Elbit Vision Systems Announces 2013 Results

Elbit Vision Systems Announces 2013 Results  Annual Revenues of $4.3 Million - Operating Loss of $0.7 Million  CAESAREA, Israel, May 12, 2014 (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 twelve month period ending December 31, 2013.  2013 yearly Results:  Revenues for the year 2013 were approximately $4.3 million, representing decrease of 35.8% compared to $6.7 million in 2012.  Gross profit on a GAAP basis was approximately $1.8 million, representing 41.9% of revenues, compared to $3.7 million for 2012. Gross margins decreased mainly due to the decrease in revenues.  Operating loss on a GAAP basis was approximately $0.73 million compared with an operating profit of approximately $0.1 million in 2012.  Net loss on a GAAP basis for 2013 was approximately $1 million, compared to net profit of approximately $0.8 million in 2012.  Sam Cohen, CEO of EVS commented, "During 2013, we faced delays in our research and development department , causing a shift in our sales into the last part of the year. Though bookings were only down 10% from 2012, the timing of the bookings certainly had a tremendous overall negative effect on our annual results. Clearly, these late bookings will translate into solid operating profits in the first half of 2014.  "Even through the losses suffered last year, EVS continued with our push for the development of new and innovative products for our existing markets, as well as exciting new markets. Over the last few months, we were able to launch, sell, and install our latest technological solutions to select customers with remarkable success. Rolling these out to whole markets in the second half of this year will be a tremendous step forward in our product offering which we are confident will translate into profitability," concluded Mr. Cohen.  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.   ELBIT VISION SYSTEMS LTD. CONDENSED CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2013 IN U.S. DOLLARS                                                                                                                                                                                                    Dec-31                                                            2013     2012                                                                                                                                        U.S. dollars in                                                             thousands Assets                                                                                                                                   CURRENT ASSETS:                                                      Cash and cash equivalents                                   152      1,392 Restricted deposits (short term)                            34       30 Accounts receivable:                                                 Trade                                                       1,013    1,099 Other                                                       120      159 Inventories                                                 865      773                                                                     Total current assets                                        2,184    3,453                                                                     LONG-TERM RECEIVABLES:                                               Severance pay fund                                          296      283 Other long-term receivables and investment                  87       186 Total long-term receivables                                 383      469                                                                     PROPERTY, PLANT AND EQUIPMENT – net of accumulated          31       43 depreciation and amortization                                                                     OTHER ASSETS                                                        Goodwill                                                    242      242                                                                     Total assets                                                2,840    4,207                                                                                                                         Dec-31                                                            2013     2011                                                                                                                                        U.S. dollars in                                                             thousands Liabilities and shareholders' deficiency                                                                                                 CURRENT LIABILITIES:                                                 Current Maturities of Long Term Loan from Banks             183      183 Current Maturities of Long Term Loan from Shareholders and  370      568 Other                                                                     Trade account payable                                       738      917 Deferred income                                             38       64 Other payables                                              523      470                                                                     Total current liabilities                                   1,852    2,202                                                                     LONG-TERM LIABILITIES:                                               Loans terms loans (net of current maturities)               838      1,189 Other Long Terms liabilities                                708      790 Accrued severance pay                                      314      300 Total long-term liabilities                                 1,860    2,279 Total long-term liabilities                                 3,712    4,481                                                                     SHAREHOLDERS' DEFICIENCY                                    (872)    (274)                                                                     Total liabilities and shareholders' deficiency              2,840    4,207   ELBIT VISION SYSTEMS LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE TWELVE MONTHS PERIOD ENDED DECEMBER 31, 2013 IN U.S. DOLLARS                                                                                                                                                                                         12 months ended                                                     Dec-31                                                     2013          2012                                                                                                                       U.S. dollars in thousands                                                      (except per share data)                                                                   REVENUES                                             4,258         6,708                                                                   COST OF REVENUES                                     2,479         2,961                                                                   GROSS PROFIT                                         1,779         3,747                                                                   RESEARCH AND DEVELOPMENT EXPENSES – net              625           682 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:                       Marketing and selling                               1,022         1,371 General and administrative                          866           734                                                                   OPERATING (LOSS) INCOME                              (734)         960                                                                   FINANCIAL (EXPENSES) INCOME- net                    (278)         (134)                                                                   OTHER EXPENSES – net                                 --          (2) INCOME (LOSS) BEFORE TAXES ON INCOME                 (1,012)       824                                                                   TAXES ON INCOME                                      --          -- INCOME (LOSS) FOR THE PERIOD                        (1,012)       824                                                                                                                                     PROFIT (LOSS) PER SHARE BASIC                       (0.013)       0.012 PROFIT (LOSS) PER SHARE DILUTED                     (0.013)       0.012 WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE: BASIC(IN THOUSANDS)                                 78,155        70,042 DILUTED(IN THOUSANDS)                               78,155        71,639  CONTACT: Company Contact Information:          Yaron Menashe, CFO          Tel: +972 4 6107609          yaron@evs.co.il  Elbit Vision Systems Ltd  
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