Record Q3 revenue at $2.9 million: up 66% year-over-year & 51% sequentially
Record net income at $0.9 million: up 200% year-over-year & 88% sequentially
Third quarter 2015 highlights
- Record financial results across all parameters;
- Revenue at $2.9 million, up 66% year-over-year and 51% sequentially
- Record gross and operating margins at 60.3% and 31.5%, respectively
- Net income of $929 thousand, representing 31.9% of revenues
CAESAREA, Israel, Oct. 29, 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 September 30, 2015.
Sam Cohen, CEO of EVS commented, "We are very pleased with our strong third quarter results which demonstrate particularly strong year-over-year growth in revenue and a substantial increase in net profits. However, the most significant accomplishment is not the what, but the why. This success is driven by an awakening within the textile market, the last remaining giant of manufacturing, that automated inspection and quality control is becoming increasingly essential to their survival. Textile manufacturers have finally begun to embrace automated inspection as the answer for today's stringent quality requirements and rising production costs. Our solutions are specifically developed for this market with the sole purpose of optimizing product yields, enhancing process efficiencies, and maximizing profitability. With the capabilities of our technology today, EVS has literally opened the door to millions of potential installations that are now ready for automatic vision inspection."
Continued Mr. Cohen, "In mid-November, we will be attending the ITMA expo in Milan, the most established textile and garment machinery exhibition, which takes place only once every four years. This is perfect timing for EVS and a fantastic venue to market our solutions, given the high volume of relevant potential customers from around the world in one place."
Third Quarter 2015 Results
Revenues for the quarter were $2.9 million, representing an increase of 66% compared to $1.75 million in the third quarter of 2014.
Gross profit for the quarter was $1.75 million, representing 60.3% of revenues, an increase of 83% compared to $956 thousand for the third quarter of 2014, which represented 54.7% of revenues.
Operating income for the quarter was $915 thousand million (31.5% of revenue), an increase of 247% compared to $264 thousand (15.1% of revenues) in the third quarter of 2014.
Net income was $929 thousand (31.9% of revenue), an increase of 200% compared to $310 thousand (17.7% of revenues) in the third quarter of 2014.
Conference call details
The Company will also host a conference call today, October 29, starting at 09:00 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: | 1 888 407 2553 | at 09:00 am Eastern Time |
| Israel: | 03 918 0610 | at 3:00 pm Israel Time |
| International: | +972 3 918 0610 |
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 SEPTEMBER 30, 2015 | |||
| IN U.S. DOLLARS | |||
| Sep-30 | Dec-31 | ||
| 2015 | 2014 | 2014 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | 1,995 | 472 | 1,067 |
| Restricted deposit (short term) | 38 | 51 | 44 |
| Trade account receivable | 1,393 | 1,077 | 901 |
| Other receivable | 81 | 150 | 110 |
| Inventories | 1,348 | 999 | 965 |
| Total current assets | 4,855 | 2,749 | 3,087 |
| Long-term receivables: | |||
| Severance pay fund | 192 | 226 | 194 |
| Other long-term receivables | 85 | 100 | 79 |
| Total long-term receivables | 277 | 326 | 273 |
| Property And Equipment (net of accumulated depreciation and amortization) | 30 | 27 | 27 |
| Other assets - | |||
| Goodwill | 242 | 242 | 242 |
| Total assets | 5,404 | 3,344 | 3,629 |
| Sep-30 | Dec-31 | ||
| 2015 | 2014 | 2014 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Liabilities and shareholders' equity | |||
| Current liabilities: | |||
| Credit from banks | 149 | 183 | 183 |
| Current Maturities of Loan from Shareholder and Other | 44 | 370 | 170 |
| Accounts payable Trade | 937 | 788 | 637 |
| Deferred revenues | 338 | 322 | 578 |
| Other payable | 707 | 492 | 457 |
| Total current liabilities | 2,175 | 2,155 | 2,025 |
| Long-term liabilities: | |||
| Long Terms Loans (Net of current maturities) | 403 | 571 | 484 |
| Other Long Terms liabilities | 421 | 619 | 526 |
| Accrued severance pay | 205 | 233 | 207 |
| Total long-term liabilities | 1,029 | 1,423 | 1,217 |
| Total liabilities | 3,204 | 3,578 | 3,242 |
| Shareholders' Equity (Deficiency) | 2,200 | (234) | 387 |
| Total liabilities and shareholders' equity | 5,404 | 3,344 | 3,629 |
| ELBIT VISION SYSTEMS LTD. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| FOR THE NINE AND THREE-MONTHS PERIOD ENDED SEPTEMBER 30, 2015 | |||||
| IN U.S. DOLLARS | |||||
| 9 months ended | 3 months ended | year ended | |||
| Sep-30 | Sep-30 | December 31, | |||
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| U.S. dollars in thousands (except per share data) | |||||
| Revenues | 6,779 | 4,659 | 2,909 | 1,748 | 6,644 |
| Cost Of Revenues | 2,782 | 2,257 | 1,156 | 792 | 3,145 |
| Gross Profit | 3,997 | 2,402 | 1,753 | 956 | 3,499 |
| Research And Development | 512 | 403 | 223 | 171 | 560 |
| Selling, General And Administrative Expenses: | |||||
| Marketing and selling | 1,015 | 805 | 404 | 331 | 1,187 |
| General and administrative | 596 | 545 | 211 | 190 | 729 |
| Operating Profit | 1,874 | 649 | 915 | 264 | 1,023 |
| Financial income (expenses) - net | (89) | (148) | 14 | 46 | (365) |
| Profit Before Taxes On Income | 1,785 | 501 | 929 | 310 | 658 |
| Taxes On Income | -- | -- | -- | -- | -- |
| Net Profit For The Period | 1,785 | 501 | 929 | 310 | 658 |
| Profit per share basic | 0.021 | 0.006 | 0.011 | 0.004 | 0.008 |
| Profit per share diluted | 0.021 | 0.006 | 0.011 | 0.004 | 0.008 |
| Weighted average number of shares used in computation of Profit per Share: | |||||
| Basic (in thousands) | 85,328 | 81,521 | 85,375 | 82,965 | 82,183 |
| Diluted (in thousands) | 85,516 | 81,521 | 85,574 | 82,965 | 83,519 |