Elbit Vision Systems Announces First Quarter 2014 Results

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          yaron@evs.co.il           Investor Relations Contact:          Ehud Helft, Kenny Green          Tel: +1 646 201 9246          evs@gkir.com  Elbit Vision Systems Ltd  
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