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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