ELBIT VISION SYSTEMS LTD. Second quarter 2017 highlights
- Revenue at $2.3 million;
- Gross and operating margins at 55.9% and 18.7%, respectively;
- Net income of $396 thousand, representing 17.4% of revenues;
- Shareholders’ equity reached $6.7 million with cash and equivalents at $4.4 million;
CAESAREA, Israel, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, today presented its consolidated financial results for the quarter ending June 30, 2017.
Sam Cohen, CEO of EVS commented, “We have experienced some delays in several large orders from the US, and we have seen a softer than expected market in China. However, all indications point to a healthy backlog by year end. Moreover, our recent successes in iBar placements give us a reason to be excited about the future. We have received land orders in recent weeks that represent several hundred potential units in the Automotive and Technical Textile markets. These orders prove that our drive to automate this industry is certainly within reach.”
Second quarter 2017 Results
Revenues for the quarter were $2.3 million, an 11% decrease compared to $2.6 million in the second quarter of 2016.
Gross profit for the quarter was $1.3 million, representing 55.9% of revenues, a decrease of 8% compared to $1.4 million for the second quarter of 2016, which represented 54.3% of revenues.
Operating income for the quarter was $427 thousand (18.7% of revenue), a decrease of 32% compared to $630 thousand (24.7% of revenues) in the second quarter of 2016.
Net income was $396 thousand (17.4% of revenue), a decrease of 32% compared to $587 thousand (23.0% of revenues) in the second quarter of 2016.
Conference call details
The Company will also host a conference call later today at 9:00 am ET. Sam Cohen, Chief Executive Officer and Yaron Menashe, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.
To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call:
US: 1 866 668 9141 at 10 am Eastern Time
Israel: 03 918 0610 at 5 pm Israel Time
International: +972 3 918 0610
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’ website at http://www.evs.co.il/ beginning 24 hours after the call.
About Elbit Vision Systems Ltd. (EVS): 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 800 customers, many of which are leading global companies.
This press release and other releases are available on 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 JUNE 30, 2017 IN U.S. DOLLARS | |||||
| Jun-30 | Dec-31 | ||||
| 2017 | 2016 | 2016 | |||
| U.S. dollars in thousands (except per share data) | |||||
| Assets | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | 4,255 | 3,950 | 4,528 | ||
| Restricted deposits (short term) | 103 | 112 | 111 | ||
| Trade accounts receivable | 1,634 | 1,515 | 1,136 | ||
| Other receivables | 213 | 56 | 286 | ||
| Inventories | 1,801 | 1,378 | 1,651 | ||
| Total current assets | 8,006 | 7,011 | 7,712 | ||
| LONG-TERM RECEIVABLES: | |||||
| Severance pay fund | 54 | 140 | 140 | ||
| Other long-term receivables | 156 | 68 | 35 | ||
| Total long-term receivables | 210 | 208 | 175 | ||
| PROPERTY, PLANT AND | |||||
| EQUIPMENT – net of | |||||
| accumulated depreciation and | |||||
| amortization | 90 | 36 | 29 | ||
| OTHER ASSETS | |||||
| Goodwill | 242 | 242 | 242 | ||
| Total assets | 8,548 | 7,497 | 8,158 | ||
| Jun-30 | Dec-31 | ||||
| 2017 | 2016 | 2016 | |||
| U.S. dollars in thousands (except per share data) | |||||
| Liabilities and shareholders’ equity | |||||
| CURRENT LIABILITIES: | |||||
| Credit from banks | - | 146 | - | ||
| Trade account payable | 504 | 669 | 776 | ||
| Deferred revenues | 410 | 470 | 231 | ||
| Other payables | 750 | 669 | 1,031 | ||
| Total current liabilities | 1,664 | 1,954 | 2,038 | ||
| LONG-TERM LIABILITIES: | |||||
| Long Terms Loans (Net of current maturities) | - | 318 | - | ||
| Other Long Terms liabilities | 90 | 293 | 165 | ||
| Accrued severance pay | 70 | 154 | 155 | ||
| Total long-term liabilities | 160 | 765 | 320 | ||
| Total liabilities | 1,824 | 2,719 | 2,358 | ||
| SHAREHOLDERS’ EQUITY | 6,724 | 4,778 | 5,800 | ||
| Total liabilities and shareholders’ Equity | 8,548 | 7,497 | 8,158 | ||
| ELBIT VISION SYSTEMS LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2017 IN U.S. DOLLARS | ||||||||||||||
| 6 months ended | 3 months ended | year ended | ||||||||||||
| Jun-30 | Jun-30 | December 31, | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||
| U.S. dollars in thousands (except per share data) | ||||||||||||||
| Revenues | 4,781 | 4,884 | 2,279 | 2,555 | 10,146 | |||||||||
| Cost of Revenues | 2,154 | 2,150 | 1,006 | 1,168 | 4,530 | |||||||||
| Gross Profit | 2,627 | 2,734 | 1,273 | 1,387 | 5,616 | |||||||||
| Research and development | 595 | 523 | 292 | 250 | 1,378 | |||||||||
| Marketing and selling | 655 | 667 | 311 | 293 | 1,254 | |||||||||
| General and administrative | 445 | 418 | 243 | 214 | 826 | |||||||||
| Operating Income | 932 | 1,126 | 427 | 630 | 2,158 | |||||||||
| Financial Expenses – net | (54 | ) | (79 | ) | (31 | ) | (43 | ) | (134 | ) | ||||
| Profit before taxes on income | 878 | 1,047 | 396 | 587 | 2,024 | |||||||||
| Taxes on Income | - | - | - | - | - | |||||||||
| Net profit for the period | 878 | 1,047 | 396 | 587 | 2,024 | |||||||||
| Profit per share basic | 0.09 | 0.11 | 0.04 | 0.06 | 0.22 | |||||||||
| Profit per share diluted | 0.09 | 0.11 | 0.04 | 0.06 | 0.21 | |||||||||
| Weighted average number | ||||||||||||||
| of shares used in Computation | ||||||||||||||
| of profit per share: | ||||||||||||||
| Basic (in thousands) | 9,378 | 9,335 | 9,392 | 9,338 | 9,338 | |||||||||
| Diluted (in thousands) | 9,395 | 9,356 | 9,409 | 9,358 | 9,593 | |||||||||
Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 yaron@evs.co.il Investor Relations Contact: Ehud Helft/Gavriel Frohwein Tel: +1 646 688 3559 evs@gkir.com
