Elbit Vision Systems Ltd. -''EVS''- Announces 2002 Third Quarter Financial Results.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--Jan 2, 2003 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 third quarter ended September September: see month. 30, 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 third quarter of 2002 were $1.4 million, versus $2.5 million, reported in the same period in 2001. Net loss for the third quarter of 2002 was $0.48 million, or $0.05 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 $0.22 Million, or $0.02 per diluted share, for the same period in 2001. EVS' President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mr. Zami Aberman pointed out: "The sales reduction during the last quarter is resulting from a low new orders volume in the first quarter of 2002, which amounted to 0.865 M$, compared to 2.6M$ and 2.2 M$ in the second and the third quarters of 2002 respectively. This upward trend reflects the customers' confidence in the Company's strategy that is aiming at broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad its presence in 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. market and penetrating penetrating breaching the tissues of the body. additional markets where the quality inspection technology can be adapted." About the Company: Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the textile 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 nine For the three
months ended months ended
September 30 September 30
----------------------------
2002 2001 2002 2001
(Unaudited) (Unaudited)
----------------------------
U.S.$ U.S.$ U.S.$ U.S.$
----------------------------
NET SALES 5,420 6,650 1,393 2,472
COST OF SALES 3,537 5,114 991 1,722
----------------------------
Gross profit 1,883 1,536 402 750
----------------------------
RESEARCH AND DEVELOPMENT
EXPENSES, NET 1,027 1,094 357 328
MARKETING AND SELLING
EXPENSES 1,111 1,143 358 402
GENERAL AND ADMINISTRATIVE
EXPENSES 1,048 655 166 225
----------------------------
Total operating expenses 3,186 2,892 881 955
----------------------------
Operating loss (1,303)(1,356) (479) (205)
OTHER INCOME (EXPENSES), NET (1) 25 - 17
FINANCING INCOME (EXPENSES), NET 15 14 (5) (35)
----------------------------
Loss before taxes on income (1,289)(1,317) (484) (223)
TAXES ON INCOME 5 5 1 1
----------------------------
Net loss (1,294)(1,322) (485) (224)
============================
Basic and diluted net loss per share (0.13) (0.14) (0.05) (0.02)
============================
Weighted average number of shares used in
computing basic and diluted net loss per
share 10,167 9,695 10,167 10,167
============================
ELBIT VISION SYSTEMS LTD.
CONDENSED BALANCE SHEETS
(thousands)
September December
30 31
2002 2001
(Unaudited)(Audited)
U.S.$ U.S.$
--------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,076 1,614
Marketable securities - 812
Trade receivables, net of allowance for doubtful
accounts 1,172 1,168
Other receivables 267 251
Inventories, net of advances 2,897 3,284
--------------------
Total current assets 5,412 7,129
--------------------
LONG-TERM ASSETS
Long-term trade receivables and loans, net of
allowance for doubtful accounts 124 172
Deposits with insurance companies and pension
funds 475 426
--------------------
Total long-term receivables 599 598
--------------------
Property and equipment, net 565 745
--------------------
Total assets 6,576 8,472
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Related party 436 276
Trade payables 273 273
Accrued expenses and other 2,815 3,017
Customer deposits 618 1,050
--------------------
Total current liabilities 4,142 4,616
--------------------
LONG-TERM LIABILITIES
Related party - 150
Accrued severance pay 618 596
--------------------
618 746
--------------------
SHAREHOLDERS' EQUITY 1,816 3,110
--------------------
Total liabilities and shareholders' equity 6,576 8,472
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