Elbit Vision Systems Ltd. (``EVS'') Announces 2001 Third Quarter Financial Results.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--Nov. 5, 2001 Elbit Vision Systems Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 third quarter ended September September: see month. 30, 2001. 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 third quarter of 2001 totaled $2,472,000 as compared to $2,200,000 reported in the same period in 2000 and as compared to $2,013,000 and $ 2,165,000 in the first and the second quarters of 2001 respectively. Net loss for the third quarter of 2001 was $224,000, or $0.02 per share, versus net loss of $2,272,000 or $0.26 per share, for the same period in 2000 and compared to net loss of $643,000 and $ 456,000 in the first and the second quarters of 2001 respectively. Net sales for the nine months ending September 30, 2001 were $6,650,000 as compared to $5,690,000 reported in the same period in 2000. Net loss for the first nine months of 2001 was $1,322,000 or $0.14 per share, versus net loss from operations of $5,185,000, or $0.60 per share for the same period in 2000. 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.
v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by a continued reduction in the Company's operating costs operating costs npl → gastos mpl operacionales . The Company's management is following market developments closely and is taking appropriate steps in order to best attempt to increase sales on the one hand and to continue to reduce costs on the other." 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 For the nine
months ended months ended
September 30, September 30,
(Unaudited) (Unaudited)
2001 2000 2001 2000
U.S. $ U.S. $ U.S. $ U.S. $
------ ------ ------ ------
NET SALES 2,472 2,200 6,650 5,690
COST OF SALES 1,722 2,860 5,114 6,832
----- ----- ----- -----
GROSS PROFIT
(LOSS) 750 (660) 1,536 (1,142)
--- ----- ----- -------
R&D EXPENSES,
NET 328 430 1,094 1,199
M&S EXPENSES 402 460 1,143 1,405
G&A EXPENSES 225 364 655 1,027
--- --- --- -----
OPERATING LOSS (205) (1,914) (1,356) (4,773)
FINANCE INCOME,
NET 35 (3) (14) (22)
OTHER INCOME (17) 327 (25) 327
---- --- ---- ---
NET LOSS BEFORE
TAXES (223) (2,238) (1,317) (5,078)
INCOME TAXES 1 34 5 107
------------- ------------ ------------- -------------
NET LOSS (224) (2,272) (1,322) (5,185)
from continuing ----- ------- ------- -------
operations
ACCUMULATIVE
EFFECT OF
CHANGE IN
ACCOUNTING
PRINCIPLE, NET -- -- -- (2,625)
------------- ------------ ------------- -------------
NET LOSS (224) (2,272) (1,322) (7,810)
===== ======= ======= =======
NET (LOSS)
PER SHARE (0.02) (0.26) (0.14) (0.60)
from operation
basic and diluted
NET (LOSS)
PER SHARE ----- --- --- (0.30)
----- --- --- ------
from change
in accounting
principle
NET INCOME(LOSS)
PER SHARE (0.02) (0.26) (0.14) (0.90)
====== ====== ====== ======
Weighted average
number of shares 10,167 8,667 9,695 8,667
------ ----- ----- -----
ELBIT VISION SYSTEMS LTD.
CONDENSED BALANCE SHEETS
(thousands)
September 30, December 31,
2001 2000
(Unaudited) (Audited)
U.S.$ U.S.$
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents 3,202 1,663
Trade Receivable, net 680 1,370
Other Receivables 470 493
Inventories 5,027 5,872
----- -----
TOTAL CURRENT ASSETS 9,379 9,398
LONG-TERM RECEIVABLES 746 751
FIXED ASSETS, NET 818 1,051
--- -----
TOTAL ASSETS 10,943 11,200
------ ------
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-Term debt -- 73
Related party 262 --
Trade Payables 946 1,789
Accrued Expenses
and Other 2,596 2,438
Customer Deposits 3,216 3,288
----- -----
TOTAL CURRENT LIABILITIES 7,020 7,588
TOTAL LONG-TERM LIABILITIES 822 602
TOTAL SHAREHOLDERS' EQUITY 3,101 3,010
----- -----
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 10,943 11,200
------ ------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion