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  
yaron@evs.co.il  

SOURCE Elbit Vision Systems Ltd