News Column

Elbit Vision Systems Announces Second Quarter 2014 Results

August 12, 2014

CAESAREA, Israel, Aug. 12, 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 June 30, 2014.

Second Quarter 2014 Results

Revenues for the quarter were $1.57 million, representing an increase of 33% compared to $1.18 million in the second quarter of 2013.

Gross profit for the quarter was $0.8 million, representing 50.8% of revenues, compared to $0.62 million for the second quarter of 2013, representing 52.5% of revenues.

Operating income for the quarter was $23 thousand compared with an operating profit of $5 thousand in the second quarter of 2013.

Net income on a non-GAAP basis for the quarter was $198 thousand, compared to a net loss of $27 thousand in the second quarter of 2013. Net income on a GAAP basis was $16 thousand compared to a net loss of $31 thousand in the second quarter of 2013.

Management Comment

Sam Cohen, CEO of EVS commented, "Our latest results are encouraging, showing strong growth in revenue and a positive trend in profits. We are more than pleased that iBar has began to make an impact on our bottom line. Early revenues from this tremendous product are beginning to be felt, and the market reception has been very positive. We believe we will carry this momentum into the third quarter where we expect revenues of around $1.7 million with further improvement in our profitability."

Conference call details

The Company will also host a conference call today August 12, starting at 10:00 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: 1 888 281 1167 at 10:00 am Eastern Time
Israel: 03 918 0610 at 5:00 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 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 JUNE 30, 2014
IN U.S. DOLLARS
       
 Jun-30Dec-31
 201420132013
    
  U.S. dollars in thousands
 (except per share data)
Assets      
       
CURRENT ASSETS:      
Cash and cash equivalents289 910 152
Restricted deposit (short term)34 32 34
       
Trade Account receivables1,206 894 1,013
Other receivables158 149 120
Inventories938 760 865
Total current assets2,625 2,745 2,184
       
LONG-TERM RECEIVABLES:      
       
Severance pay fund299 284 296
Other long-term receivables and investment101 181 87
Total long-term receivables400 465 383
       
PROPERTY AND EQUIPMENT (net of  accumulated depreciation and amortization)25 38 31
       
OTHER ASSETS --      
Goodwill242 242 242
       
Total assets3,292 3,490 2,840
     
 Jun-30Dec-31
 201420132013
    
  U.S. dollars in thousands
 (except per share data)
Liabilities and shareholders' equity      
       
CURRENT LIABILITIES:      
Credit from banks183 180 183
Current Maturities of Loan from Shareholder and Other370 370 370
       
Trade Accounts payable 670 430 738
Deferred revenues466 55 38
Other payable657 405 523
Total current liabilities2,346 1,440 1,852
       
LONG-TERM LIABILITIES:      
Long Terms Loans (Net of current maturities)658 1,012 838
Other Long Terms liabilities652 718 708
Accrued severance pay 317 301 314
Total long-term liabilities1,627 2,031 1,860
Total liabilities3,973 3,471 3,712
       
SHAREHOLDERS' EQUITY (DEFICIENCY)(681) 19 (872)
       
Total liabilities and shareholders' equity (deficiency)3,292 3,490 2,840
 
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2014
IN U.S. DOLLARS
           
 6 months ended3 months endedyear ended
 Jun-30Jun-30December 31,
 20142013201420132013
        
  U.S. dollars in thousands 
   (except per share data)   
           
REVENUES2,911 2,4391,573 1,183 4,258
           
COST OF REVENUES1,465 1,223773 562 2,479
GROSS PROFIT1,446 1,216800 621 1,779
           
RESEARCH AND DEVELOPMENT          
EXPENSES – net232 317125 165 625
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:          
 Marketing and selling474 525257 254 1,022
 General and administrative355 371184 197 866
         
           
OPERATING PROFIT 385 3234 5 (734)
           
FINANCIAL INCOME (EXPENSES) - net(194) (93)(218) (36) (278)
OTHER INCOME (EXPENSES) – net --   --  --   --   -- 
PROFIT (LOSS) BEFORE TAXES ON INCOME191 (90)16 (31) (1,012)
           
TAXES ON INCOME --   --  --   --   -- 
NET PROFIT (LOSS) FOR THE PERIOD 191 (90)16 (31) (1,012)
           
           
PROFIT (LOSS) PER SHARE BASIC 0.002 (0.001)0.000 0.000 (0.013)
PROFIT (LOSS) PER SHARE DILUTED 0.002 (0.001)0.000 0.000 (0.013)
           
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE:  
BASIC (IN THOUSANDS)80,798 75,56280,798 76,223 78,155
DILUTED (IN THOUSANDS)80,798 75,56280,798 76,223 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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