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Elbit Vision Systems Reports Financial Results for the First Nine Months and Third Quarter of 2005; Company Records a 174% YOY Increase in Sales
YOQNEAM, Israel --(Business Wire)-- Nov. 28, 2005 -- Elbit Vision Systems, Ltd. (OTCBB:EVSNF): Nine Months Highlights -0- *T 9 months ended September 30 ---------------------------------------------------------------------- 2005 2004 ---------------------------------------------------------------------- Net Sales $12,715 thousand $7,297 thousand Up 174% ---------------------------------------------------------------------- Net Loss $(636) thousand $(1,705) thousand Down 63% ---------------------------------------------------------------------- EBITA $(75) thousand $(1,445) thousand Down 95% ---------------------------------------------------------------------- *T
Elbit Vision Systems, Ltd. (OTCBB:EVSNF), a leading provider of automatic non-destructive inspection and quality monitoring systems, today announced its consolidated financial results for the first nine months and third quarter ended September 30, 2005.
Financial Results
Revenues for the 9 months ended September 30, 2005, were $12,715,000, an increase of 174% compared with $7,297,000 in the nine months ended September 30, 2004. Revenues for the third quarter of 2005 were $4,126,000, an increase of 2% compared with $4,065,000 in the third quarter of 2004
Net loss for the 9 months ended September 30, 2005, was $636,000, or $0.024 per share, compared to a net loss of $1,705,000, or $0.1 per share, for the 9 months ended September 30, 2004. Net loss for the third quarter of 2005 was $296,000, or $0.011 per share, compared to a net loss of $294,000, or $0.02 per share, for the third quarter of 2004.
On EBITA basis, the Company recorded loss of $75,000, for the 9 months ended September 30, 2005, compared to loss of $1,445,000 for the 9 months ended September 30, 2004.
Commenting on the results, Mr. Yaky Yanay, Chief Financial Officer of EVS, said, "We are pleased with the continuing increase in our revenues and improvement in our financial results. With a backlog of more than $13M and continued growing demand for all our product lines we have the confidence that we have taken the right structural and organizational steps to improve our profitability. During the last year we have focused on increasing our market share for our yield enhancement optical and ultrasonic inspection systems especially in emerging markets such as India and China and we are very pleased with the success of this strategy.
About Elbit Vision Systems (EVS):
EVS offers a broad portfolio of automatic in-line inspection and quality monitoring systems used to improve product quality and increase production efficiency. The Company's Microelectronic Division provides state-of-the-art optical and laser-based inspection and correction systems for the manufacture of LCDs, FPDs and Bare Wafers. The Company's Industrial Division provides automatic optical inspection (AOI) and non-destructive ultrasound inspection systems for heavy manufacturing (automotive, aeronautics, steel and others). EVS maintains headquarters and manufacturing in Israel, R&D operations in Israel and Korea, and offers global sales and support coverage.
Safe Harbor:
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.
This press release and other releases are available on www.evs.co.il. -0- *T ELBIT VISION SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS Sep-30 Dec-31 ------------------ ------- 2005 2004 2004 ------- ------- ------- ------------------ ------- U.S. dollars in thousands (except per share data) ----------------------------- Assets CURRENT ASSETS: Cash and cash equivalents 756 1,212 1,222 Restricted deposit 1,750 875 768 Accounts receivable: Trade 2,314 4,352 2,287 Other 1,153 1,526 980 Inventories 6,076 5,842 4,682 ------- ------- ------- Total current assets 12,049 13,807 9,939 ------- ------- ------- LONG-TERM RECEIVABLES: Funds in respect of employee rights upon retirement 1,592 1,517 1,389 Other long-term receivables 185 515 187 ------- ------- ------- Total long-term receivables 1,777 2,032 1,576 ------- ------- ------- PROPERTY, PLANT AND EQUIPMENT - net of accumulated depreciation and amortization 924 1,047 1,057 ------- ------- ------- OTHER ASSETS AND DEFERRED CHARGES - net of accumulated amortization: Goodwill 3,898 6,467 2,448 Other intangible assets 3,602 - 4,090 Deferred charges 343 - 343 ------- ------- ------- 7,843 6,467 6,881 ------- ------- ------- ------- ------- ------- Total assets 22,593 23,353 19,453 ------- ------- ------- *T -0- *T Sep-30 Dec-31 ------------------ ------- 2005 2004 2004 ------- ------- ------- ------------------ ------- In thousands ---------------------------- Liabilities and shareholders' equity CURRENT LIABILITIES: Credit from banks 2,876 1,826 1,394 Current maturities of loan from shareholder 160 160 160 Credit from Cornell Capital Partners L.P. 1,750 3,500 3,328 Accounts payable: Trade 3,188 2,692 2,450 Deferred revenues 3,797 1,995 789 Other 5,061 4,876 6,637 ------- ------- ------- Total current liabilities 16,832 15,049 14,758 ------- ------- ------- LONG-TERM LIABILITIES: Loans and other liabilities (net of current maturities) 385 298 408 Liability for employee rights upon retirement 2,204 2,274 2,141 ------- ------- ------- Total long-term liabilities 2,589 2,572 2,549 ------- ------- ------- Total liabilities 19,421 17,621 17,307 ------- ------- ------- SHAREHOLDERS' EQUITY 3,172(b) 5,732(a) 2,146(a) ------- ------- ------- Total liabilities and shareholders' equity 22,593 23,353 19,453 ======= ======= ======= (a) After reduction of $2,520 shares held in escrow (b) After reduction of $1,168 shares held in escrow *T -0- *T ELBIT VISION SYSTEMS LTD. CONSOLIDATED STATEMENTS OF OPERATIONS 9 months ended 3 months ended Year ended --------------- ---------------- -------- Sep-30 Sep-30 Dec-31 --------------- ---------------- -------- 2005 2004 2005 2004 2004 ------- ------- ------- -------- -------- --------------- ---------------- -------- U.S. dollars in thousands (except per share data) ----------------------------------------- REVENUES 12,715 7,297 4,126 4,065 10,960 COST OF REVENUES 8,168 3,945 2,732 2,079 8,542 ------- ------- ------- -------- -------- GROSS PROFIT 4,547 3,352 1,394 1,986 2,418 RESEARCH AND DEVELOPMENT EXPENSES - net 1,244 1,576 562 669 2,456 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Marketing and selling 2,220 2,509 568 1,154 3,527 General and administrative 1,393 1,056 444 480 2,153 ------- ------- ------- -------- -------- OPERATING LOSS (310) (1,789) (180) (317) (5,718) FINANCIAL INCOME (EXPENSES) - net (354) (39) (124) 7 (297) OTHER INCOME - net 28 127 10 17 116 ------- ------- ------- -------- -------- LOSS BEFORE TAXES ON INCOME (636) (1,701) (294) (293) (5,899) TAXES ON INCOME - 4 2 1 6 ------- ------- ------- -------- -------- LOSS FOR THE PERIOD (636) (1,705) (296) (294) (5,905) ======= ======= ======= ======== ======== ------- ------- ------- -------- -------- EBITA (75) (1,455) (126) (1) (4,919) ======= ======= ======= ======== ======== LOSS PER SHARE - BASIC AND DILUTED (0.024) (0.100) (0.011) (0.0200) (0.2627) WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF LOSS PER SHARE BASIC AND DILUTED (IN THOUSANDS) 26,000 16,230 26,500 18,090 18,724 *T
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