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, CFO Tel: +972 46107609 [email protected] Investor Relations Contact: Ehud Helft/Gavriel Frohwein Tel: +1 646 688 3559 [email protected]
