Revenues of $1.95 Million Up 46% Year-Over-Year
With Record Backlog of $4.5 Million
CAESAREA, Israel, May 19, 2015 (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 three month period ending March 31, 2015.
First Quarter 2015 Results
Revenues for the quarter were $1.95 million, representing an increase of 46% compared to $1.34 million in the first quarter of 2014.
Gross profit for the quarter was $1.12 million, representing 58% of revenues, an increase of 74% compared to $646 thousand for the first quarter of 2014, which represented 48% of revenues.
Operating income for the quarter was $457 thousand, an increase of 203% compared to $151 thousand in the first quarter of 2014.
Net income was $363 thousand, an increase of 107% compared to $175 thousand in the first quarter of 2014.
Management Comment
Sam Cohen, CEO of EVS commented, "We are pleased with our first quarter results which show strong year-over-year growth in revenue and a doubling of our net profits. Currently, our backlog stands at $4.5 million to be delivered this year, well ahead of where it stood at this time last year. These factors underlie our expectations for a strong 2015.
"Our land-and-expand strategy for selling iBar is progressing well. The iBar penetration is taking longer than our initial expectations, yet, customers are very excited with the product and their feedback has been very positive and useful. Over the past few months, we have been making improvements and refinements to the system. We recently announced that some customers have given us formal acceptance of the iBar, which opens the door for additional orders from these customers. We are now more confident than ever that the advantages of iBar will make it a necessary component for many textile manufacturers in our markets," concluded Mr. Cohen.
Conference call details
The Company will also host a conference call today May 19, starting at 10:00 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: | 1 888 281 1167 | at 10:00 am Eastern Time |
| Israel: | 03 918 0610 | at 5:00 pm Israel Time |
| International: | +972 3 918 0610 |
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems's 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 MARCH 31, 2015 | |||
| IN U.S. DOLLARS | |||
| Mar-31 | Dec-31 | ||
| 2015 | 2014 | 2014 | |
|
U.S. dollars in thousands (except per share data) |
|||
| Assets | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 957 | 334 | 1,067 |
| Restricted deposits (short term) | 34 | 34 | 44 |
| Trade accounts receivable | 1,029 | 1,020 | 901 |
| Other receivables | 178 | 161 | 110 |
| Inventories | 935 | 920 | 965 |
| Total current assets | 3,133 | 2,469 | 3,087 |
| LONG-TERM RECEIVABLES: | |||
| Severance pay fund | 190 | 295 | 194 |
| Other long-term receivables | 85 | 121 | 79 |
| Total long-term receivables | 275 | 416 | 273 |
| PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization | 26 | 28 | 27 |
| OTHER ASSETS | |||
| Goodwill | 242 | 242 | 242 |
| Total assets | 3,676 | 3,155 | 3,629 |
| Mar-31 | Dec-31 | ||
| 2015 | 2014 | 2014 | |
| In thousands | |||
| Liabilities and shareholders' equity | |||
| CURRENT LIABILITIES: | |||
| Credit from banks | 183 | 183 | 183 |
| Current Maturities of Loan from Shareholder and Other | 128 | 370 | 170 |
| Trade account payable | 607 | 782 | 637 |
| Deferred revenues | 318 | 343 | 578 |
| Other payables | 550 | 440 | 457 |
| Total current liabilities | 1,786 | 2,118 | 2,025 |
| LONG-TERM LIABILITIES: | |||
| Long Terms Loans (Net of current maturities) | 435 | 747 | 484 |
| Other Long Terms liabilities | 488 | 675 | 526 |
| Accrued severance pay | 200 | 311 | 207 |
| Total long-term liabilities | 1,123 | 1,733 | 1,217 |
| Total liabilities | 2,909 | 3,851 | 3,242 |
| SHAREHOLDERS' EQUITY (DEFICIENCY) | 767 | (696) | 387 |
| Total liabilities and shareholders' Equity | 3,676 | 3,155 | 3,629 |
| ELBIT VISION SYSTEMS LTD. | |||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2015 | |||
| IN U.S. DOLLARS | |||
| 3 months ended | year ended | ||
| Mar-31 | December 31, | ||
| 2015 | 2014 | 2014 | |
|
U.S. dollars in thousands (except per share data) |
|||
| Revenues | 1,949 | 1,338 | 6,644 |
| Cost of revenues | 828 | 692 | 3,145 |
| Gross profit | 1,121 | 646 | 3,499 |
| Research and development Expenses | 131 | 107 | 560 |
| Selling, general and administrative expenses: | |||
| Marketing and selling | 344 | 217 | 1,187 |
| General and administrative | 189 | 171 | 729 |
| Operating profit | 457 | 151 | 1,023 |
| Financial (expenses) income - net | (94) | 24 | (365) |
| Profit before taxes on income | 363 | 175 | 658 |
| Taxes on income | -- | -- | -- |
| Net profit for the period | 363 | 175 | 658 |
| Profit per share- basic | 0.004 | 0.002 | 0.008 |
| Profit per share- diluted | 0.004 | 0.002 | 0.008 |
| Weighted average number Of shares used in Computation of loss Per share: | |||
| Basic (in thousands) | 85,229 | 74,916 | 82,183 |
| Diluted (in thousands) | 85,260 | 74,916 | 83,519 |