CAESAREA, Israel, June 26, 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 March 31, 2014.
First Quarter 2014 Results
Revenues for the quarter were $1.34 million, representing an increase of 6.3% compared to $1.26 million in the first quarter of 2013.
Gross profit on a GAAP basis for the quarter was $0.65 million, representing 48.3% of revenues, compared to $0.6 million for the first quarter of 2013, representing 47.4% of revenues. Gross margins improved due to the increase in revenues.
Operating income on a GAAP basis for the quarter was $151 thousand compared with an operating loss of $2 thousand in the first quarter of 2013.
Net income on a GAAP basis for the quarter was $175 thousand, compared to a net loss of $59 thousand in the first quarter of 2013.
Management Comment
Sam Cohen, CEO of EVS commented, "We are very pleased with the marked improvement in our first quarter 2014 results, particularly our return to net profitability and our strong growth in revenue compared with the previous quarters. We expect to see continued sequential improvement in our financial results throughout 2014. For the second quarter, we expect revenues to grow to around $1.5 million level."
Concluded Mr. Cohen, "We have made strong investments in our technology and product offering over the past few years and as we move into 2014, we are finally at a stage in which we expect to see the fruits of our efforts. We believe that 2014 will very much represent a historic turnaround year for EVS."
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 MARCH 31, 2014 | |||
| IN U.S. DOLLARS | |||
| Mar-31 | Dec-31 | ||
| 2014 | 2013 | 2013 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 334 | 855 | 152 |
| Restricted deposits (short term) | 34 | 32 | 34 |
| Trade account receivables | 1,020 | 1,000 | 1,013 |
| Other receivables | 161 | 176 | 120 |
| Inventories | 920 | 769 | 865 |
| Total current assets | 2,469 | 2,832 | 2,184 |
| LONG-TERM RECEIVABLES: | |||
| Severance pay fund | 295 | 283 | 296 |
| Other long-term receivables | 121 | 189 | 87 |
| Total long-term receivables | 416 | 472 | 383 |
| PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization | 28 | 42 | 31 |
| OTHER ASSETS | |||
| Goodwill | 242 | 242 | 242 |
| Total assets | 3,155 | 3,588 | 2,840 |
| Mar-31 | Dec-31 | ||
| 2014 | 2013 | 2013 | |
| In thousands | |||
| Liabilities and shareholders' equity | |||
| CURRENT LIABILITIES: | |||
| Credit from banks | 183 | 183 | 183 |
| Current Maturities of Loan from Shareholder and Other | 370 | 568 | 370 |
| Trade account payable | 782 | 480 | 738 |
| Deferred revenues | 343 | 53 | 38 |
| Other payables | 440 | 470 | 523 |
| Total current liabilities | 2,118 | 1,754 | 1,852 |
| LONG-TERM LIABILITIES: | |||
| Long Terms Loans (Net of current maturities) | 747 | 1,100 | 838 |
| Other Long Terms liabilities | 675 | 767 | 708 |
| Accrued severance pay | 311 | 299 | 314 |
| Total long-term liabilities | 1,733 | 2,166 | 1,860 |
| Total liabilities | 3,851 | 3,920 | 3,712 |
| SHAREHOLDERS' DEFICIENCY | (696) | (332) | (872) |
| Total liabilities and shareholders' deficiency | 3,155 | 3,588 | 2,840 |
| ELBIT VISION SYSTEMS LTD. | |||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2014 | |||
| IN U.S. DOLLARS | |||
| 3 months ended | year ended | ||
| Mar-31 | December 31, | ||
| 2014 | 2013 | 2013 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| REVENUES | 1,338 | 1,256 | 4,258 |
| COST OF REVENUES | 692 | 661 | 2,479 |
| GROSS PROFIT | 646 | 595 | 1,779 |
| RESEARCH AND DEVELOPMENT EXPENSES – net | 107 | 152 | 625 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | |||
| Marketing and selling | 217 | 271 | 1,022 |
| General and administrative | 171 | 174 | 866 |
| OPERATING PROFIT | 151 | (2) | (734) |
| FINANCIAL (EXPENSES) INCOME - net | 24 | (57) | (278) |
| OTHER (EXPENSES) INCOME – net | -- | -- | |
| PROFIT(LOSS) BEFORE TAXES ON INCOME | 175 | (59) | (1,012) |
| TAXES ON INCOME | -- | -- | -- |
| NET PROFIT(LOSS) FOR THE PERIOD | 175 | (59) | (1,012) |
| PROFIT (LOSS) PER SHARE- BASIC | 0.002 | (0.001) | (0.013) |
| PROFIT (LOSS) PER SHARE- DILUTED | 0.002 | (0.001) | (0.013) |
| WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE: | |||
| BASIC (IN THOUSANDS) | 80,798 | 74,916 | 78,155 |
| DILUTED (IN THOUSANDS) | 80,798 | 74,916 | 78,155 |