EX-99 2 newsrelease.htm PRESS RELEASE Elbit Vision Systems Announces H1 2012 Results "In Excess of Company Expectations"

EXHIBIT 99.1

Elbit Vision Systems Announces H1 2012 Results "In Excess of Company Expectations"

  • 33. 3% INCREASE IN REVENUES
  • 16.7% INCREASE IN GROSS PROFIT
  • REVENUES OF $3.6 MILLION
  • OPERATING PROFIT OF $0.74 MILLION
  • REVENUES OF $1.95 MILLION IN Q2 - RECORD HIGH SINCE COMPANY REORGANISATION

CAESAREA, Israel, July 30, 2012 (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 six month period ending June 30, 2012, which were, "in excess of the Company's internal expectations," it said. 

First Half Results:

Revenues for the first six months of 2012 were approximately $3.6 million, representing an increase of 33.3% compared to $2.7 million for the same period in 2011.

Gross profit on a GAAP basis was approximately $2.1 million, representing 59.2% of revenues, compared to $1.8 million for the same period in 2011.

Operating profit on a GAAP basis was approximately $0.74 million compared with an operating profit of approximately $0.61 million for the same period in 2011.

Net profit on a GAAP basis for the first six months of 2012 was approximately $0.75 million, compared to approximately $0.53 million for the same period in 2011.

Sam Cohen, CEO of EVS commented, "Our achievements in the first half of this year, serve as further justification of  the vision and direction of EVS since the reorganization two years ago.  We are continuing to expand our operations in Asia which have contributed almost 50% of our revenues in 2012, and our targeted marketing campaigns have allowed us to penetrate new territories like Sri Lanka and Thailand. All this has been achieved  while maintaining growth within our core competencies in Europe and the Americas.

"Additionally, we are excited about our future evolution given some very encouraging  recent advances by our R&D team.  Over the next few months, we plan to introduce a revolutionary new inspection tool that we expect will bring EVS into new global markets," concluded Mr. Cohen.

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 650 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 JUNE 30, 2012
IN U.S. DOLLARS
       
  Jun-30 Dec-31
  2012 2011 2011
     
   U.S. dollars in thousands
  (except per share data)
       
       
Assets      
       
CURRENT ASSETS:      
Cash and cash equivalents 430 677 730
Restricted deposit (short term) 48 32 90
Accounts receivable:      
Trade 1,454 634 793
Other 149 86 121
Inventories 596 420 476
Total current assets 2,677 1,849 2,210
       
LONG-TERM RECEIVABLES:      
       
Severance pay fund 227 173 221
Other long-term receivables and investment 217 219 225
Total long-term receivables 444 392 446
       
PROPERTY AND      
EQUIPMENT (net of       
accumulated depreciation and      
Amortization) 50 52 50
       
OTHER ASSETS       
Goodwill 242 242 242
       
Total assets 3,413 2,535 2,948
       
       
  Jun-30 Dec-31
  2012 2011 2011
     
   U.S. dollars in thousands
  (except per share data)
Liabilities and shareholders' deficiency      
       
CURRENT LIABILITIES:      
Credit from banks 251 190 190
Current Maturities of Loan from Shareholder and Other 457 296 361
Accounts payable and accruals:      
Trade 671 526 437
Deferred revenues 105 277 498
Other 429 464 411
Total current liabilities 1,913 1,753 1,897
       
LONG-TERM LIABILITIES:      
Long Terms Loans From Banks (Net of current maturities) 837 1,116 1,024
Loans and other liabilities (net of current maturities) 425 556 509
Loan from shareholder (net of current maturities) 100 123 100
Other Long Terms liabilities 815 1,017 862
Accrued severance pay  246 230 241
Total long-term liabilities 2,423 3,042 2,736
Total liabilities 4,336 4,795 4,633
       
SHAREHOLDERS' DEFICIENCY  (923)  (2,260)  (1,685)
       
Total liabilities and shareholders' equity 3,413 2,535 2,948
       
                  
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2012
IN U.S. DOLLARS
           
           
  6 months ended 3 months ended year ended
  Jun-30 Jun-30 December 31,
  2012 2011 2012 2011 2011
       
  U.S. dollars in thousands
  (except per share data)
           
REVENUES 3,582 2,677 1,968 1,423 5,645
           
COST OF REVENUES 1,461 899 771 498 2,020
GROSS PROFIT 2,121 1,778 1,197 925 3,625
           
RESEARCH AND DEVELOPMENT          
EXPENSES - net 354 314 179 160 643
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:          
Marketing and selling 689 524 340 248 1,244
General and administrative 337 332 201 170 656
           
           
OPERATING PROFIT  741 608 477 347 1,082
           
FINANCIAL INCOME (EXPENSES) - net 10  (74) 40  (45) 31
OTHER INCOME (EXPENSES) - net 2  (2) 2  --   (24)
PROFIT BEFORE TAXES ON INCOME 753 532 519 302 1,089
           
TAXES ON INCOME  --  --   --  -- --
NET PROFIT FOR THE PERIOD  753 532 519 302 1,089
           
           
PROFIT PER SHARE BASIC  0.011 0.008 0.007 0.004 0.016
PROFIT PER SHARE DILUTED  0.011 0.008 0.007 0.004 0.015
WEIGHTED AVERAGE NUMBER          
OF SHARES USED IN           
COMPUTATION OF PROFIT PER          
SHARE:          
BASIC (IN THOUSANDS) 69,653 69,653 69,653 69,653 69,653
DILUTED (IN THOUSANDS) 70,761 70,561 70,936 69,653 71,309 
CONTACT: Company Contact Information:
         Yaron Menashe, CFO
         Tel: +972 4 6107609
         yaron@evs.co.il