OREANDA-NEWS. 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 June 30, 2016.

Sam Cohen, CEO of EVS commented, “We are certainly pleased with our second quarter results, which show continued revenue growth. Demand for our legacy products remains very strong, while iBar sales continue trending upward. iBar has established itself within the industry to be a breakthrough product offering incredible performance and immediate payback. Our market has thoroughly tested this new technology, accepted its performance and value and is now budgeting capital for more substantial orders.”

Second Quarter 2016 Results
Revenues for the quarter were $2.6 million. This represents an increase of 33% compared to $1.9 million in the second quarter of 2015 and 9.7% sequential growth compared to $2.3 million in the prior quarter.

Gross profit for the quarter was $1.4 million (54.3% of revenues). This is compared to $1.1 million (58.5% of revenues) for the second quarter of 2015 and $1.3 million (57.8% of revenues) in the previous quarter.  The variance in the gross margin between quarters is due to the product and geographic mix of sales made in a specific quarter.

Operating income for the quarter was $630 thousand (24.7% of revenue). This is compared to $502 thousand (26.1% of revenues) in the second quarter of 2015, and $496 thousand (21.3% of revenues) in the previous quarter.

Net income was $587 thousand (23.0% of revenue). This represents an increase of 19% compared to $493 thousand (25.7% of revenues) in the second quarter of 2015, and an increase of 27.6% compared to $460 thousand (19.8% of revenues) in the previous quarter.

 

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, 2016
IN U.S. DOLLARS
 
  Jun-30   Dec-31
  2016   2015   2015
           
   U.S. dollars in thousands
(except per share data)
Assets          
           
CURRENT ASSETS:          
Cash and cash equivalents 3,950     1,413     3,305
Restricted deposits (short term) 112     32     69
           
Trade accounts receivable 1,515      1,352     1,383
Other receivables 56     178     78
Inventories 1,378     1,106     1,419
Total current assets 7,011   4,081     6,254
           
           
LONG-TERM RECEIVABLES:          
Severance pay fund 140   200   193
Other long-term receivables 68   89   67
Total long-term receivables 208   289   260
           
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization 36   26   36
           
OTHER ASSETS          
Goodwill 242   242   242
           
Total assets 7,497   4,638   6,792
  Jun-30   Dec-31
  2016   2015   2015
           
   U.S. dollars in thousands
(except per share data)
Liabilities and shareholders’ equity          
           
CURRENT LIABILITIES:          
Credit from banks 146   183   149
Current Maturities of Loan from Other   -    86     - 
           
Trade account payable 669   721   1,171
Deferred revenues 470   762   324
Other payables 669   519   441
Total current liabilities 1,954   2,271   2,085
           
LONG-TERM LIABILITIES:          
Long Terms Loans (Net of current maturities) 318   398   373
Other Long Terms liabilities 293   482   429
Accrued severance pay 154   213   206
Total long-term liabilities 765   1,093   1,008
Total liabilities 2,719   3,364   3,093
           
SHAREHOLDERS’ EQUITY 4,778   1,274   3,699
           
Total liabilities and shareholders’ Equity 7,497   4,638   6,792
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE-MONTHS PERIOD ENDED JUNE 30, 2016
IN U.S. DOLLARS
 
  6 months ended   3 months ended   year ended
  Jun-30   Jun-30   December 31,
  2016   2015   2016   2015   2015
  U.S. dollars in thousands
(except per share data)
                   
Revenues   4,884       3,870       2,555       1,921       9,128  
                   
Cost of Revenues   2,150       1,626       1,168       798       3,882  
                                       
Gross Profit   2,734       2,244       1,387       1,123       5,246  
                   
Research and development   523       289       250       158       765  
                   
Marketing and selling   667       611       293       267       1,411  
General and administrative   418       385       214       196       808  
                   
                   
Operating Income   1,126       959       630       502       2,262  
                   
Financial Expenses - net   (79 )     (103 )     (43 )     (9 )     (144 )
                                       
Profit before taxes on income   1,047       856       587       493       2,118  
                   
Taxes on Income      -          -          -          -          -   
Net profit for the period   1,047       856       587       493       2,118  
                   
                   
Profit per share basic   0.011       0.010       0.006       0.006       0.025  
Profit per share diluted   0.011       0.010       0.006       0.006       0.025  
Weighted average number of shares used in Computation of profit per share:                  
                   
Basic (in thousands)   93,353       85,375       93,377       85,375       85,461  
Diluted (in thousands)   93,555       85,481       93,578       85,420       85,681