Elbit Vision Systems Announces Third Quarter 2016 Results

Revenues at $2.5 million & Net Income of $528 thousand

Third Quarter 2016 highlights
  • Revenue of $2.5 million with continued sequential growth expected into Q4;
  • Gross and operating margins at 54.9% and 22.3%, respectively;
  • Net income of $528 thousand, representing 21.3% of revenues;
  • Shareholders' equity reached $5.3 million (versus $2.2 million at quarter-end Q3 2015)
  • Quarter-end cash and equivalents were $3.95 million (versus $2 million at quarter-end Q3 2015)

CAESAREA, Israel, Nov. 22, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today its consolidated financial results for the quarter ending September 30, 2016.

Third Quarter 2016 Results

Revenues for the quarter were $2.5 million, representing a decrease of 15% compared to the $2.9 million reported in the third quarter of 2015.

Gross profit for the quarter was $1.4 million (54.9% of revenues), compared to $1.8 million (60.3% of revenues) for the third quarter of 2015.

Operating income for the quarter was $554 thousand (22.3% of revenue), compared to $915 thousand (31.5% of revenues) in the third quarter of 2015.

Net income was $528 thousand (21.3% of revenue), compared to $929 thousand (31.9% of revenues) in the third quarter of 2015.

Management Comment

Sam Cohen, CEO of EVS commented, "We are pleased with these results which continue to show a very strong year for us. Demand for our legacy products remains solid especially in Asia, while iBar sales increasingly trend upward. Looking ahead, we expect to see sequential revenue growth into the fourth quarter, which implies revenues of around $10 million for the full year of 2016. We see this as a substantial achievement, demonstrating strong growth in recent years. We also expect to end 2016 with around $4.7 million in cash with no bank debt on the balance sheet, enabling us to capitalize on potential opportunities which can help us accelerate our growth."

Conference call details

The Company will also host a conference call today, November 22, starting at 9:00 am ET. Sam Cohen, Chief Executive Officer and Yaron Menashe, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.

To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call:

US:     1 866 860 9642     at 9:00 am Eastern Time
Israel:     03 918 0685     at 4:00 pm Israel Time
International:     +972 3 918 0685      

For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems' website at http://www.evs.co.il/ beginning 24 hours after the call.

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 800 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 SEPTEMBER 30, 2016
IN U.S. DOLLARS
                   
      Sep-30     Dec-31
      2016     2015     2015
                   
       U.S. dollars in thousands (except per share data)
Assets                  
                   
CURRENT ASSETS:                  
Cash and cash equivalents     3,794     1,995     3,305
Restricted deposits (short term)     150     38     69
                   
Trade accounts receivable     1,452     1,393     1,383
Other receivables     197     81     78
Inventories     1,417     1,348     1,419
Total current assets     7,010     4,855     6,254
                   
                   
LONG-TERM RECEIVABLES:                  
Severance pay fund     143     192     193
Other long-term receivables     63     85     67
Total long-term receivables     206     277     260
                   
   PROPERTY, PLANT AND EQUIPMENT - net of accumulated depreciation and amortization     32     30     36
                   
OTHER ASSETS                  
Goodwill     242     242     242
                   
Total assets     7,490     5,404     6,792
                   

      Sep-30     Dec-31
      2016     2015     2015
                   
       U.S. dollars in thousands (except per share data)
Liabilities and shareholders' equity                  
                   
CURRENT LIABILITIES:                  
Credit from banks     -     149     149
Current Maturities of Loan from Other     -     44     -
                   
Trade account payable     976     937     1,171
Deferred revenues     290     338     324
Other payables     541     707     441
Total current liabilities     1,807     2,175     2,085
                   
LONG-TERM LIABILITIES:                  
Long Terms Loans (Net of current maturities)     -     403     373
Other Long Terms liabilities     210     421     429
Accrued severance pay     158     205     206
Total long-term liabilities     368     1,029     1,008
Total  liabilities     2,175     3,204     3,093
                   
SHAREHOLDERS' EQUITY     5,315     2,200     3,699
                   
Total liabilities and shareholders' Equity     7,490     5,404     6,792
                   

  ELBIT VISION SYSTEMS LTD.
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
  FOR THE NINE AND THREE-MONTHS PERIOD ENDED SEPTEMBER 30, 2016
  IN U.S. DOLLARS
                   
  9 months ended   3 months ended   year ended
  Sep-30   Sep-30   December 31,
    2016       2015       2016     2015     2015  
     U.S. dollars in thousands(except per share data)
                   
Revenues   7,363       6,779       2,479     2,909     9,128  
                   
Cost of Revenues   3,269       2,782       1,119     1,156     3,882  
    4,094       3,997       1,360     1,753     5,246  
Gross Profit                  
                   
Research and development   764       512       241     223     765  
                   
Marketing and selling   1,027       1,015       360     404     1,411  
General and administrative   623       596       205     211     808  
                   
                   
Operating Income   1,680       1,874       554     915     2,262  
                   
Financial Expenses - net   (105 )     (89 )     (26 )   14     (144 )
                                   
Profit before taxes on income   1,575       1,785       528     929     2,118  
                   
Taxes on Income     -       -       -     -     -  
                                   
Net profit for the period   1,575       1,785       528     929     2,118  
                   
                   
Profit per share basic   0.017       0.021       0.006     0.011     0.025  
Profit per share diluted   0.017       0.021       0.006     0.011     0.025  
                   
Weighted average number of shares used in Computation of profit per share:                  
                   
Basic (in thousands)   93,444       85,238       93,385     85,375     85,461  
Diluted (in thousands)   93,674       85,516       93,628     85,574     85,681  

Company Contact Information:Yaron Menashe, CFOTel: +972 46107609yaron@evs.co.ilInvestor Relations Contact:Ehud Helft/Gavriel FrohweinTel: +1 646 688 3559evs@gkir.com

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