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Elbit Vision Systems Announces Q2 2013 Results

Elbit Vision Systems Ltd

CAESAREA, Israel, Sept. 10, 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 June 30, 2013.

Second Quarter 2013 Results:

Revenues for the Second quarter of 2013 were $1.18 million, representing decrease of 40% compared to $1.97 million for the Second quarter of 2012.

Gross profit on a US GAAP basis was $0.62 million, representing 52.5% of revenues, compared with a gross profit of $1.2 million for the Second quarter of 2012.

Operating Profit on a US GAAP basis was $5 thousand compared with an operating profit of $477 thousand in the Second quarter of 2012.

Net loss on a US GAAP basis for the Second quarter of 2013 was $31 thousand, compared to a net profit of $519 thousand in the Second quarter of 2012.

"While our results are being effected by the continued realignment of our global operational structure, which includes sales, marketing, service and manufacturing, we expect improvement in the second half of the year and for all of 2013," Sam Cohen, CEO, stated. "We have completed our investment in our infrastructure and our training programs will continue in order to support our customer base and worldwide sales efforts."

"The overall satisfaction with our systems on the part of our customers and the reduction of their costs has been gratifying. The company maintains a worldwide sales and support network to serve our customers' needs on a 24/7 basis. At the present time our systems are going through test runs in several new industries which will result in increased orders worldwide," he added.

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 JUNE 30, 2013
IN U.S. DOLLARS
Jun-30 Dec-31
2013 2012 2012
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 910 430 1,392
Restricted deposit (short term) 32 48 30
Accounts receivable:
Trade 894 1,454 1,099
Other 149 149 159
Inventories 760 596 773
Total current assets 2,745 2,677 3,453
LONG-TERM RECEIVABLES:
Severance pay fund 284 227 283
Other long-term receivables and investment 181 217 186
Total long-term receivables 465 444 469
PROPERTY AND EQUIPMENT (net of accumulated depreciation and amortization) 38 50 43
OTHER ASSETS -
Goodwill 242 242 242
Total assets 3,490 3,413 4,207
Jun-30 Dec-31
2013 2012 2012
U.S. dollars in thousands
(except per share data)
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 180 251 183
Current Maturities of Loan from Shareholder and Other 370 457 568
Accounts payable Trade 430 671 917
Deferred revenues 55 105 64
Other payable 405 429 470
Total current liabilities 1,440 1,913 2,202
LONG-TERM LIABILITIES:
Long Terms Loans (Net of current maturities) 1,012 1,362 1,189
Other Long Terms liabilities 718 815 790
Accrued severance pay 301 246 300
Total long-term liabilities 2,031 2,423 2,279
Total liabilities 3,471 4,336 4,481
SHAREHOLDERS' EQUITY (DEFICIENCY) 19 (923) (274)
Total liabilities and shareholders' equity 3,490 3,413 4,207
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2013
IN U.S. DOLLARS
6 months ended 3 months ended Year ended
Jun-30 Jun-30 December 31,
2013 2012 2013 2012 2012
U.S. dollars in thousands
(except per share data)
REVENUES 2,439 3,582 1,183 1,968 6,708
COST OF REVENUES 1,223 1,461 562 771 2,961
GROSS PROFIT 1,216 2,121 621 1,197 3,747
RESEARCH AND DEVELOPMENT EXPENSES – net 317 354 165 179 682
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 525 689 254 340 1,371
General and administrative 371 337 197 201 734
OPERATING PROFIT 3 741 5 477 960
FINANCIAL INCOME (EXPENSES) - net (93) 10 (36) 40 (134)
OTHER INCOME (EXPENSES) – net -- 2 -- 2 (2)
PROFIT BEFORE TAXES ON INCOME (90) 753 (31) 519 824
TAXES ON INCOME -- -- -- -- --
NET PROFIT (LOSS) FOR THE PERIOD (90) 753 (31) 519 824
PROFIT (LOSS) PER SHARE BASIC (0.001) 0.011 (0.000) 0.007 0.012
PROFIT (LOSS) PER SHARE DILUTED (0.001) 0.011 (0.000) 0.007 0.012
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:
BASIC (IN THOUSANDS) 75,562 69,653 76,223 69,653 70,042
DILUTED (IN THOUSANDS) 75,562 70,561 76,223 70,936 71,639

CONTACT: Michael Porter Porter, LeVay & Rose, Inc. Tel: +1-212-564-4700 Mike@plrinvest.com

Source:Elbit Vision Systems Ltd.