customers have given us formal acceptance of the iBar, which opens the door for additional orders from these customers. We are now more confident than ever that the advantages of iBar will make it a necessary component for many textile manufacturers in our markets," concluded Mr. Cohen.

Conference call details

The Company will also host a conference call today May 19, 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's 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 800 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, 2015
IN U.S. DOLLARS
Mar-31 Dec-31
2015 2014 2014
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 957 334 1,067
Restricted deposits (short term) 34 34 44
Trade accounts receivable 1,029 1,020 901
Other receivables 178 161 110
Inventories 935 920 965
Total current assets 3,133 2,469 3,087
LONG-TERM RECEIVABLES:
Severance pay fund 190 295 194
Other long-term receivables 85 121 79
Total long-term receivables 275 416 273
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization 26 28 27
OTHER ASSETS
Goodwill 242 242 242
Total assets 3,676 3,155 3,629
Mar-31 Dec-31
2015 2014 2014
In thousands
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 183 183 183
Current Maturities of Loan from Shareholder and Other 128 370 170
Trade account payable 607 782 637
Deferred revenues 318 343 578
Other payables 550 440 457
Total current liabilities 1,786 2,118 2,025
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities) 435 747 484
Other Long Terms liabilities 488 675 526
Accrued severance pay 200 311 207
Total long-term liabilities 1,123 1,733 1,217
Total liabilities 2,909 3,851 3,242
SHAREHOLDERS' EQUITY (DEFICIENCY) 767 (696) 387
Total liabilities and shareholders' Equity 3,676 3,155 3,629
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2015
IN U.S. DOLLARS
3 months ended year ended
Mar-31 December 31,
2015 2014 2014
U.S. dollars in thousands
(except per share data)
Revenues 1,949 1,338 6,644
Cost of revenues 828 692 3,145
Gross profit 1,121 646 3,499
Research and development Expenses 131 107 560
Selling, general and administrative expenses:
Marketing and selling 344 217 1,187
General and administrative 189 171 729
Operating profit 457 151 1,023
Financial (expenses) income - net (94) 24 (365)
Profit before taxes on income 363 175 658
Taxes on income -- -- --
Net profit for the period 363 175 658
Profit per share- basic 0.004 0.002 0.008
Profit per share- diluted 0.004 0.002 0.008
Weighted average number Of shares used in Computation of loss Per share:
Basic (in thousands) 85,229 74,916 82,183
Diluted (in thousands) 85,260 74,916 83,519

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.