Elbit Vision Systems Announces Q2 2011 Results
CAESAREA, Israel, August 15, 2011 /PRNewswire/ --
- Second quarter revenues of $1.42 million
- Operating profits of $0.35 million and net profits of $0.3 million constituting 24% and 21% of net revenues, respectively
Elbit Vision Systems Ltd. (OTCBB: EVSNF.OB), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, today announced its consolidated financial results for the three month period ending June 30, 2011.
Second Quarter 2011 Results:
Revenues for the Second quarter of 2011 were $1.42 million, representing an increase of 122% compared to $0.64 million for the Second quarter of 2010.
Gross profit on a US GAAP basis was $0.92 million, representing 65% of revenues, compared with a gross profit of $0.2 million for the second quarter of 2010.
Operating profit on a US GAAP basis was $347 thousand compared with an operating loss of $259 thousand in the second quarter of 2010 from continued operation.
Net profit on a US GAAP basis for the second quarter of 2011 was $302 thousand, compared to a net loss of $479 thousand in the second quarter of 2010 from continued operation.
Sam Cohen, CEO of EVS, commented, "As we expected, these historic second quarter results show the fourth consecutive profitable quarter for EVS. These results, more than the previous three, are truly significant because it ended the one year anniversary of the new EVS management team with an accumulated EBITDA of $1.35 million after years of devastating losses. Furthermore, we are very encouraged by the early interest in the launch of our new products in the coming months, which we believe, together with our marketing efforts, will enable us to expand into previously unreachable markets. This is further evidence that EVS's best years are ahead of us!" concluded Mr. Cohen.
About Elbit Vision Systems Ltd. (EVS): http://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 http://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.
Use of Non-GAAP financial measures
EVS uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes, depreciation, amortization. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP.
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT JUNE 30, 2011
IN U.S. DOLLARS
Jun-30 Dec-31
2011 2010 2010
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 677 174 547
Restricted deposit 32 27 32
Accounts receivable:
Trade 634 334 237
Other 86 95 70
Inventories 420 452 475
Total current assets 1,849 1,082 1,361
LONG-TERM RECEIVABLES:
Severance pay fund 173 170 144
Other long-term
receivables 219 47 271
Total long-term receivables 392 217 415
PROPERTY, PLANT
AND EQUIPMENT - net of
accumulated depreciation
and amortization 52 50 50
OTHER ASSETS -
net of accumulated
amortization:
Goodwill 242 242 242
Other intangible assets - 383 -
242 625 242
Total assets 2,535 1,974 2,068
Jun-30 Dec-31
2011 2010 2010
U.S. dollars in thousands
(except per share data)
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks & current maturities 190 160 170
Current Maturities of Loan from
Shareholder and Other 296 85 270
Accounts payable:
Trade 526 641 564
Deferred revenues 277 380 201
Other 464 1,467 383
Total current liabilities 1,753 2,733 1,588
LONG-TERM LIABILITIES:
Long Terms Loans From Banks
(Net of current maturities) 1,116 1,294 1,227
Loans and other liabilities
(net of current maturities) 556 766 681
Loan from shareholder
(net of current maturities) 123 127 139
Other Long Terms liabilities 1,017 - 1,043
Accrued severance pay 230 218 199
Total long-term liabilities 3,042 2,405 3,289
Total liabilities 4,795 5,138 4,877
SHAREHOLDERS' EQUITY (2,260) (3,164) (2,809)
Total liabilities and shareholders'
equity 2,535 1,974 2,068
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2011
IN U.S. DOLLARS
year
6 months ended 3 months ended ended
December
Jun-30 Jun-30 31,
2011 2010 2011 2010 2010
U.S. dollars in thousands
(except per share data)
REVENUES 2,677 1,120 1,423 641 3,912
COST OF REVENUES 899 860 498 438 1,960
GROSS PROFIT 1,778 260 925 203 1,952
RESEARCH AND DEVELOPMENT
EXPENSES - net 314 247 160 87 494
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES:
Marketing and selling 524 381 248 188 921
General and administrative 332 479 170 187 802
OPERATING PROFIT (LOSS) 608 (847) 347 (259) (265)
FINANCIAL EXPENSES - net (74) (93) (45) (19) (291)
OTHER (EXPENSES) INCOME -
net (2) (76) - (201) (307)
LOSS BEFORE TAXES ON
INCOME 532 (1,016) 302 (479) (863)
TAXES ON INCOME - - - - -
PROFIT (LOSS) FOR THE
PERIOD 532 (1,016) 302 (479) (863)
LOSS FROM OPERATION OF
DISCONTINUED COMPONENTS - (1,946) - (360) (1,946)
NET PROFIT FROM DISPOSAL
OF DISCONTINUED OPERATION - 5,354 - 5,354 5,436
NET INCOME 532 2,392 302 4,515 2,627
PROFIT PER SHARE BASIC 0.008 0.034 0.004 0.065 0.038
PROFIT PER SHARE DILUTED 0.008 0.034 0.004 0.065 0.038
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) 70,561 69,653 70,737 69,653 69,741
Company Contact Information:
Yaron Menashe, CFO
Tel: +972-4-6107609
[email protected]
SOURCE Elbit Vision Systems Ltd
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