Elbit Vision Systems Ltd. ``EVS'' Announces 2002 First Quarter Financial Results.Business Editors and Technology Writers YOQNEAM, Israel--(BUSINESS WIRE)--May 8, 2002 Elbit Vision Systems Ltd. (Nasdaq:EVSN EVSN External Volume Serial Number (Veritas Net Backup) EVSN Ecumenical Volunteer Service Network (Baltimore, MD) EVSN Eigenverlag Sieberichs-Nau EVSN European Vacuum Science Network EVSN European Virtual Seismic Network ) today announced results for the first quarter ended March 31, 2002. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter of 2002 were $1.9 million, versus $2.0 million, reported in the same period in 2001. Net loss for the first quarter of 2001 was $0.3 million, or $0.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, versus net loss of $0.6 Million, or $0.07 per diluted share, for the same period in 2001. President and Chief Executive Officer Ofer Ofer (Hebrew: עופר) is a moshav located south of Haifa, Israel in the Carmel Mountains and is a part of the Hof HaCarmel Regional Council. Yuval Yuval (יוּבָל) is a Hebrew first name. It means stream, brook, or tributary. Alternate spellings Jubal, Yubawl.
"EVS EVS European Voluntary Service EVS Environmental Science EVS Electric Vehicle Symposium EVS Enhanced Vision System EVS environmental studies EVS European Values Study EVS Electronic Verification System EVS Extreme Voltage Shutdown is focused on its main challenges of penetrating penetrating breaching the tissues of the body. new markets, and developing future technologies and solutions for our customers. We see some encouraging recovery signs in our markets, and expect better market conditions later this year. We are closely watching EVS' expenses and cash flow, while at the same time not compromising on EVS' main challenges." About the Company: Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. and the non-woven industries. The Company's systems, marketed under the brand I-TEX(TM) and PRINTEX(TM), are designed to increase the accuracy, consistency Consistency can refer to:
Forward looking statements in this release with respect to the Company's business, financial condition and results of operations are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies as well as certain other risk factors which are detailed from time to time in the Company's SEC filings.
ELBIT VISION SYSTEMS LTD.
STATEMENTS OF OPERATIONS
(thousands, except per share data)
For the three months ended March 31,
(Unaudited)
2002 2001
U.S. $ U.S. $
------ ------
NET SALES 1,940 2,013
COST OF SALES 1,265 1,700
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GROSS PROFIT (LOSS) 675 313
--- ---
R&D EXPENSES, NET 366 407
M&S EXPENSES 391 372
G&A EXPENSES 212 202
--- ---
OPERATING INCOME (LOSS) (294) (667)
FINANCE INCOME (EXPENSES), NET 7 23
OTHER EXPENSE (INCOME) 1 (5)
---
NET INCOME (LOSS) BEFORE TAXES (288) (640)
INCOME TAXES (1) 3
NET INCOME (LOSS) (287) (643)
from continuing operations ---- ----
NET INCOME(LOSS) PER SHARE (0.03) (0.07)
Weighted average number of
shares 10,166 8,750
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ELBIT VISION SYSTEMS LTD.
CONDENSED BALANCE SHEETS
(thousands)
March 31, December 31,
2002 2001
(Unaudited) (Audited)
U.S.$ U.S.$
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents 1,582 1,614
Marketable Securities 796 812
Trade Receivable, net 788 1,168
Other Receivables 150 251
Inventories net of advances 3,166 3,284
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TOTAL CURRENT ASSETS 6,482 7,129
LONG-TERM RECEIVABLES 601 598
FIXED ASSETS, NET 682 745
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TOTAL ASSETS 7,764 8,472
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-Term debt 26 --
Related party 329 276
Trade Payables 161 273
Accrued Expenses and Other 2,974 3,017
Customer Deposits 738 1,050
--- -----
TOTAL CURRENT LIABILITIES 4,228 4,616
TOTAL LONG-TERM LIABILITIES 714 746
TOTAL SHAREHOLDERS' EQUITY 2,822 3,110
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TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 7,764 8,472
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