Elbit Vision Systems Announces Q3 2011 Results
Third quarter revenues of $1.56 million; Operating profits of $0.24 million and net profits of $0.33 million constituting 15% and 21% of net revenues, respectively
CAESAREA, Israel, November 22, 2011 /PRNewswire/ --
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 September 30, 2011.
Third Quarter 2011 Results:
Revenues for the third quarter of 2011 were $1.56 million, representing an increase of 40% compared to $1.11 million for the third quarter of 2010.
Gross profit on a US GAAP basis was $0.95 million, representing 61% of revenues, compared with a gross profit of $0.7 million for the third quarter of 2010.
Operating profit on a US GAAP basis was $241 thousand compared with an operating profit of $167 thousand in the third quarter of 2010.
Net profit on a US GAAP basis for the third quarter of 2011 was $327 thousand, compared to a net profit of $34 thousand in the third quarter of 2010.
Sam Cohen, CEO of EVS commented, "We are certainly pleased and encouraged by these results which confirm the vision contained in our business plan. The consistency of our financial results along with the launch of our new product line at the ITMA exhibition last month are evidence of a solid foundation for achieving next year's goals. We are confident that our increased efforts in new product development and marketing will have a materially positive effect on our 2012 results."
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.
FINANCIAL TABLES FOLLOW
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT September 30, 2011
IN U.S. DOLLARS
Sep-30 Dec-31
2011 2010 2010
U.S. dollars in thousands
(except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents 404 255 547
Restricted deposit 40 25 32
Accounts receivable:
Trade 920 216 237
Other 116 131 70
Inventories 439 618 475
Total current assets 1,919 1,245 1,361
LONG-TERM RECEIVABLES:
Severance pay fund 169 186 144
Other long-term receivables 211 263 271
Total long-term receivables 380 449 415
PROPERTY, PLANT AND
EQUIPMENT - net of
accumulated
depreciation and amortization 52 49 50
OTHER ASSETS -
net of accumulated
amortization:
Goodwill 242 242 242
Other intangible assets - 88 -
242 330 242
Total assets 2,593 2,073 2,068
Sep-30 Dec-31
2011 2010 2010
U.S. dollars in thousands
(except per share data)
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks and
current maturities 185 191 170
Current Maturities of Loan
from Shareholder and Other 320 185 270
Accounts payable:
Trade 671 724 564
Deferred revenues 45 331 201
Other 370 354 383
Total current liabilities 1,591 1,785 1,588
LONG-TERM LIABILITIES:
Long Terms Loans From Banks
(Net of current maturities) 1,070 1,242 1,227
Loans and other liabilities
(net of current maturities) 555 766 681
Loan from shareholder
(net of current maturities) 138 123 139
Other Long Terms liabilities 943 1,042 1,043
Accrued severance pay 222 238 199
Total long-term liabilities 2,928 3,411 3,289
Total liabilities 4,519 5,196 4,877
SHAREHOLDERS' EQUITY (1,926) (3,123) (2,809)
Total liabilities
and shareholders' equity 2,593 2,073 2,068
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE AND THREE-MONTHS PERIOD ENDED SEPTMBER 30, 2011
IN U.S. DOLLARS
9 months ended 3 months ended year ended
Sep-30 Sep-30 December 31,
2011 2010 2011 2010 2010
U.S. dollars in thousands (except per share data)
REVENUES 4,234 2,233 1,557 1,113 3,912
COST OF REVENUES 1,501 1,271 602 411 1,960
GROSS PROFIT 2,733 962 955 702 1,952
RESEARCH AND DEVELOPMENT
EXPENSES - net 469 354 155 108 494
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES:
Marketing and selling 900 628 376 247 921
General and administrative 515 659 183 180 802
OPERATING PROFIT (LOSS) 849 (679) 241 167 (265)
FINANCIAL (EXPENSES)
INCOME - net 12 (213) 86 (125) (291)
OTHER (EXPENSES) INCOME -
net (2) (90) - (8) (307)
LOSS BEFORE TAXES ON
INCOME 859 (982) 327 34 (863)
TAXES ON INCOME - - -
PROFIT (LOSS) FOR THE
PERIOD 859 (982) 327 34 (863)
LOSS FROM OPERATION OF
DISCONTINUED COMPONENTS - (1,946) - - (1,946)
NET PROFIT FROM DESPOSILE
OF DISCONTINUED OPERATION - 5,354 - - 5,436
NET INCOME 859 2,426 327 34 2,627
PROFIT PER SHARE BASIC 0.012 0.035 0.005 0.000 0.038
PROFIT PER SHARE DILUTED 0.012 0.035 0.005 0.000 0.038
WEIGHTED AVERAGE NUMBER
OF SHARES USED IN
COMPUTATION OF LOSS PER
SHARE:
BASIC (IN THOUSANDS) 69,653 69,523 69,653 69,523 69,653
DILUTED (IN THOUSANDS) 70,936 69,523 71,066 69,523 69,741
Company Contact Information:
Yaron Menashe, CFO
Tel: +972-4-6107609
[email protected]
SOURCE Elbit Vision Systems Ltd
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