Elbit Vision Systems Announces Q3 2012 Results

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| Source: Elbit Vision Systems Ltd.
  • Revenues Over First 3 Quarters in 2012 Increased 26% From Over Same Period in 2011
  • Q3 Revenues of $1.76 Million
  • Operating Profits of $0.26 Million and Net Profits of $0.25 Million Constituting 14.8% and 14.2% of Net Revenues, Respectively

CAESAREA, Israel, Nov. 8, 2012 (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 September 30, 2012.

Third Quarter 2012 Results:

Revenues for the third quarter of 2012 were $1.76 million, representing an increase of 28% compared to $1.56 million for the third quarter of 2011.

Gross profit on a US GAAP basis was $1 million, representing 56.8% of revenues, compared with a gross profit of $0.95 million for the third quarter of 2011.

Operating profit on a US GAAP basis was $262 thousand compared with an operating profit of $241 thousand in the third quarter of 2011.

Net profit on a US GAAP basis for the third quarter of 2012 was $250 thousand, compared to a net profit of $327 thousand in the third quarter of 2011.

Sam Cohen, CEO of EVS commented on the results, "These results verify that EVS remain on target to meet our goals. Our global strategy of diversification has promoted gains in areas with strong growth and sheltered us from losses in territories with weak economic performance. We continue to invest resources in building infrastructure in emerging markets to support our expanding product portfolio. Our marketing feedback indicates that virtually every industrial line can benefit from our innovative products in the foreseeable future."

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.

Use of Non-GAAP financial measures

EVS uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes, depreciation, amortization. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP.

ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT SEPTEMBER 30, 2012
IN U.S. DOLLARS
       
  Sep-30 Dec-31
  2012 2011 2011
   
   U.S. dollars in thousands
  (except per share data)
Assets      
       
CURRENT ASSETS:      
Cash and cash equivalents 328 404 730
Restricted deposit (short term) 39 40 90
Accounts receivable:      
Trade 1,703 920 793
Other 187 116 121
Inventories 627 439 476
Total current assets 2,884 1,919 2,210
       
LONG-TERM RECEIVABLES:      
       
Severance pay fund 244 169 221
Other long-term receivables and investment 204 211 225
Total long-term receivables 448 380 446
       
PROPERTY AND      
EQUIPMENT (net of       
accumulated depreciation and      
amortization) 46 52 50
       
OTHER ASSETS --      
Goodwill 242 242 242
       
Total assets 3,620 2,593 2,948
     
  Sep-30 Dec-31
  2012 2011 2011
   
   U.S. dollars in thousands
  (except per share data)
Liabilities and shareholders' equity      
       
CURRENT LIABILITIES:      
Credit from banks 191 185 190
Current Maturities of Loan from Shareholder and Other 370 320 361
Accounts payable and accruals:      
Trade 815 671 437
Deferred income 30 45 498
Other 578 370 411
Total current liabilities 1,984 1,591 1,897
       
LONG-TERM LIABILITIES:      
Long Terms Loans From Banks (Net of current maturities) 875 1,070 1,024
Loans and other liabilities (net of current maturities) 382 555 509
Loan from shareholder (net of current maturities)  --  138 100
Other Long Terms liabilities 780 943 862
Accrued severance pay  263 222 241
Total long-term liabilities 2,300 2,928 2,736
Total liabilities 4,284 4,519 4,633
       
SHAREHOLDERS' DEFICIENCY (664) (1,926) (1,685)
       
Total liabilities and shareholders' equity 3,620 2,593 2,948
 
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE AND THREE-MONTHS PERIOD ENDED SEPTEMBER 30, 2012
IN U.S. DOLLARS
           
  9 months ended 3 months ended year ended
  Sep-30 Sep-30 December 31,
  2012 2011 2012 2011 2011
     
   U.S. dollars in thousands 
  (except per share data)
           
REVENUES 5,347 4,234 1,765 1,557 5,645
           
COST OF REVENUES 2,226 1,501 765 602 2,020
GROSS PROFIT 3,121 2,733 1,000 955 3,625
           
RESEARCH AND DEVELOPMENT          
EXPENSES – net 521 469 167 155 643
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:        
 Marketing and selling 1,088 900 399 376 1,244
 General and administrative 509 515 172 183 656
           
OPERATING PROFIT  1,003 849 262 241 1,082
           
FINANCIAL INCOME (EXPENSES) - net (2) 12 (12) 86 31
OTHER INCOME (EXPENSES) – net 2 (2) --  (2) (24)
PROFIT BEFORE TAXES ON INCOME 1,003 859 250 325 1,089
           
TAXES ON INCOME  --   --   --  -- --
NET PROFIT FOR THE PERIOD  1,003 859 250 325 1,089
           
PROFIT PER SHARE BASIC  0.014 0.012 0.004 0.005 0.016
PROFIT PER SHARE DILUTED  0.014 0.012 0.004 0.005 0.015
WEIGHTED AVERAGE NUMBER          
OF SHARES USED IN           
COMPUTATION OF PROFIT PER SHARE:          
BASIC (IN THOUSANDS) 69,653 69,653 69,653 69,653 69,653
DILUTED (IN THOUSANDS) 71,916 70,936 71,124 71,066 71,309
Company Contact Information:
Yaron Menashe, CFO
Tel: +972 4 6107609