EVSNF

Elbit Vision Systems Ltd.

 
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OTCQB
 

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Elbit Vision Systems Announces Second Quarter 2017 Results

Aug 09, 2017

OTC Disclosure & News Service

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Second quarter 2017 highlights

  • Revenue at $2.3 million;
  • Gross and operating margins at 55.9% and 18.7%, respectively;
  • Net income of $396 thousand, representing 17.4% of revenues;
  • Shareholders’ equity reached $6.7 million with cash and equivalents at $4.4 million;

CAESAREA, Israel, Aug. 09, 2017 (GLOBE NEWSWIRE) --  Elbit Vision Systems Ltd.  (OTCBB:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, today presented its consolidated financial results for the quarter ending June 30, 2017. 

Sam Cohen, CEO of EVS commented, “We have experienced some delays in several large orders from the US, and we have seen a softer than expected market in China. However, all indications point to a healthy backlog by year end.  Moreover, our recent successes in iBar placements give us a reason to be excited about the future.  We have received land orders in recent weeks that represent several hundred potential units in the Automotive and Technical Textile markets.  These orders prove that our drive to automate this industry is certainly within reach.”

Second quarter 2017 Results
Revenues for the quarter were $2.3 million, an 11% decrease compared to $2.6 million in the second quarter of 2016.

Gross profit for the quarter was $1.3 million, representing 55.9% of revenues, a decrease of 8% compared to $1.4 million for the second quarter of 2016, which represented 54.3% of revenues.

Operating income for the quarter was $427 thousand (18.7% of revenue), a decrease of 32% compared to $630 thousand (24.7% of revenues) in the second quarter of 2016.

Net income was $396 thousand (17.4% of revenue), a decrease of 32% compared to $587 thousand (23.0% of revenues) in the second quarter of 2016.

Conference call details
The Company will also host a conference call later today at 9:00 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:                              1 866 668 9141           at 10 am Eastern Time
Israel:                          03 918 0610                at 5 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 800 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, 2017
IN U.S. DOLLARS
   
 Jun-30 Dec-31
 2017 2016 2016
      
  U.S. dollars in thousands
(except per share data)
Assets     
      
CURRENT ASSETS:     
Cash and cash equivalents4,255    3,950 4,528
Restricted deposits (short term)103    112   111
      
Trade accounts receivable1,634    1,515 1,136
Other receivables213    56   286
Inventories1,801    1,378 1,651
Total current assets8,006  7,011 7,712
      
      
LONG-TERM RECEIVABLES:     
Severance pay fund54  140 140
Other long-term receivables156  68 35
Total long-term receivables210  208 175
      
PROPERTY, PLANT AND     
EQUIPMENT – net of     
accumulated depreciation and     
amortization90  36 29
      
OTHER ASSETS     
Goodwill242  242 242
      
Total assets8,548  7,497 8,158


 Jun-30 Dec-31
 2017 2016 2016
      
  U.S. dollars in thousands
(except per share data)
Liabilities and shareholders’ equity     
      
CURRENT LIABILITIES:     
Credit from banks

  -   146   - 
Trade account payable504  669 776
Deferred revenues410  470 231
Other payables750  669 1,031
Total current liabilities1,664  1,954 2,038
      
LONG-TERM LIABILITIES:     
Long Terms Loans (Net of current maturities)  -   318 -
Other Long Terms liabilities90  293 165
      
Accrued severance pay70  154 155
Total long-term liabilities160  765 320
Total liabilities1,824  2,719 2,358
      
SHAREHOLDERS’ EQUITY6,724  4,778 5,800
      
Total liabilities and shareholders’ Equity8,548  7,497 8,158


ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2017
IN U.S. DOLLARS
 
 6 months ended 3 months ended year
ended
 Jun-30 Jun-30 December
31,
 2017  2016  2017  2016  2016 
               
 U.S. dollars in thousands
 (except per share data)
          
Revenues4,781   4,884  2,279   2,555  10,146 
          
Cost of Revenues2,154   2,150  1,006   1,168  4,530 
Gross Profit2,627   2,734  1,273   1,387  5,616 
          
Research and development595   523  292   250  1,378 
Marketing and selling655   667  311   293  1,254 
General and administrative445   418  243   214  826 
          
          
Operating Income932   1,126  427   630  2,158 
          
Financial Expenses – net(54) (79) (31) (43) (134)
          
Profit before taxes on income878   1,047  396   587  2,024 
Taxes on Income  -      -     -      -     -  
Net profit for the period878   1,047  396   587  2,024 
          
          
Profit per share basic0.09   0.11  0.04   0.06  0.22 
Profit per share diluted0.09   0.11  0.04   0.06  0.21 
Weighted average number         
of shares used in Computation         
of profit per share:         
          
Basic (in thousands)9,378   9,335  9,392   9,338  9,338 
Diluted (in thousands)9,395   9,356  9,409   9,358  9,593 


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

Investor Relations Contact:
Ehud Helft/Gavriel Frohwein
Tel: +1 646 688 3559
evs@gkir.com 

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