CAESAREA, Israel, May 29, 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 March 31, 2013.
First Quarter 2013 Results:
Revenues for the first quarter of 2013 were $1.26 million, representing decrease of 22% compared to $1.61 million for the first quarter of 2012.
Gross profit on a US GAAP basis was $0.6 million, representing 47.6% of revenues, compared with a gross profit of $0.92 million for the first quarter of 2012.
Operating loss on a US GAAP basis was $2 thousand compared with an operating profit of $264 thousand in the first quarter of 2012.
Net loss on a US GAAP basis for the first quarter of 2013 was $59 thousand, compared to a net profit of $234 thousand in the first quarter of 2012.
Sam Cohen, CEO of EVS, commented, "We are proud to see that our strategic marketing plan, emphasizing the growing Asian market, has begun to produce the expected results. Continuous growth in this key territory is essential for the future of EVS. Overall, the temporary softening of the European market has resulted in a slight dip in our sales, but all signs suggest a return to normal for this territory next quarters. These factors, along with the improvements we made in our cost structure during the end of 2012, are the reason we remain on track to meet and exceed our goals for 2013. We firmly believe the future of EVS has never looked brighter," concluded Mr. Cohen.
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 MARCH 31, 2013 | ||||
| IN U.S. DOLLARS | ||||
| Mar-31 | Dec-31 | |||
| 2013 | 2012 | 2012 | ||
|
U.S. dollars in thousands (except per share data) |
||||
| Assets | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | 855 | 439 | 1,392 | |
| Restricted deposits (short term) | 32 | 51 | 30 | |
| Trade account receivable | 1,000 | 1,033 | 1,099 | |
| Other receivables | 176 | 117 | 159 | |
| Inventories | 769 | 577 | 773 | |
| Total current assets | 2,832 | 2,217 | 3,453 | |
| LONG-TERM RECEIVABLES: | ||||
| Severance pay fund | 283 | 238 | 283 | |
| Other long-term receivables | 189 | 225 | 186 | |
| Total long-term receivables | 472 | 463 | 469 | |
| PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization | 42 | 49 | 43 | |
| OTHER ASSETS -- | ||||
| Goodwill | 242 | 242 | 242 | |
| Total assets | 3,588 | 2,971 | 4,207 | |
| Mar-31 | Dec-31 | |||
| 2013 | 2012 | 2012 | ||
| In thousands | ||||
| Liabilities and shareholders' deficiency | ||||
| CURRENT LIABILITIES: | ||||
| Credit from banks | 183 | 248 | 183 | |
| Current Maturities of Loan from Shareholder and Other | 568 | 405 | 568 | |
| Trade account payable | 480 | 577 | 917 | |
| Deferred revenues | 53 | 113 | 64 | |
| Other payable | 470 | 491 | 470 | |
| Total current liabilities | 1,754 | 1,834 | 2,202 | |
| LONG-TERM LIABILITIES: | ||||
| Long Terms Loans (Net of current maturities) | 1,100 | 1,469 | 1,189 | |
| Other Long Terms liabilities | 767 | 857 | 790 | |
| Accrued severance pay | 299 | 259 | 300 | |
| Total long-term liabilities | 2,166 | 2,585 | 2,279 | |
| Total liabilities | 3,920 | 4,419 | 4,481 | |
| SHAREHOLDERS' DEFICIENCY | (332) | (1,448) | (274) | |
| Total liabilities and shareholders' deficiency | 3,588 | 2,971 | 4,207 | |
| ELBIT VISION SYSTEMS LTD. | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2013 | ||||
| IN U.S. DOLLARS | ||||
| 3 months ended | Year ended | |||
| Mar-31 | December 31, | |||
| 2013 | 2012 | 2012 | ||
|
U.S. dollars in thousands (except per share data) |
||||
| REVENUES | 1,256 | 1,614 | 6,708 | |
| COST OF REVENUES | 661 | 690 | 2,961 | |
| GROSS PROFIT | 595 | 924 | 3,747 | |
| RESEARCH AND DEVELOPMENT EXPENSES – net | 152 | 175 | 682 | |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | ||||
| Marketing and selling | 271 | 349 | 1,371 | |
| General and administrative | 174 | 136 | 734 | |
| OPERATING PROFIT (LOSS) | (2) | 264 | 960 | |
| FINANCIAL (EXPENSES) INCOME - net | (57) | (30) | (134) | |
| OTHER (EXPENSES) INCOME – net | -- | -- | (2) | |
| PROFIT(LOSS) BEFORE TAXES ON INCOME | (59) | 234 | 824 | |
| TAXES ON INCOME | -- | -- | -- | |
| NET PROFIT (LOSS) FOR THE PERIOD | (59) | 234 | 824 | |
| PROFIT(LOSS) PER SHARE- BASIC | (0.001) | 0.003 | 0.012 | |
| PROFIT(LOSS) PER SHARE- DILUTED | (0.001) | 0.003 | 0.012 | |
| WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE: | ||||
| BASIC (IN THOUSANDS) | 74,916 | 69,523 | 70,042 | |
| DILUTED (IN THOUSANDS) | 74,916 | 70,727 | 71,639 | |