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Elbit Vision Systems Announces Q4 2012 Results

Elbit Vision Systems Ltd

CAESAREA, Israel, March 14, 2013 (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 twelve month period ending December 31, 2012.

2012 yearly Results:

Revenues for the year 2012 were approximately $6.7 million, representing an increase of 19.6% compared to $5.6 million in 2011.

Gross profit on a GAAP basis was approximately $3.7 million, representing 55.8% of revenues, compared to $3.6 million for 2011. Gross margins increased mainly due to the increase in revenues.

Operating profit on a GAAP basis was approximately $0.96 million compared with an operating profit of approximately $1.1 million in 2011.

Net profit on a GAAP basis for 2012 was approximately $0.8 million, compared to approximately $1.1 million in 2011.

Sam Cohen, CEO of EVS commented, "We are continuing to grow our business in line with our plans and in 2012 increased our revenues by an additional 19% over 2011. Our net profits for the year decreased mainly due to material investments we made on expanding our local infrastructure in China and India."

"We are working on new products which we intend launching during 2013. These products will expand our portfolio to current and new customers, and we believe the new offerings will have a significant positive impact on our business," concluded Mr. Cohen.

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.

FINANCIAL TABLES FOLLOW

ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2012
IN U.S. DOLLARS
Dec-31
2012 2011
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 1,392 730
Restricted deposits (short term) 30 90
Accounts receivable:
Trade 1,099 793
Other 159 121
Inventories 773 476
Total current assets 3,453 2,210
LONG-TERM RECEIVABLES:
Severance pay fund 283 221
Other long-term receivables 186 225
Total long-term receivables 469 446
PROPERTY, PLANT AND
EQUIPMENT – net of
accumulated depreciation and
amortization 43 50
OTHER ASSETS --
Goodwill 242 242
Total assets 4,207 2,948
Dec-31
2012 2011
U.S. dollars in thousands
(except per share data)
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 183 190
Current Maturities of Loan from Shareholder and Other 568 361
Accounts payable:
Trade 917 437
Deferred income 64 498
Other 470 411
Total current liabilities 2,202 1,897
LONG-TERM LIABILITIES:
Loans From Banks (net of current maturities) 849 1,024
Loans and other liabilities (net of current maturities) 340 509
Loan from shareholder (net of current maturities) -- 100
Other Long Terms liabilities 790 862
Accrued severance pay 300 241
Total long-term liabilities 2,279 2,736
Total liabilities 4,481 4,633
SHAREHOLDERS' DEFICIENCY (274) (1,685)
Total liabilities and shareholders' equity 4,207 2,948
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE AND THREE-MONTHS PERIOD ENDED DECEMBER 31, 2012
IN U.S. DOLLARS
12 months ended 3 months ended
Dec-31 Dec-31
2012 2011 2012 2011
U.S. dollars in thousands
(except per share data)
REVENUES 6,708 5,645 1,361 1,411
COST OF REVENUES 2,961 2,020 735 519
GROSS PROFIT 3,747 3,625 626 892
RESEARCH AND DEVELOPMENT
EXPENSES – net 682 643 161 174
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 1,371 1,244 283 344
General and administrative 734 656 225 141
OPERATING (LOSS) INCOME 960 1,082 (43) 233
FINANCIAL (EXPENSES) INCOME - net (134) 31 (136) 19
OTHER EXPENSES – net (2) (24) -- (22)
INCOME (LOSS) BEFORE TAXES ON INCOME 824 1,089 (179) 230
TAXES ON INCOME -- -- -- --
INCOME (LOSS) FOR THE PERIOD 824 1,089 (179) 230
PROFIT (LOSS) PER SHARE BASIC 0.012 0.016 (0.003) 0.003
PROFIT (LOSS) PER SHARE DILUTED 0.012 0.015 (0.003) 0.003
WEIGHTED AVERAGE NUMBER
OF SHARES USED IN
COMPUTATION OF LOSS PER
SHARE:
BASIC (IN THOUSANDS) 70,042 69,653 71,232 69,523
DILUTED (IN THOUSANDS) 71,639 71,309 71,232 71,347

CONTACT: Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il

Source:Elbit Vision Systems Ltd.