Elbit Vision Systems Announces Q2 2013 Results

Elbit Vision Systems Announces Q2 2013 Results

CAESAREA, Israel, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd.
(OTCBB:EVSNF), 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 June 30,
2013.

Second Quarter 2013 Results:

Revenues for the Second quarter of 2013 were $1.18 million, representing
decrease of 40% compared to $1.97 million for the Second quarter of 2012.

Gross profit on a US GAAP basis was $0.62 million, representing 52.5% of
revenues, compared with a gross profit of $1.2 million for the Second quarter
of 2012.

Operating Profit on a US GAAP basis was $5 thousand compared with an operating
profit of $477 thousand in the Second quarter of 2012.

Net loss on a US GAAP basis for the Second quarter of 2013 was $31 thousand,
compared to a net profit of $519 thousand in the Second quarter of 2012.

"While our results are being effected by the continued realignment of our
global operational structure, which includes sales, marketing, service and
manufacturing, we expect improvement in the second half of the year and for
all of 2013," Sam Cohen,CEO, stated."We have completed our investment in our
infrastructure and our training programs will continue in order to support our
customer base and worldwide sales efforts."

"The overall satisfaction with our systems on the part of our customers and
the reduction of their costs has been gratifying. The company maintains a
worldwide sales and support network to serve our customers' needs on a 24/7
basis.At the present time our systems are going through test runs in several
new industries which will result in increased orders worldwide," he added.

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 700 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, 2013
IN U.S. DOLLARS
                                                                   
                                                   Jun-30            Dec-31
                                                   2013     2012     2012
                                                                    
                                                   U.S. dollars in thousands
                                                   (except per share data)
Assets                                                              
                                                                   
CURRENT ASSETS:                                                     
Cash and cash equivalents                           910      430      1,392
Restricted deposit (short term)                     32       48       30
Accounts receivable:                                                
Trade                                               894      1,454    1,099
Other                                               149      149      159
Inventories                                         760      596      773
Total current assets                                2,745    2,677    3,453
                                                                   
LONG-TERM RECEIVABLES:                                              
                                                                   
Severance pay fund                                  284      227      283
Other long-term receivables and investment          181      217      186
Total long-term receivables                         465      444      469
                                                                   
PROPERTY AND EQUIPMENT (net of  accumulated         38       50       43
depreciation and amortization)
                                                                   
OTHER ASSETS-                                                      
Goodwill                                            242      242      242
                                                                   
Total assets                                        3,490    3,413    4,207
                                                                   
                                                   Jun-30            Dec-31
                                                   2013     2012     2012
                                                                    
                                                   U.S. dollars in thousands
                                                   (except per share data)
Liabilities and shareholders' equity                                
                                                                   
CURRENT LIABILITIES:                                                
Credit from banks                                   180      251      183
Current Maturities of Loan from Shareholder and     370      457      568
Other
                                                                   
Accounts payable Trade                              430      671      917
Deferred revenues                                   55       105      64
Other payable                                       405      429      470
Total current liabilities                           1,440    1,913    2,202
                                                                   
LONG-TERM LIABILITIES:                                              
Long Terms Loans(Net of current maturities)        1,012    1,362    1,189
Other Long Terms liabilities                        718      815      790
Accrued severance pay                              301      246      300
Total long-term liabilities                         2,031    2,423    2,279
Totalliabilities                                   3,471    4,336    4,481
                                                                   
SHAREHOLDERS' EQUITY (DEFICIENCY)                   19       (923)   (274)
                                                                   
Total liabilities and shareholders' equity          3,490    3,413    4,207


ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2013
IN U.S. DOLLARS
                                                             
                                   6 months ended 3 months ended Year ended
                                   Jun-30         Jun-30         December 31,
                                   2013    2012   2013    2012   2012
                                                               
                                   U.S. dollars in thousands
                                   (except per share data)
                                                             
REVENUES                            2,439   3,582  1,183   1,968  6,708
                                                             
COST OF REVENUES                    1,223   1,461  562     771    2,961
GROSS PROFIT                        1,216   2,121  621     1,197  3,747
                                                             
RESEARCH AND DEVELOPMENT EXPENSES – 317     354    165     179    682
net
SELLING, GENERAL AND ADMINISTRATIVE                           
EXPENSES:
Marketing and selling               525     689    254     340    1,371
General and administrative          371     337    197     201    734
                                                             
                                                             
OPERATING PROFIT                    3       741    5       477    960
                                                             
FINANCIAL INCOME (EXPENSES) - net   (93)    10     (36)    40     (134)
OTHER INCOME (EXPENSES)– net       --    2      --    2      (2)
PROFIT BEFORE TAXES ON INCOME       (90)    753    (31)    519    824
                                                             
TAXES ON INCOME                     --    --   --    --   --
NET PROFIT (LOSS) FOR THE PERIOD    (90)    753    (31)    519    824
                                                             
                                                             
PROFIT (LOSS) PER SHARE BASIC       (0.001) 0.011  (0.000) 0.007  0.012
PROFIT (LOSS) PER SHARE DILUTED     (0.001) 0.011  (0.000) 0.007  0.012
WEIGHTED AVERAGE NUMBER OF SHARES
USED IN COMPUTATION OF LOSS PER                               
SHARE:
BASIC(IN THOUSANDS)                75,562  69,653 76,223  69,653 70,042
DILUTED(IN THOUSANDS)              75,562  70,561 76,223  70,936 71,639

CONTACT: Michael Porter
         Porter, LeVay & Rose, Inc.
         Tel: +1-212-564-4700
         Mike@plrinvest.com

Elbit Vision Systems Ltd
 
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