Revenues at $2.5 million: up 7% year-over-year
Net income at $0.5 million: up 5% year-over-year
First Quarter 2017 highlights
- Revenue at $2.5 million, up 7.4% year-over-year
- Gross and operating margins at 54.1% and 20.2%, respectively
- Net income of $482 thousand, representing 19.3% of revenues
- Shareholders’ equity reached $6.3 million with cash and equivalents at $4.5 million
CAESAREA, Israel, April 27, 2017 (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, today presented its consolidated financial results for the quarter ending March 31, 2017.
Sam Cohen, CEO of EVS commented, “Obviously, we are pleased with our continued growth and the overall positive trend in our results; however, this is not our sole priority. We are focused on the much bigger goal of total automation within the textile market. Given our sustained, steady growth in IQ-TEX4 sales, along with the excitement we see in the industry regarding iBar, EVS is perfectly positioned to become the dominant technology supplier to the second largest consumer market in the world.”
First Quarter 2017 Results
Revenues for the quarter were $2.5 million, representing an increase of 7.4% compared to $2.3 million in the first quarter of 2016.
Gross profit for the quarter was $1.4 million, representing 54.1% of revenues, an increase of 1% compared to $1.3 million for the first quarter of 2016, which represented 57.8% of revenues.
Operating income for the quarter was $505 thousand (20.2% of revenue), an increase of 1.8% compared to $496 thousand (21.3% of revenues) in the first quarter of 2016.
Net income was $482 thousand (19.3% of revenue), an increase of 4.8% compared to $460 thousand (19.8% of revenues) in the first quarter of 2016.
Management will not hold a conference call this quarter due to the close proximity of the previous call held two weeks ago. Investors are welcome to contact management or the investor relations team should they have any questions.
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 MARCH 31, 2017 | |||||
| IN U.S. DOLLARS | |||||
| Mar-31 | Dec-31 | ||||
| 2017 | 2016 | 2016 | |||
| U.S. dollars in thousands (except per share data) | |||||
| Assets | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | 4,542 | 3,692 | 4,528 | ||
| Restricted deposits (short term) | 77 | 120 | 111 | ||
| Trade accounts receivable | 1,615 | 1,264 | 1,136 | ||
| Other receivables | 176 | 79 | 286 | ||
| Inventories | 1,620 | 1,535 | 1,651 | ||
| Total current assets | 8,030 | 6,690 | 7,712 | ||
| LONG-TERM RECEIVABLES: | |||||
| Severance pay fund | 148 | 140 | 140 | ||
| Other long-term receivables | 52 | 85 | 35 | ||
| Total long-term receivables | 200 | 225 | 175 | ||
| PROPERTY, PLANT AND | |||||
| EQUIPMENT – net of | |||||
| accumulated depreciation and | |||||
| amortization | 99 | 36 | 29 | ||
| OTHER ASSETS | |||||
| Goodwill | 242 | 242 | 242 | ||
| Total assets | 8,571 | 7,193 | 8,158 | ||
| Mar-31 | Dec-31 | ||||
| 2017 | 2016 | 2016 | |||
| In thousands | |||||
| Liabilities and shareholders’ equity | |||||
| CURRENT LIABILITIES: | |||||
| Credit from banks | - | 146 | - | ||
| Trade account payable | 620 | 992 | 776 | ||
| Deferred revenues | 599 | 365 | 231 | ||
| Other payables | 761 | 648 | 1,031 | ||
| Total current liabilities | 1,980 | 2,151 | 2,038 | ||
| LONG-TERM LIABILITIES: | |||||
| Long Terms Loans (Net of current maturities) | - | 346 | - | ||
| Other Long Terms liabilities | 109 | 355 | 165 | ||
| Accrued severance pay | 164 | 156 | 155 | ||
| Total long-term liabilities | 273 | 857 | 320 | ||
| Total liabilities | 2,253 | 3,008 | 2,358 | ||
| SHAREHOLDERS’ EQUITY | 6,318 | 4,185 | 5,800 | ||
| Total liabilities and shareholders’ Equity | 8,571 | 7,193 | 8,158 | ||
| ELBIT VISION SYSTEMS LTD. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2017 | |||||
| IN U.S. DOLLARS | |||||
| 3 months ended | year ended | ||||
| Mar-31 | Dec-31 | ||||
| 2017 | 2016 | 2016 | |||
| U.S. dollars in thousands (except per share data) | |||||
| Revenues | 2,502 | 2,329 | 10,146 | ||
| Cost of Revenues | 1,148 | 982 | 4,530 | ||
| Gross Profit | 1,354 | 1,347 | 5,616 | ||
| Research and development | 303 | 273 | 1,378 | ||
| Marketing and selling | 344 | 374 | 1,254 | ||
| General and administrative | 202 | 204 | 826 | ||
| Operating Income | 505 | 496 | 2,158 | ||
| Financial Expenses - net | 23 | 36 | 134 | ||
| Profit before taxes on income | 482 | 460 | 2,024 | ||
| Taxes on Income | - | - | - | ||
| Net profit for the period | 482 | 460 | 2,024 | ||
| Profit per share basic | 0.05 | 0.05 | 0.22 | ||
| Profit per share diluted | 0.05 | 0.05 | 0.21 | ||
| Weighted average number | |||||
| of shares used in Computation | |||||
| of profit per share: | |||||
| Basic (in thousands) | 9,366 | 8,529 | 9,338 | ||
| Diluted (in thousands) | 9,385 | 8,526 | 9,593 | ||