Record revenues at $9.1 million: up 37% year-over-year
Record net income at $2.1 million: up 3.2X year-over-year
Fourth Quarter 2015 highlights
- Revenue at $2.3 million, up 18% year-over-year
- Gross and operating margins at 53.2% and 16.5%, respectively
- Net income of $333 thousand, representing 14.2% of revenues
Full year 2015 highlights
- Revenue at $9.1 million, up 37% year-over-year
- Gross and operating margins at 57.5% and 24.8%, respectively
- Record net income of $2.1 million, representing 23.2% of revenues
- Positive operating cash flow of $1.52 million with year-end cash and equivalents at $3.3 million
CAESAREA, Israel, March 29, 2016 (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 fourth quarter and full year ending December 31, 2015.
Sam Cohen, CEO of EVS commented, “We are very pleased with our 2015 results. They demonstrate strong revenue growth over the past year, with a significant increase in net profits. The main reason for the strong sales growth and high margins is the outstanding performance of our legacy products; IQ-TEX4 and SVA, as well as an increasing contribution from iBar.”
Continued Mr. Cohen, “Looking ahead, we expect to see continued growth from IQ-TEX4 and SVA, and we certainly expect iBar to have a significant impact on our future. We have had great success with our iBar installations so far and look for this product to spread throughout the industry.”
Fourth Quarter 2015 Results
Revenues for the quarter were $2.3 million, representing an increase of 18% compared to $2.0 million in the fourth quarter of 2014.
Gross profit for the quarter was $1.25 million, representing 53.2% of revenues, an increase of 14% compared to $1.1 million for the fourth quarter of 2014, which represented 55.3% of revenues.
Operating income for the quarter was $388 thousand (16.5% of revenue), an increase of 3.7% compared to $374 thousand (18.8% of revenues) in the fourth quarter of 2014.
Net income was $333 thousand (14.2% of revenue), an increase of 112% compared to $157 thousand (7.9% of revenues) in the fourth quarter of 2014.
Full Year 2015 Results
Revenues for the year were $9.1 million, representing an increase of 37% compared to $6.6 million in 2014.
Gross profit for the year was $5.2 million, representing 57.5% of revenues, an increase of 50% compared to $3.5 million for 2014, which represented 52.7% of revenues.
Operating income for the year was $2.3 million (24.8% of revenue), an increase of 121% compared to $1.0 million (15.4% of revenues) in 2014.
Net income was $2.1 million (23.2% of revenue), an increase of 222% compared to $658 thousand (9.9% of revenues) in 2014.
The Company reported a positive operating cash flow of $1.52 million for the year.
As of December 31, 2015, cash and cash equivalents were $3.3 million.
Conference call details
The Company will also host a conference call tomorrow, March 30, 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: 1 888 668 9141 at 09:00 am Eastern Time
Israel: 03 918 0691 at 4:00 pm Israel Time
International: +972 3 918 0691
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’ 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 DECEMBER 31, 2015 | ||||
| IN U.S. DOLLARS | ||||
| Dec-31 | ||||
| 2015 | 2014 | |||
| U.S. dollars in thousands | ||||
| (except per share data) | ||||
| Assets | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | 3,305 | 1,067 | ||
| Restricted deposits (short term) | 69 | 44 | ||
| Trade accounts receivable | 1,383 | 901 | ||
| Other receivables | 78 | 110 | ||
| Inventories | 1,419 | 965 | ||
| Total current assets | 6,254 | 3,087 | ||
| LONG-TERM RECEIVABLES: | ||||
| Severance pay fund | 193 | 194 | ||
| Other long-term receivables | 67 | 79 | ||
| Total long-term receivables | 260 | 273 | ||
| PROPERTY, PLANT AND | ||||
| EQUIPMENT – net of | ||||
| accumulated depreciation and | ||||
| amortization | 36 | 27 | ||
| OTHER ASSETS | ||||
| Goodwill | 242 | 242 | ||
| Total assets | 6,792 | 3,629 | ||
| Dec-31 | |||
| 2015 | 2014 | ||
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Liabilities and shareholders’ equity | |||
| CURRENT LIABILITIES: | |||
| Credit from banks | 149 | 183 | |
| Current Maturities of Loan from Other | - | 170 | |
| Trade Accounts payable | 1,171 | 637 | |
| Deferred income | 324 | 578 | |
| Other payable | 441 | 457 | |
| Total current liabilities | 2,085 | 2,025 | |
| LONG-TERM LIABILITIES: | |||
| Loans terms loans (net of current maturities) | 373 | 484 | |
| Other Long Terms liabilities | 429 | 526 | |
| Accrued severance pay | 206 | 207 | |
| Total long-term liabilities | 1,008 | 1,217 | |
| Total liabilities | 3,093 | 3,242 | |
| SHAREHOLDERS’ EQUITY | 3,699 | 387 | |
| Total liabilities and shareholders’ equity | 6,792 | 3,629 | |
| ELBIT VISION SYSTEMS LTD. | |||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
| FOR THE TWELVE AND THREE-MONTHS PERIOD ENDED DECEMBER 31, 2015 | |||||||||||||||||||||
| IN U.S. DOLLARS | |||||||||||||||||||||
| 12 months ended | 3 months ended | ||||||||||||||||||||
| Dec-31 | Dec-31 | ||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
| U.S. dollars in thousands (except per share data) | |||||||||||||||||||||
| Revenues | 9,128 | 6,644 | 2,349 | 1,985 | |||||||||||||||||
| Cost Of Revenues | 3,882 | 3,145 | 1,100 | 888 | |||||||||||||||||
| Gross profit | 5,246 | 3,499 | 1,249 | 1,097 | |||||||||||||||||
| Research and development | 765 | 560 | 253 | 157 | |||||||||||||||||
| Marketing and selling | 1,411 | 1,187 | 396 | 382 | |||||||||||||||||
| General and administrative | 808 | 729 | 212 | 184 | |||||||||||||||||
| Operating Income | 2,262 | 1,023 | 388 | 374 | |||||||||||||||||
| Financial (expenses) income - net | (144 | ) | (365 | ) | (55 | ) | (217 | ) | |||||||||||||
| Profit before taxes on income | 2,118 | 658 | 333 | 157 | |||||||||||||||||
| Taxes On Income | - | - | - | - | |||||||||||||||||
| Net Profit for the period | 2,118 | 658 | 333 | 157 | |||||||||||||||||
| Profit per share basic | 0.025 | 0.008 | 0.004 | 0.002 | |||||||||||||||||
| Profit per share diluted | 0.025 | 0.008 | 0.004 | 0.002 | |||||||||||||||||
| Weighted average number | |||||||||||||||||||||
| Of shares used in Computation | |||||||||||||||||||||
| of profit per Share: | |||||||||||||||||||||
| Basic (in thousands) | 85,461 | 82,183 | 85,872 | 82,183 | |||||||||||||||||
| Diluted (in thousands) | 85,681 | 83,519 | 86,135 | 83,519 | |||||||||||||||||