Elbit Vision Systems Announces First Quarter 2014 Results Revenues of $1.34 Million; Return to Profitability With Net Profit at $175 Thousand CAESAREA, Israel, June 26, 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 three month period ending March 31, 2014. First Quarter 2014 Results Revenues for the quarter were $1.34 million, representing an increase of 6.3% compared to $1.26 million in the first quarter of 2013. Gross profit on a GAAP basis for the quarter was $0.65 million, representing 48.3% of revenues, compared to $0.6 million for the first quarter of 2013, representing 47.4% of revenues. Gross margins improved due to the increase in revenues. Operating income on a GAAP basis for the quarter was $151 thousand compared with an operating loss of $2 thousand in the first quarter of 2013. Net income on a GAAP basis for the quarter was $175 thousand, compared to a net loss of $59 thousand in the first quarter of 2013. Management Comment Sam Cohen, CEO of EVS commented, "We are very pleased with the marked improvement in our first quarter 2014 results, particularly our return to net profitability and our strong growth in revenue compared with the previous quarters. We expect to see continued sequential improvement in our financial results throughout 2014. For the second quarter, we expect revenues to grow to around $1.5 million level." Concluded Mr. Cohen, "We have made strong investments in our technology and product offering over the past few years and as we move into 2014, we are finally at a stage in which we expect to see the fruits of our efforts. We believe that 2014 will very much represent a historic turnaround year for EVS." 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 MARCH 31, 2014 IN U.S. DOLLARS Mar-31 Dec-31 2014 2013 2013 U.S. dollars in thousands (except per share data) Assets CURRENT ASSETS: Cash and cash equivalents 334 855 152 Restricted deposits (short term) 34 32 34 Trade account receivables 1,020 1,000 1,013 Other receivables 161 176 120 Inventories 920 769 865 Total current assets 2,469 2,832 2,184 LONG-TERM RECEIVABLES: Severance pay fund 295 283 296 Other long-term receivables 121 189 87 Total long-term receivables 416 472 383 PROPERTY, PLANT AND EQUIPMENT – net of accumulated 28 42 31 depreciation and amortization OTHER ASSETS Goodwill 242 242 242 Total assets 3,155 3,588 2,840 Mar-31 Dec-31 2014 2013 2013 In thousands Liabilities and shareholders' equity CURRENT LIABILITIES: Credit from banks 183 183 183 Current Maturities of Loan from Shareholder and 370 568 370 Other Trade account payable 782 480 738 Deferred revenues 343 53 38 Other payables 440 470 523 Total current liabilities 2,118 1,754 1,852 LONG-TERM LIABILITIES: Long Terms Loans (Net of current maturities) 747 1,100 838 Other Long Terms liabilities 675 767 708 Accrued severance pay 311 299 314 Total long-term liabilities 1,733 2,166 1,860 Totalliabilities 3,851 3,920 3,712 SHAREHOLDERS' DEFICIENCY (696) (332) (872) Total liabilities and shareholders' deficiency 3,155 3,588 2,840 ELBIT VISION SYSTEMS LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2014 IN U.S. DOLLARS 3 months ended year ended Mar-31 December 31, 2014 2013 2013 U.S. dollars in thousands (except per share data) REVENUES 1,338 1,256 4,258 COST OF REVENUES 692 661 2,479 GROSS PROFIT 646 595 1,779 RESEARCH AND DEVELOPMENT EXPENSES – net 107 152 625 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Marketing and selling 217 271 1,022 General and administrative 171 174 866 OPERATING PROFIT 151 (2) (734) FINANCIAL (EXPENSES) INCOME - net 24 (57) (278) OTHER (EXPENSES) INCOME – net -- -- PROFIT(LOSS) BEFORE TAXES ON INCOME 175 (59) (1,012) TAXES ON INCOME -- -- -- NET PROFIT(LOSS) FOR THE PERIOD 175 (59) (1,012) PROFIT (LOSS) PER SHARE- BASIC 0.002 (0.001) (0.013) PROFIT (LOSS) PER SHARE- DILUTED 0.002 (0.001) (0.013) WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE: BASIC(IN THOUSANDS) 80,798 74,916 78,155 DILUTED(IN THOUSANDS) 80,798 74,916 78,155 CONTACT: Company Contact Information: Yaron Menashe, CFO Tel: +972 4 6107609 email@example.com Investor Relations Contact: Ehud Helft, Kenny Green Tel: +1 646 201 9246 firstname.lastname@example.org Elbit Vision Systems Ltd
Elbit Vision Systems Announces First Quarter 2014 Results
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