Elbit Vision Systems Announces Seven Year Record in Operating Profit and Removal of 'Going Concern' Paragraph in Audit Opinion
Annual Revenues of $5.6 million -Operating Profit of $1.1 million
Apr 30, 2012, 04:00 ET
CAESAREA, Israel, April 30, 2012 /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 twelve month period ending December 31, 2011.
2011 yearly Results:
Revenues for the year 2011 were approximately $5.6 million, representing an increase of 43.6% compared to $3.9 million in 2010.
Gross profit on a GAAP basis was approximately $3.6 million, representing 64.3% of revenues, compared to $1.9 million for 2010. Gross margins increased mainly due to the increase in revenues and the reorganization of the Company which occurred in June 2010, and which took full effect in 2011.
Operating profit on a GAAP basis was approximately $1.1 million compared with an operating loss of approximately $200 thousand in 2010.
Net profit on a GAAP basis for 2011 was approximately $1.1 million, compared to approximately $2.6 million in 2010, which result in 2010, was due to the disposal of a discontinued operation.
Sam Cohen, CEO of EVS commented, "Achieving such substantial profits is an extremely positive sign, especially given our significant investments in R&D and marketing in 2011. Our firm belief in the company's core competencies paid big dividends in 2011 with sales of more than $5.6M."
Mr. Cohen continued, "We have recently launched the two most innovative products in our company's history, with more planned in the coming year. Our R&D efforts are producing products today that were thought to be impossible by most in the industry. Along with these technological achievements, 2011 also brought the first of what we believe will be several MOU agreements with major manufacturers of knitting, weaving, and nonwoven products.
"However, arguably our cornerstone achievement for this past year was the removal of the going concern paragraph from our financial reports. This achievement was a high priority for EVS, and it validates our current strength and future outlook", 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.
FINANCIAL TABLES FOLLOW
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2011
IN U.S. DOLLARS
Dec-31
2011 2010
U.S. dollars in
thousands
(except per share
data)
Assets
CURRENT ASSETS:
Cash and cash
equivalents 730 547
Restricted deposits 90 32
Accounts receivable:
Trade 793 237
Other 121 70
Inventories 476 475
Total current assets 2,210 1,361
LONG-TERM
RECEIVABLES:
Severance pay fund 221 144
Other long-term
receivables 225 271
Total long-term
receivables 446 415
PROPERTY, PLANT AND
EQUIPMENT - net of
accumulated
depreciation and
amortization 50 50
OTHER ASSETS -
Goodwill 242 242
Total assets 2,948 2,068
Dec-31
2011 2010
U.S. dollars in
thousands
(except per share
data)
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 190 170
Current Maturities of Loan from Shareholer and Other 361 270
Accounts payable:
Trade 437 564
Deferred revenues 498 201
Other 411 383
Total current liabilities 1,897 1,588
LONG-TERM LIABILITIES:
Loans From Banks (net of current maturities) 1,024 1,227
Loans and other liabilities (net of current maturities) 509 681
Loan from shareholder (net of current maturities) 100 139
Other Long Terms liabilities 862 1,043
Accrued severance pay 241 199
Total long-term liabilities 2,736 3,289
Total liabilities 4,633 4,877
SHAREHOLDERS' EQUITY (1,685) (2,809)
Total liabilities and shareholders' equity 2,948 2,068
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE AND THREE-MONTHS PERIOD ENDED DECEMBER 31, 2011
IN U.S. DOLLARS
12 months ended 3 months ended
Dec-31 Dec-31
2011 2010 2011 2010
U.S. dollars in thousands (except per share
data)
REVENUES 5,645 3,912 1,411 1,679
COST OF REVENUES 2,020 1,960 519 689
GROSS PROFIT 3,625 1,952 892 990
RESEARCH AND DEVELOPMENT
EXPENSES - net 643 494 174 140
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES:
Marketing and selling 1,244 921 344 293
General and administrative 656 802 141 143
OPERATING (LOSS) INCOME 1,082 (265) 233 414
FINANCIAL (EXPENSES)
INCOME - net 31 (291) 19 (78)
OTHER EXPENSES - net (24) (307) (22) (14)
INCOME (LOSS) BEFORE TAXES
ON INCOME 1,089 (863) 230 322
TAXES ON INCOME - - - -
INCOME (LOSS) FOR THE
PERIOD BEFOR DISCONTINUED
OPERATION 1,089 (863) 230 322
INCOME (LOSS) OF OPERATION
OF DISCONTINUED COMPONENTS - (1,946) - -
NET PROFIT FROM DESPOSILE
OF DISCONTINUED OPERATION - 5,436 - -
INCOME (LOSS) FOR THE
PERIOD 1,089 2,627 230 322
PROFIT PER SHARE BASIC 0.016 0.012 0.003 0.005
PROFIT PER SHARE DILUTED 0.015 0.012 0.003 0.005
WEIGHTED AVERAGE NUMBER
OF SHARES USED IN
COMPUTATION OF PROFIT PER
SHARE:
BASIC (IN THOUSANDS) 69,523 69,653 69,523 69,523
DILUTED (IN THOUSANDS) 71,309 69,741 71,347 69,741
Company Contact Information:
Yaron Menashe, CFO
Tel: +972-4-6107609
[email protected]
SOURCE Elbit Vision Systems Ltd