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Elbit Vision Systems Announces Q1 2013 Results

Elbit Vision Systems Ltd

CAESAREA, Israel, May 29, 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 three month period ending March 31, 2013.

First Quarter 2013 Results:

Revenues for the first quarter of 2013 were $1.26 million, representing decrease of 22% compared to $1.61 million for the first quarter of 2012.

Gross profit on a US GAAP basis was $0.6 million, representing 47.6% of revenues, compared with a gross profit of $0.92 million for the first quarter of 2012.

Operating loss on a US GAAP basis was $2 thousand compared with an operating profit of $264 thousand in the first quarter of 2012.

Net loss on a US GAAP basis for the first quarter of 2013 was $59 thousand, compared to a net profit of $234 thousand in the first quarter of 2012.

Sam Cohen, CEO of EVS, commented, "We are proud to see that our strategic marketing plan, emphasizing the growing Asian market, has begun to produce the expected results. Continuous growth in this key territory is essential for the future of EVS. Overall, the temporary softening of the European market has resulted in a slight dip in our sales, but all signs suggest a return to normal for this territory next quarters. These factors, along with the improvements we made in our cost structure during the end of 2012, are the reason we remain on track to meet and exceed our goals for 2013. We firmly believe the future of EVS has never looked brighter," 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.

ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT MARCH 31, 2013
IN U.S. DOLLARS
Mar-31 Dec-31
2013 2012 2012
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 855 439 1,392
Restricted deposits (short term) 32 51 30
Trade account receivable 1,000 1,033 1,099
Other receivables 176 117 159
Inventories 769 577 773
Total current assets 2,832 2,217 3,453
LONG-TERM RECEIVABLES:
Severance pay fund 283 238 283
Other long-term receivables 189 225 186
Total long-term receivables 472 463 469
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization 42 49 43
OTHER ASSETS --
Goodwill 242 242 242
Total assets 3,588 2,971 4,207
Mar-31 Dec-31
2013 2012 2012
In thousands
Liabilities and shareholders' deficiency
CURRENT LIABILITIES:
Credit from banks 183 248 183
Current Maturities of Loan from Shareholder and Other 568 405 568
Trade account payable 480 577 917
Deferred revenues 53 113 64
Other payable 470 491 470
Total current liabilities 1,754 1,834 2,202
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities) 1,100 1,469 1,189
Other Long Terms liabilities 767 857 790
Accrued severance pay 299 259 300
Total long-term liabilities 2,166 2,585 2,279
Total liabilities 3,920 4,419 4,481
SHAREHOLDERS' DEFICIENCY (332) (1,448) (274)
Total liabilities and shareholders' deficiency 3,588 2,971 4,207
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2013
IN U.S. DOLLARS
3 months ended Year ended
Mar-31 December 31,
2013 2012 2012
U.S. dollars in thousands
(except per share data)
REVENUES 1,256 1,614 6,708
COST OF REVENUES 661 690 2,961
GROSS PROFIT 595 924 3,747
RESEARCH AND DEVELOPMENT EXPENSES – net 152 175 682
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 271 349 1,371
General and administrative 174 136 734
OPERATING PROFIT (LOSS) (2) 264 960
FINANCIAL (EXPENSES) INCOME - net (57) (30) (134)
OTHER (EXPENSES) INCOME – net -- -- (2)
PROFIT(LOSS) BEFORE TAXES ON INCOME (59) 234 824
TAXES ON INCOME -- -- --
NET PROFIT (LOSS) FOR THE PERIOD (59) 234 824
PROFIT(LOSS) PER SHARE- BASIC (0.001) 0.003 0.012
PROFIT(LOSS) PER SHARE- DILUTED (0.001) 0.003 0.012
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:
BASIC (IN THOUSANDS) 74,916 69,523 70,042
DILUTED (IN THOUSANDS) 74,916 70,727 71,639

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

Source:Elbit Vision Systems Ltd.