CAESAREA, Israel, March 14, 2013 (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 twelve month period ending December 31, 2012.
2012 yearly Results:
Revenues for the year 2012 were approximately $6.7 million, representing an increase of 19.6% compared to $5.6 million in 2011.
Gross profit on a GAAP basis was approximately $3.7 million, representing 55.8% of revenues, compared to $3.6 million for 2011. Gross margins increased mainly due to the increase in revenues.
Operating profit on a GAAP basis was approximately $0.96 million compared with an operating profit of approximately $1.1 million in 2011.
Net profit on a GAAP basis for 2012 was approximately $0.8 million, compared to approximately $1.1 million in 2011.
Sam Cohen, CEO of EVS commented, "We are continuing to grow our business in line with our plans and in 2012 increased our revenues by an additional 19% over 2011. Our net profits for the year decreased mainly due to material investments we made on expanding our local infrastructure in China and India."
"We are working on new products which we intend launching during 2013. These products will expand our portfolio to current and new customers, and we believe the new offerings will have a significant positive impact on our business," 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 700 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, 2012 | ||
| IN U.S. DOLLARS | ||
| Dec-31 | ||
| 2012 | 2011 | |
|
U.S. dollars in thousands (except per share data) |
||
| Assets | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 1,392 | 730 |
| Restricted deposits (short term) | 30 | 90 |
| Accounts receivable: | ||
| Trade | 1,099 | 793 |
| Other | 159 | 121 |
| Inventories | 773 | 476 |
| Total current assets | 3,453 | 2,210 |
| LONG-TERM RECEIVABLES: | ||
| Severance pay fund | 283 | 221 |
| Other long-term receivables | 186 | 225 |
| Total long-term receivables | 469 | 446 |
| PROPERTY, PLANT AND | ||
| EQUIPMENT – net of | ||
| accumulated depreciation and | ||
| amortization | 43 | 50 |
| OTHER ASSETS -- | ||
| Goodwill | 242 | 242 |
| Total assets | 4,207 | 2,948 |
| Dec-31 | ||
| 2012 | 2011 | |
|
U.S. dollars in thousands (except per share data) |
||
| Liabilities and shareholders' equity | ||
| CURRENT LIABILITIES: | ||
| Credit from banks | 183 | 190 |
| Current Maturities of Loan from Shareholder and Other | 568 | 361 |
| Accounts payable: | ||
| Trade | 917 | 437 |
| Deferred income | 64 | 498 |
| Other | 470 | 411 |
| Total current liabilities | 2,202 | 1,897 |
| LONG-TERM LIABILITIES: | ||
| Loans From Banks (net of current maturities) | 849 | 1,024 |
| Loans and other liabilities (net of current maturities) | 340 | 509 |
| Loan from shareholder (net of current maturities) | -- | 100 |
| Other Long Terms liabilities | 790 | 862 |
| Accrued severance pay | 300 | 241 |
| Total long-term liabilities | 2,279 | 2,736 |
| Total liabilities | 4,481 | 4,633 |
| SHAREHOLDERS' DEFICIENCY | (274) | (1,685) |
| Total liabilities and shareholders' equity | 4,207 | 2,948 |
| ELBIT VISION SYSTEMS LTD. | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| FOR THE TWELVE AND THREE-MONTHS PERIOD ENDED DECEMBER 31, 2012 | ||||
| IN U.S. DOLLARS | ||||
| 12 months ended | 3 months ended | |||
| Dec-31 | Dec-31 | |||
| 2012 | 2011 | 2012 | 2011 | |
|
U.S. dollars in thousands (except per share data) |
||||
| REVENUES | 6,708 | 5,645 | 1,361 | 1,411 |
| COST OF REVENUES | 2,961 | 2,020 | 735 | 519 |
| GROSS PROFIT | 3,747 | 3,625 | 626 | 892 |
| RESEARCH AND DEVELOPMENT | ||||
| EXPENSES – net | 682 | 643 | 161 | 174 |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: | ||||
| Marketing and selling | 1,371 | 1,244 | 283 | 344 |
| General and administrative | 734 | 656 | 225 | 141 |
| OPERATING (LOSS) INCOME | 960 | 1,082 | (43) | 233 |
| FINANCIAL (EXPENSES) INCOME - net | (134) | 31 | (136) | 19 |
| OTHER EXPENSES – net | (2) | (24) | -- | (22) |
| INCOME (LOSS) BEFORE TAXES ON INCOME | 824 | 1,089 | (179) | 230 |
| TAXES ON INCOME | -- | -- | -- | -- |
| INCOME (LOSS) FOR THE PERIOD | 824 | 1,089 | (179) | 230 |
| PROFIT (LOSS) PER SHARE BASIC | 0.012 | 0.016 | (0.003) | 0.003 |
| PROFIT (LOSS) PER SHARE DILUTED | 0.012 | 0.015 | (0.003) | 0.003 |
| WEIGHTED AVERAGE NUMBER | ||||
| OF SHARES USED IN | ||||
| COMPUTATION OF LOSS PER | ||||
| SHARE: | ||||
| BASIC (IN THOUSANDS) | 70,042 | 69,653 | 71,232 | 69,523 |
| DILUTED (IN THOUSANDS) | 71,639 | 71,309 | 71,232 | 71,347 |