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Elbit Vision Systems Announces Second Quarter 2017 Results

Second quarter 2017 highlights

  • Revenue at $2.3 million;
  • Gross and operating margins at 55.9% and 18.7%, respectively;
  • Net income of $396 thousand, representing 17.4% of revenues;
  • Shareholders’ equity reached $6.7 million with cash and equivalents at $4.4 million;

CAESAREA, Israel, Aug. 09, 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 June 30, 2017.

Sam Cohen, CEO of EVS commented, “We have experienced some delays in several large orders from the US, and we have seen a softer than expected market in China. However, all indications point to a healthy backlog by year end. Moreover, our recent successes in iBar placements give us a reason to be excited about the future. We have received land orders in recent weeks that represent several hundred potential units in the Automotive and Technical Textile markets. These orders prove that our drive to automate this industry is certainly within reach.”

Second quarter 2017 Results
Revenues for the quarter were $2.3 million, an 11% decrease compared to $2.6 million in the second quarter of 2016.

Gross profit for the quarter was $1.3 million, representing 55.9% of revenues, a decrease of 8% compared to $1.4 million for the second quarter of 2016, which represented 54.3% of revenues.

Operating income for the quarter was $427 thousand (18.7% of revenue), a decrease of 32% compared to $630 thousand (24.7% of revenues) in the second quarter of 2016.

Net income was $396 thousand (17.4% of revenue), a decrease of 32% compared to $587 thousand (23.0% of revenues) in the second quarter of 2016.

Conference call details
The Company will also host a conference call later today at 9:00 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: 1 866 668 9141 at 10 am Eastern Time
Israel: 03 918 0610 at 5 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 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 JUNE 30, 2017
IN U.S. DOLLARS
Jun-30 Dec-31
2017 2016 2016
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents4,255 3,950 4,528
Restricted deposits (short term)103 112 111
Trade accounts receivable1,634 1,515 1,136
Other receivables213 56 286
Inventories1,801 1,378 1,651
Total current assets8,006 7,011 7,712
LONG-TERM RECEIVABLES:
Severance pay fund54 140 140
Other long-term receivables156 68 35
Total long-term receivables210 208 175
PROPERTY, PLANT AND
EQUIPMENT – net of
accumulated depreciation and
amortization90 36 29
OTHER ASSETS
Goodwill242 242 242
Total assets8,548 7,497 8,158


Jun-30 Dec-31
2017 2016 2016
U.S. dollars in thousands
(except per share data)
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Credit from banks

- 146 -
Trade account payable504 669 776
Deferred revenues410 470 231
Other payables750 669 1,031
Total current liabilities1,664 1,954 2,038
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities) - 318 -
Other Long Terms liabilities90 293 165
Accrued severance pay70 154 155
Total long-term liabilities160 765 320
Total liabilities1,824 2,719 2,358
SHAREHOLDERS’ EQUITY6,724 4,778 5,800
Total liabilities and shareholders’ Equity8,548 7,497 8,158


ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2017
IN U.S. DOLLARS
6 months ended 3 months ended year
ended
Jun-30 Jun-30 December
31,
2017 2016 2017 2016 2016
U.S. dollars in thousands
(except per share data)
Revenues4,781 4,884 2,279 2,555 10,146
Cost of Revenues2,154 2,150 1,006 1,168 4,530
Gross Profit2,627 2,734 1,273 1,387 5,616
Research and development595 523 292 250 1,378
Marketing and selling655 667 311 293 1,254
General and administrative445 418 243 214 826
Operating Income932 1,126 427 630 2,158
Financial Expenses – net(54) (79) (31) (43) (134)
Profit before taxes on income878 1,047 396 587 2,024
Taxes on Income - - - - -
Net profit for the period878 1,047 396 587 2,024
Profit per share basic0.09 0.11 0.04 0.06 0.22
Profit per share diluted0.09 0.11 0.04 0.06 0.21
Weighted average number
of shares used in Computation
of profit per share:
Basic (in thousands)9,378 9,335 9,392 9,338 9,338
Diluted (in thousands)9,395 9,356 9,409 9,358 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.