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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