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Elbit Vision Systems Announces First Quarter 2017 Results

Revenues at $2.5 million: up 7% year-over-year
Net income at $0.5 million: up 5% year-over-year

First Quarter 2017 highlights

  • Revenue at $2.5 million, up 7.4% year-over-year
  • Gross and operating margins at 54.1% and 20.2%, respectively
  • Net income of $482 thousand, representing 19.3% of revenues
  • Shareholders’ equity reached $6.3 million with cash and equivalents at $4.5 million

CAESAREA, Israel, April 27, 2017 (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, today presented its consolidated financial results for the quarter ending March 31, 2017.

Sam Cohen, CEO of EVS commented, “Obviously, we are pleased with our continued growth and the overall positive trend in our results; however, this is not our sole priority. We are focused on the much bigger goal of total automation within the textile market. Given our sustained, steady growth in IQ-TEX4 sales, along with the excitement we see in the industry regarding iBar, EVS is perfectly positioned to become the dominant technology supplier to the second largest consumer market in the world.”

First Quarter 2017 Results
Revenues for the quarter were $2.5 million, representing an increase of 7.4% compared to $2.3 million in the first quarter of 2016.

Gross profit for the quarter was $1.4 million, representing 54.1% of revenues, an increase of 1% compared to $1.3 million for the first quarter of 2016, which represented 57.8% of revenues.

Operating income for the quarter was $505 thousand (20.2% of revenue), an increase of 1.8% compared to $496 thousand (21.3% of revenues) in the first quarter of 2016.

Net income was $482 thousand (19.3% of revenue), an increase of 4.8% compared to $460 thousand (19.8% of revenues) in the first quarter of 2016.

Management will not hold a conference call this quarter due to the close proximity of the previous call held two weeks ago. Investors are welcome to contact management or the investor relations team should they have any questions.

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, 2017
IN U.S. DOLLARS
Mar-31 Dec-31
2017 2016 2016
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents4,542 3,692 4,528
Restricted deposits (short term)77 120 111
Trade accounts receivable1,615 1,264 1,136
Other receivables176 79 286
Inventories1,620 1,535 1,651
Total current assets8,030 6,690 7,712
LONG-TERM RECEIVABLES:
Severance pay fund148 140 140
Other long-term receivables52 85 35
Total long-term receivables200 225 175
PROPERTY, PLANT AND
EQUIPMENT – net of
accumulated depreciation and
amortization99 36 29
OTHER ASSETS
Goodwill242 242 242
Total assets8,571 7,193 8,158
Mar-31 Dec-31
2017 2016 2016
In thousands
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Credit from banks- 146 -
Trade account payable620 992 776
Deferred revenues599 365 231
Other payables761 648 1,031
Total current liabilities1,980 2,151 2,038
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities)- 346 -
Other Long Terms liabilities109 355 165
Accrued severance pay164 156 155
Total long-term liabilities273 857 320
Total liabilities2,253 3,008 2,358
SHAREHOLDERS’ EQUITY6,318 4,185 5,800
Total liabilities and shareholders’ Equity8,571 7,193 8,158


ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2017
IN U.S. DOLLARS
3 months ended year
ended
Mar-31 Dec-31
2017 2016 2016
U.S. dollars in thousands
(except per share data)
Revenues2,502 2,329 10,146
Cost of Revenues1,148 982 4,530
Gross Profit1,354 1,347 5,616
Research and development303 273 1,378
Marketing and selling344 374 1,254
General and administrative202 204 826
Operating Income505 496 2,158
Financial Expenses - net23 36 134
Profit before taxes on income482 460 2,024
Taxes on Income - - -
Net profit for the period482 460 2,024
Profit per share basic0.05 0.05 0.22
Profit per share diluted0.05 0.05 0.21
Weighted average number
of shares used in Computation
of profit per share:
Basic (in thousands)9,366 8,529 9,338
Diluted (in thousands)9,385 8,526 9,593


Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft/Gavriel Frohwein Tel: +1 646 688 3559 evs@gkir.com

Source:Elbit Vision Systems Ltd.