Expectations for 2015: revenue around $10m (+50% YOY) and net income $2.3m+ (+250% YOY)
Q2 revenue $1.92m (+22% YOY); net income $493k compare to $16k
CAESAREA, Israel, Aug. 12, 2015 (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, announced today its consolidated financial results for the three month period ending June 30, 2015.
Second Quarter 2015 Results
Revenues for the quarter were $1.92 million, representing an increase of 22% compared to $1.57 million in the second quarter of 2014.
Gross profit for the quarter was $1.12 million, representing 58.5% of revenues, an increase of 40% compared to $800 thousand for the second quarter of 2014, which represented 50.9% of revenues.
Operating income for the quarter was $502 thousand (26.1% of revenue), an increase of 115% compared to $234 thousand (14.9% of revenues) in the second quarter of 2014.
Net income was $493 thousand (25.7% of revenue), compared to $16 thousand (1% of revenues) in the second quarter of 2014.
Sam Cohen, CEO of EVS commented, "We are very pleased with our second quarter results. They demonstrate strong year-over-year growth in revenue and a significant increase in net profits. Strong sales in our core products, IQ-TEX4 and SVA, along with ever increasing iBar sales have provided a consistent and growing backlog of orders, which gives clear visibility into revenues for the coming quarters. Based on this, we are expecting full year 2015 revenues of around $10 million with net income of around $2.3 million. We believe that EVS is now at the inflexion point where several positive trends are converging, and this will lead to significant and accelerating growth for EVS in 2015 and beyond."
Conference call details
The Company will also host a conference call today, August 12, starting 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: | 1 866 744 5399 | at 9:00 am Eastern Time |
| Israel: | 03 918 0687 | at 4:00 pm Israel Time |
| International: | +972 3 918 0687 |
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems's 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, 2015 | |||
| IN U.S. DOLLARS | |||
| Jun-30 | Dec-31 | ||
| 2015 | 2014 | 2014 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 1,413 | 289 | 1,067 |
| Restricted deposit (short term) | 32 | 34 | 44 |
| Trade account receivable | 1,352 | 1,206 | 901 |
| Other receivable | 178 | 158 | 110 |
| Inventories | 1,106 | 938 | 965 |
| Total current assets | 4,081 | 2,625 | 3,087 |
| LONG-TERM RECEIVABLES: | |||
| Severance pay fund | 200 | 299 | 194 |
| Other long-term receivables | 89 | 101 | 79 |
| Total long-term receivables | 289 | 400 | 273 |
| PROPERTY AND | |||
| EQUIPMENT (net of | |||
| accumulated depreciation and | |||
| amortization) | 26 | 25 | 27 |
| OTHER ASSETS -- | |||
| Goodwill | 242 | 242 | 242 |
| Total assets | 4,638 | 3,292 | 3,629 |
| Jun-30 | Dec-31 | ||
| 2015 | 2014 | 2014 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Liabilities and shareholders' equity | |||
| CURRENT LIABILITIES: | |||
| Credit from banks | 183 | 183 | 183 |
| Current Maturities of Loan from Shareholder and Other | 86 | 370 | 170 |
| Accounts payable Trade | 721 | 670 | 637 |
| Deferred revenues | 762 | 466 | 578 |
| Other payable | 519 | 657 | 457 |
| Total current liabilities | 2,271 | 2,346 | 2,025 |
| LONG-TERM LIABILITIES: | |||
| Long Terms Loans (Net of current maturities) | 398 | 658 | 484 |
| Other Long Terms liabilities | 482 | 652 | 526 |
| Accrued severance pay | 213 | 317 | 207 |
| Total long-term liabilities | 1,093 | 1,627 | 1,217 |
| Total liabilities | 3,364 | 3,973 | 3,242 |
| SHAREHOLDERS' EQUITY (DEFICIENCY) | 1,274 | (681) | 387 |
| Total liabilities and shareholders' equity | 4,638 | 3,292 | 3,629 |
| ELBIT VISION SYSTEMS LTD. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2015 | |||||
| IN U.S. DOLLARS | |||||
| 6 months ended | 3 months ended | year ended | |||
| Jun-30 | Jun-30 | December 31, | |||
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| U.S. dollars in thousands (except per share data) | |||||
| REVENUES | 3,870 | 2,911 | 1,921 | 1,573 | 6,644 |
| COST OF REVENUES | 1,626 | 1,465 | 798 | 773 | 3,145 |
| GROSS PROFIT | 2,244 | 1,446 | 1,123 | 800 | 3,499 |
| RESEARCH AND DEVELOPMENT | 289 | 232 | 158 | 125 | 560 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | |||||
| Marketing and selling | 611 | 474 | 267 | 257 | 1,187 |
| General and administrative | 385 | 355 | 196 | 184 | 729 |
| OPERATING PROFIT | 959 | 385 | 502 | 234 | 1,023 |
| FINANCIAL EXPENSES - net | (103) | (194) | (9) | (218) | (365) |
| PROFIT BEFORE TAXES ON INCOME | 856 | 191 | 493 | 16 | 658 |
| TAXES ON INCOME | -- | -- | -- | -- | -- |
| NET PROFIT FOR THE PERIOD | 856 | 191 | 493 | 16 | 658 |
| PROFIT PER SHARE BASIC | 0.010 | 0.002 | 0.006 | 0.000 | 0.008 |
| PROFIT PER SHARE DILUTED | 0.010 | 0.002 | 0.006 | 0.000 | 0.008 |
| WEIGHTED AVERAGE NUMBER | |||||
| OF SHARES USED IN | |||||
| COMPUTATION OF PROFIT PER SHARE: | |||||
| BASIC (IN THOUSANDS) | 85,375 | 80,798 | 85,375 | 80,798 | 82,183 |
| DILUTED (IN THOUSANDS) | 85,481 | 80,798 | 85,420 | 80,798 | 83,519 |