- 33. 3% INCREASE IN REVENUES
- 16.7% INCREASE IN GROSS PROFIT
- REVENUES OF $3.6 MILLION
- OPERATING PROFIT OF $0.74 MILLION
- REVENUES OF $1.95 MILLION IN Q2 - RECORD HIGH SINCE COMPANY REORGANISATION
CAESAREA, Israel, July 30, 2012 (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 six month period ending June 30, 2012, which were, "in excess of the Company's internal expectations," it said.
First Half Results:
Revenues for the first six months of 2012 were approximately $3.6 million, representing an increase of 33.3% compared to $2.7 million for the same period in 2011.
Gross profit on a GAAP basis was approximately $2.1 million, representing 59.2% of revenues, compared to $1.8 million for the same period in 2011.
Operating profit on a GAAP basis was approximately $0.74 million compared with an operating profit of approximately $0.61 million for the same period in 2011.
Net profit on a GAAP basis for the first six months of 2012 was approximately $0.75 million, compared to approximately $0.53 million for the same period in 2011.
Sam Cohen, CEO of EVS commented, "Our achievements in the first half of this year, serve as further justification of the vision and direction of EVS since the reorganization two years ago. We are continuing to expand our operations in Asia which have contributed almost 50% of our revenues in 2012, and our targeted marketing campaigns have allowed us to penetrate new territories like Sri Lanka and Thailand. All this has been achieved while maintaining growth within our core competencies in Europe and the Americas.
"Additionally, we are excited about our future evolution given some very encouraging recent advances by our R&D team. Over the next few months, we plan to introduce a revolutionary new inspection tool that we expect will bring EVS into new global markets," concluded Mr. Cohen.
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 650 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, 2012 | |||
| IN U.S. DOLLARS | |||
| Jun-30 | Dec-31 | ||
| 2012 | 2011 | 2011 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 430 | 677 | 730 |
| Restricted deposit (short term) | 48 | 32 | 90 |
| Accounts receivable: | |||
| Trade | 1,454 | 634 | 793 |
| Other | 149 | 86 | 121 |
| Inventories | 596 | 420 | 476 |
| Total current assets | 2,677 | 1,849 | 2,210 |
| LONG-TERM RECEIVABLES: | |||
| Severance pay fund | 227 | 173 | 221 |
| Other long-term receivables and investment | 217 | 219 | 225 |
| Total long-term receivables | 444 | 392 | 446 |
| PROPERTY AND | |||
| EQUIPMENT (net of | |||
| accumulated depreciation and | |||
| Amortization) | 50 | 52 | 50 |
| OTHER ASSETS | |||
| Goodwill | 242 | 242 | 242 |
| Total assets | 3,413 | 2,535 | 2,948 |
| Jun-30 | Dec-31 | ||
| 2012 | 2011 | 2011 | |
| U.S. dollars in thousands | |||
| (except per share data) | |||
| Liabilities and shareholders' deficiency | |||
| CURRENT LIABILITIES: | |||
| Credit from banks | 251 | 190 | 190 |
| Current Maturities of Loan from Shareholder and Other | 457 | 296 | 361 |
| Accounts payable and accruals: | |||
| Trade | 671 | 526 | 437 |
| Deferred revenues | 105 | 277 | 498 |
| Other | 429 | 464 | 411 |
| Total current liabilities | 1,913 | 1,753 | 1,897 |
| LONG-TERM LIABILITIES: | |||
| Long Terms Loans From Banks (Net of current maturities) | 837 | 1,116 | 1,024 |
| Loans and other liabilities (net of current maturities) | 425 | 556 | 509 |
| Loan from shareholder (net of current maturities) | 100 | 123 | 100 |
| Other Long Terms liabilities | 815 | 1,017 | 862 |
| Accrued severance pay | 246 | 230 | 241 |
| Total long-term liabilities | 2,423 | 3,042 | 2,736 |
| Total liabilities | 4,336 | 4,795 | 4,633 |
| SHAREHOLDERS' DEFICIENCY | (923) | (2,260) | (1,685) |
| Total liabilities and shareholders' equity | 3,413 | 2,535 | 2,948 |
| ELBIT VISION SYSTEMS LTD. | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2012 | |||||
| IN U.S. DOLLARS | |||||
| 6 months ended | 3 months ended | year ended | |||
| Jun-30 | Jun-30 | December 31, | |||
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| U.S. dollars in thousands | |||||
| (except per share data) | |||||
| REVENUES | 3,582 | 2,677 | 1,968 | 1,423 | 5,645 |
| COST OF REVENUES | 1,461 | 899 | 771 | 498 | 2,020 |
| GROSS PROFIT | 2,121 | 1,778 | 1,197 | 925 | 3,625 |
| RESEARCH AND DEVELOPMENT | |||||
| EXPENSES - net | 354 | 314 | 179 | 160 | 643 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | |||||
| Marketing and selling | 689 | 524 | 340 | 248 | 1,244 |
| General and administrative | 337 | 332 | 201 | 170 | 656 |
| OPERATING PROFIT | 741 | 608 | 477 | 347 | 1,082 |
| FINANCIAL INCOME (EXPENSES) - net | 10 | (74) | 40 | (45) | 31 |
| OTHER INCOME (EXPENSES) - net | 2 | (2) | 2 | -- | (24) |
| PROFIT BEFORE TAXES ON INCOME | 753 | 532 | 519 | 302 | 1,089 |
| TAXES ON INCOME | -- | -- | -- | -- | -- |
| NET PROFIT FOR THE PERIOD | 753 | 532 | 519 | 302 | 1,089 |
| PROFIT PER SHARE BASIC | 0.011 | 0.008 | 0.007 | 0.004 | 0.016 |
| PROFIT PER SHARE DILUTED | 0.011 | 0.008 | 0.007 | 0.004 | 0.015 |
| WEIGHTED AVERAGE NUMBER | |||||
| OF SHARES USED IN | |||||
| COMPUTATION OF PROFIT PER | |||||
| SHARE: | |||||
| BASIC (IN THOUSANDS) | 69,653 | 69,653 | 69,653 | 69,653 | 69,653 |
| DILUTED (IN THOUSANDS) | 70,761 | 70,561 | 70,936 | 69,653 | 71,309 |