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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