News Column

Elbit Vision Systems Announces First Quarter 2014 Results

June 26, 2014

CAESAREA, Israel, June 26, 2014 (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, 2014.

First Quarter 2014 Results

Revenues for the quarter were $1.34 million, representing an increase  of 6.3% compared to $1.26 million in the first quarter of 2013.

Gross profit on a GAAP basis for the quarter was $0.65 million, representing 48.3% of revenues, compared to $0.6 million for the first quarter of 2013, representing 47.4% of revenues. Gross margins improved due to the increase in revenues.

Operating income on a GAAP basis for the quarter was $151 thousand compared with an operating loss of $2 thousand in the first quarter of 2013.

Net income on a GAAP basis for the quarter was $175 thousand, compared to a net loss of $59 thousand in the first quarter of 2013.

Management Comment

Sam Cohen, CEO of EVS commented, "We are very pleased with the marked improvement  in our first quarter 2014 results, particularly our return to net profitability and our strong growth in revenue compared with the previous quarters. We expect to see continued sequential improvement in our financial results throughout 2014. For the second quarter, we expect revenues to grow to around $1.5 million level."

Concluded Mr. Cohen, "We have made strong investments in our technology and product offering over the past few years and as we move into 2014, we are finally at a stage in which we expect to see the fruits of our efforts. We believe that 2014 will very much represent a historic turnaround year for EVS."

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 MARCH 31, 2014
IN U.S. DOLLARS
       
 Mar-31Dec-31
 201420132013
 
  U.S. dollars in thousands
 (except per share data)
Assets      
       
CURRENT ASSETS:      
Cash and cash equivalents334 855 152
Restricted deposits (short term)34 32 34
       
Trade account receivables1,020 1,000 1,013
Other receivables161 176 120
Inventories920 769 865
       
Total current assets2,469 2,832 2,184
       
LONG-TERM RECEIVABLES:      
       
Severance pay fund295 283 296
Other long-term receivables121 189 87
Total long-term receivables416 472 383
       
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization28 42 31
       
OTHER ASSETS      
Goodwill242 242 242
       
Total assets3,1553,5882,840
       
       
 Mar-31Dec-31
 201420132013
 
 In thousands
Liabilities and shareholders' equity      
       
CURRENT LIABILITIES:      
Credit from banks183 183 183
Current Maturities of Loan from Shareholder and Other370 568 370
       
Trade account payable782 480 738
Deferred revenues343 53 38
Other payables440 470 523
       
Total current liabilities2,118 1,754 1,852
       
LONG-TERM LIABILITIES:      
Long Terms Loans (Net of current maturities)747 1,100 838
Other Long Terms liabilities675 767 708
Accrued severance pay 311 299 314
Total long-term liabilities1,733 2,166 1,860
Total liabilities3,851 3,920 3,712
       
SHAREHOLDERS' DEFICIENCY (696)  (332)  (872)
       
Total liabilities and shareholders' deficiency3,155 3,588 2,840
       
 
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2014
IN U.S. DOLLARS
       
 3 months endedyear ended
 Mar-31December 31,
 201420132013
 
 U.S. dollars in thousands 
  (except per share data)
       
REVENUES1,338 1,256 4,258
       
COST OF REVENUES692 661 2,479
       
GROSS PROFIT646 595 1,779
       
RESEARCH AND DEVELOPMENT EXPENSES – net107 152 625
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:      
 Marketing and selling217 271 1,022
 General and administrative171 174 866
 
       
OPERATING PROFIT 151  (2)  (734)
       
FINANCIAL (EXPENSES) INCOME - net 24  (57)  (278)
OTHER (EXPENSES) INCOME – net --   -- 
PROFIT(LOSS) BEFORE TAXES ON INCOME 175  (59)  (1,012)
       
TAXES ON INCOME --   --   -- 
NET PROFIT(LOSS) FOR THE PERIOD  175  (59)  (1,012)
       
       
PROFIT (LOSS) PER SHARE- BASIC  0.002  (0.001)  (0.013)
PROFIT (LOSS) PER SHARE- DILUTED  0.002  (0.001)  (0.013)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:      
BASIC (IN THOUSANDS)80,798 74,916 78,155
DILUTED (IN THOUSANDS)80,798 74,916 78,155

CONTACT: Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft, Kenny Green Tel: +1 646 201 9246 evs@gkir.com



Elbit Vision Systems Ltd

Source: Elbit Vision Systems Ltd.


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