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Elbit Vision Systems Announces Second Quarter 2017 Results

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Second quarter 2017 highlights

  • Revenue at $2.3 million;
  • Gross and operating margins at 55.9% and 18.7%, respectively;
  • Net income of $396 thousand, representing 17.4% of revenues;
  • Shareholders' equity reached $6.7 million with cash and equivalents at $4.4 million;

CAESAREA, Israel, Aug. 09, 2017 (GLOBE NEWSWIRE) --  Elbit Vision Systems Ltd.  (OTC: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 June 30, 2017. 

Sam Cohen, CEO of EVS commented, "We have experienced some delays in several large orders from the US, and we have seen a softer than expected market in China. However, all indications point to a healthy backlog by year end.  Moreover, our recent successes in iBar placements give us a reason to be excited about the future.  We have received land orders in recent weeks that represent several hundred potential units in the Automotive and Technical Textile markets.  These orders prove that our drive to automate this industry is certainly within reach."

Second quarter 2017 Results
Revenues for the quarter were $2.3 million, an 11% decrease compared to $2.6 million in the second quarter of 2016.

Gross profit for the quarter was $1.3 million, representing 55.9% of revenues, a decrease of 8% compared to $1.4 million for the second quarter of 2016, which represented 54.3% of revenues.

Operating income for the quarter was $427 thousand (18.7% of revenue), a decrease of 32% compared to $630 thousand (24.7% of revenues) in the second quarter of 2016.

Net income was $396 thousand (17.4% of revenue), a decrease of 32% compared to $587 thousand (23.0% of revenues) in the second quarter of 2016.

Conference call details
The Company will also host a conference call later today at 9:00 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:                              1 866 668 9141           at 10 am Eastern Time
Israel:                          03 918 0610                at 5 pm Israel Time
International:               +972 3 918 0610

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 JUNE 30, 2017
IN U.S. DOLLARS
     
  Jun-30   Dec-31
  2017   2016   2016
           
   U.S. dollars in thousands
(except per share data)
Assets          
           
CURRENT ASSETS:          
Cash and cash equivalents 4,255     3,950   4,528
Restricted deposits (short term) 103     112     111
           
Trade accounts receivable 1,634     1,515   1,136
Other receivables 213     56     286
Inventories 1,801     1,378   1,651
Total current assets 8,006   7,011   7,712
           
           
LONG-TERM RECEIVABLES:          
Severance pay fund 54   140   140
Other long-term receivables 156   68   35
Total long-term receivables 210   208   175
           
PROPERTY, PLANT AND          
EQUIPMENT – net of          
accumulated depreciation and          
amortization 90   36   29
           
OTHER ASSETS          
Goodwill 242   242   242
           
Total assets 8,548   7,497   8,158


  Jun-30   Dec-31
  2017   2016   2016
           
   U.S. dollars in thousands
(except per share data)
Liabilities and shareholders' equity          
           
CURRENT LIABILITIES:          
Credit from banks

  -    146     - 
Trade account payable 504   669   776
Deferred revenues 410   470   231
Other payables 750   669   1,031
Total current liabilities 1,664   1,954   2,038
           
LONG-TERM LIABILITIES:          
Long Terms Loans (Net of current maturities)   -    318   -
Other Long Terms liabilities 90   293   165
           
Accrued severance pay 70   154   155
Total long-term liabilities 160   765   320
Total liabilities 1,824   2,719   2,358
           
SHAREHOLDERS' EQUITY 6,724   4,778   5,800
           
Total liabilities and shareholders' Equity 8,548   7,497   8,158


ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2017
IN U.S. DOLLARS
 
  6 months ended   3 months ended   year
ended
  Jun-30   Jun-30   December
31,
  2017    2016    2017    2016    2016 
                             
  U.S. dollars in thousands
 (except per share data)
                   
Revenues 4,781     4,884     2,279     2,555     10,146  
                   
Cost of Revenues 2,154     2,150     1,006     1,168     4,530  
Gross Profit 2,627     2,734     1,273     1,387     5,616  
                   
Research and development 595     523     292     250     1,378  
Marketing and selling 655     667     311     293     1,254  
General and administrative 445     418     243     214     826  
                   
                   
Operating Income 932     1,126     427     630     2,158  
                   
Financial Expenses – net (54 )   (79 )   (31 )   (43 )   (134 )
                   
Profit before taxes on income 878     1,047     396     587     2,024  
Taxes on Income   -        -        -        -        -   
Net profit for the period 878     1,047     396     587     2,024  
                   
                   
Profit per share basic 0.09     0.11     0.04     0.06     0.22  
Profit per share diluted 0.09     0.11     0.04     0.06     0.21  
Weighted average number                  
of shares used in Computation                  
of profit per share:                  
                   
Basic (in thousands) 9,378     9,335     9,392     9,338     9,338  
Diluted (in thousands) 9,395     9,356     9,409     9,358     9,593  


Company Contact Information:
Yaron Menashe, CFO
Tel: +972 4 6107609   
yaron@evs.co.il  

Investor Relations Contact:
Ehud Helft/Gavriel Frohwein
Tel: +1 646 688 3559
evs@gkir.com 

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