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Elbit Vision Systems Announces First Quarter 2016 Results

Revenues at $2.3 million: up 19% year-over-year
Net income at $0.5 million: up 27% year-over-year

First Quarter 2016 highlights

  • Revenue at $2.3 million, up 19% year-over-year;
  • Gross and operating margins at 57.8% and 21.3%, respectively;
  • Net income of $460 thousand, representing 19.8% of revenues;
  • Shareholders’ equity reached $4.2 million with cash at $3.7 million;

CAESAREA, Israel, May 09, 2016 (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 quarter ending March 31, 2016.

Sam Cohen, CEO of EVS commented, “Our first quarter results show continued growth with increased sales and profitability. For nine consecutive quarters EVS has shown a profit, and given our momentum in orders, 2016 looks to be another solid year. Our legacy products continue to outperform expectations, while iBar has become a significant contributor to our bottom line. As we continue to separate ourselves from our competition through the development of essential, unique tools, we know our best days are still ahead.”

First Quarter 2016 Results
Revenues for the quarter were $2.3 million, representing an increase of 19% compared to $1.9 million in the first quarter of 2015.

Gross profit for the quarter was $1.35 million, representing 57.8% of revenues, an increase of 19% compared to $1.12 million for the first quarter of 2015, which represented 57.5% of revenues.

Operating income for the quarter was $496 thousand (21.3% of revenue), an increase of 9% compared to $457 thousand (23.4% of revenues) in the first quarter of 2015.

Net income was $460 thousand (19.8% of revenue), an increase of 27% compared to $363 thousand (18.6% of revenues) in the first quarter of 2015.

Conference call details
The Company will also host a conference call today, May 9, starting at 9:30 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 1167at 9:30 am Eastern Time
Israel: 03 918 0691at 4:30 pm Israel Time
International:+972 3 918 0691

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 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, 2016
IN U.S. DOLLARS
Mar-31 Dec-31
2016 2015 2015
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents3,692 957 3,305
Restricted deposits (short term)120 34 69
Trade accounts receivable1,264 1,029 1,383
Other receivables79 178 78
Inventories1,535 935 1,419
Total current assets6,690 3,133 6,254
LONG-TERM RECEIVABLES:
Severance pay fund140 190 193
Other long-term receivables85 85 67
Total long-term receivables225 275 260
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization35 26 36
OTHER ASSETS
Goodwill242 242 242
Total assets7,192 3,676 6,792


Mar-31 Dec-31
2016 2015 2015
In thousands
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Credit from banks146 183 149
Current Maturities of Loan from Other - 128 -
Trade account payable992 607 1,171
Deferred revenues365 318 324
Other payables648 550 441
Total current liabilities2,151 1,786 2,085
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities)346 435 373
Other Long Terms liabilities355 488 429
Accrued severance pay156 200 206
Total long-term liabilities856 1,123 1,008
Total liabilities3,007 2,909 3,093
SHAREHOLDERS’ EQUITY4,185 767 3,699
Total liabilities and shareholders’ Equity7,192 3,676 6,792


ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2016
IN U.S. DOLLARS
3 months ended year ended
Mar-31 December 31,
2016 2015 2015
U.S. dollars in thousands
(except per share data)
Revenues 2,329 1,949 9,128
Cost of Revenues 982 828 3,882
Gross Profit 1,347 1,121 5,246
Research and development 273 131 765
Marketing and selling 374 344 1,411
General and administrative 204 189 808
Operating Income 496 457 2,262
Financial Expenses - net (36) (94) (144)
Profit before taxes on income 460 363 2,118
Taxes on Income - - -
Net profit for the period 460 363 2,118
Profit per share basic 0.005 0.004 0.025
Profit per share diluted 0.005 0.004 0.025
Weighted average number of shares used in Computation of profit per share:
Basic (in thousands) 93,328 85,229 85,461
Diluted (in thousands) 93,533 85,260 85,681


Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft Tel: +1 617 318 3096 evs@gkir.com

Source:Elbit Vision Systems Ltd.