CAESAREA, Israel, Sept. 10, 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 June 30, 2013.
Second Quarter 2013 Results:
Revenues for the Second quarter of 2013 were $1.18 million, representing decrease of 40% compared to $1.97 million for the Second quarter of 2012.
Gross profit on a US GAAP basis was $0.62 million, representing 52.5% of revenues, compared with a gross profit of $1.2 million for the Second quarter of 2012.
Operating Profit on a US GAAP basis was $5 thousand compared with an operating profit of $477 thousand in the Second quarter of 2012.
Net loss on a US GAAP basis for the Second quarter of 2013 was $31 thousand, compared to a net profit of $519 thousand in the Second quarter of 2012.
"While our results are being effected by the continued realignment of our global operational structure, which includes sales, marketing, service and manufacturing, we expect improvement in the second half of the year and for all of 2013," Sam Cohen, CEO, stated. "We have completed our investment in our infrastructure and our training programs will continue in order to support our customer base and worldwide sales efforts."
"The overall satisfaction with our systems on the part of our customers and the reduction of their costs has been gratifying. The company maintains a worldwide sales and support network to serve our customers' needs on a 24/7 basis. At the present time our systems are going through test runs in several new industries which will result in increased orders worldwide," he added.
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 JUNE 30, 2013 | |||
| IN U.S. DOLLARS | |||
| Jun-30 | Dec-31 | ||
| 2013 | 2012 | 2012 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 910 | 430 | 1,392 |
| Restricted deposit (short term) | 32 | 48 | 30 |
| Accounts receivable: | |||
| Trade | 894 | 1,454 | 1,099 |
| Other | 149 | 149 | 159 |
| Inventories | 760 | 596 | 773 |
| Total current assets | 2,745 | 2,677 | 3,453 |
| LONG-TERM RECEIVABLES: | |||
| Severance pay fund | 284 | 227 | 283 |
| Other long-term receivables and investment | 181 | 217 | 186 |
| Total long-term receivables | 465 | 444 | 469 |
| PROPERTY AND EQUIPMENT (net of accumulated depreciation and amortization) | 38 | 50 | 43 |
| OTHER ASSETS - | |||
| Goodwill | 242 | 242 | 242 |
| Total assets | 3,490 | 3,413 | 4,207 |
| Jun-30 | Dec-31 | ||
| 2013 | 2012 | 2012 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Liabilities and shareholders' equity | |||
| CURRENT LIABILITIES: | |||
| Credit from banks | 180 | 251 | 183 |
| Current Maturities of Loan from Shareholder and Other | 370 | 457 | 568 |
| Accounts payable Trade | 430 | 671 | 917 |
| Deferred revenues | 55 | 105 | 64 |
| Other payable | 405 | 429 | 470 |
| Total current liabilities | 1,440 | 1,913 | 2,202 |
| LONG-TERM LIABILITIES: | |||
| Long Terms Loans (Net of current maturities) | 1,012 | 1,362 | 1,189 |
| Other Long Terms liabilities | 718 | 815 | 790 |
| Accrued severance pay | 301 | 246 | 300 |
| Total long-term liabilities | 2,031 | 2,423 | 2,279 |
| Total liabilities | 3,471 | 4,336 | 4,481 |
| SHAREHOLDERS' EQUITY (DEFICIENCY) | 19 | (923) | (274) |
| Total liabilities and shareholders' equity | 3,490 | 3,413 | 4,207 |
| ELBIT VISION SYSTEMS LTD. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2013 | |||||
| IN U.S. DOLLARS | |||||
| 6 months ended | 3 months ended | Year ended | |||
| Jun-30 | Jun-30 | December 31, | |||
| 2013 | 2012 | 2013 | 2012 | 2012 | |
| U.S. dollars in thousands | |||||
| (except per share data) | |||||
| REVENUES | 2,439 | 3,582 | 1,183 | 1,968 | 6,708 |
| COST OF REVENUES | 1,223 | 1,461 | 562 | 771 | 2,961 |
| GROSS PROFIT | 1,216 | 2,121 | 621 | 1,197 | 3,747 |
| RESEARCH AND DEVELOPMENT EXPENSES – net | 317 | 354 | 165 | 179 | 682 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | |||||
| Marketing and selling | 525 | 689 | 254 | 340 | 1,371 |
| General and administrative | 371 | 337 | 197 | 201 | 734 |
| OPERATING PROFIT | 3 | 741 | 5 | 477 | 960 |
| FINANCIAL INCOME (EXPENSES) - net | (93) | 10 | (36) | 40 | (134) |
| OTHER INCOME (EXPENSES) – net | -- | 2 | -- | 2 | (2) |
| PROFIT BEFORE TAXES ON INCOME | (90) | 753 | (31) | 519 | 824 |
| TAXES ON INCOME | -- | -- | -- | -- | -- |
| NET PROFIT (LOSS) FOR THE PERIOD | (90) | 753 | (31) | 519 | 824 |
| PROFIT (LOSS) PER SHARE BASIC | (0.001) | 0.011 | (0.000) | 0.007 | 0.012 |
| PROFIT (LOSS) PER SHARE DILUTED | (0.001) | 0.011 | (0.000) | 0.007 | 0.012 |
| WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE: | |||||
| BASIC (IN THOUSANDS) | 75,562 | 69,653 | 76,223 | 69,653 | 70,042 |
| DILUTED (IN THOUSANDS) | 75,562 | 70,561 | 76,223 | 70,936 | 71,639 |