Elbit Vision Systems Ltd. - "EVS" - Announces 2001 First Quarter Financial Results.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--May 7, 2001 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, 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 first quarter of 2001 were $2.0 million, versus $1.7 million, reported in the same period in 2000. Net loss for the first quarter of 2000 was $0.6 million, or $0.07 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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.4 Million, or $0.17 per diluted share, for the same period in 2000. 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.
"In line with our previous announcements EVS' financial performance is significantly better than in the same period last year. 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 continues to benefit from a positive cash flow. The cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in the first quarter of 2001 was $0.3 Million as compared with annual cash flow of $0.2 Million for 2000. The improvement in our financial results is all the more impressive given the general economic slow-down in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in financial results suffered by many companies. The financial results strengthen our confidence in EVS' strategic plan and EVS' business model." Mr. Yuval added: "We are pleased to have received the additional funds from the investment, which was announced early February February: see month. this year. The additional funds strengthen EVS and its balance sheet. EVS customers, suppliers and employees are fully aware of the positive results and I am convinced con·vince tr.v. con·vinced, con·vinc·ing, con·vinc·es 1. To bring by the use of argument or evidence to firm belief or a course of action. See Synonyms at persuade. 2. that both investors and the capital markets will notice these changes." 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 are designed to increase the accuracy, consistency Consistency can refer to:
Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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)
2001 2000
U.S. $ U.S. $
NET SALES 2,013 1,698
COST OF SALES 1,700 1,700
----- -----
GROSS PROFIT (LOSS) 313 (2)
--- ---
R&D EXPENSES, NET 407 496
M&S EXPENSES 372 411
G&A EXPENSES 202 461
--- ---
OPERATING INCOME (LOSS) (667) (1,370)
FINANCE INCOME (EXPENSES), NET 23 (23)
OTHER EXPENSE (INCOME) (5) --
--- --
NET INCOME (LOSS) BEFORE TAXES (640) (1,393)
INCOME TAXES 3 35
NET INCOME (LOSS) (643) (1,428)
---- ------
from continuing operations
ACCUMULATIVE EFFECT OF -- (2,625)
-- -------
CHANGE IN ACCOUNTING
PRINCIPLE, NET
NET INCOME (LOSS) (643) (4,053)
---- -------
NET (LOSS) PER SHARE (0.07) (0.17)
from operation basic and diluted
NET (LOSS) PER SHARE ----- (0.30)
----- ------
from change in accounting principle
NET INCOME(LOSS) PER SHARE (0.07) (0.47)
Weighted average number of shares 8,750 8,667
----- -----
ELBIT VISION SYSTEMS LTD.
CONDENSED BALANCE SHEETS
(thousands)
March 31, December 31,
2001 2000
(Unaudited) (Audited)
U.S.$ U.S.$
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents 3,350 1,663
Trade Receivable, net 1,168 1,370
Other Receivables 502 493
Inventories 5,823 5,872
----- -----
TOTAL CURRENT ASSETS 10,843 9,398
LONG-TERM RECEIVABLES 739 751
FIXED ASSETS, NET 973 1,051
--- -----
TOTAL ASSETS 12,555 11,200
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LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Short-Term debt -- 73
Trade Payables 1,878 1,789
Accrued Expenses and
Other 2,198 2,438
Customer Deposits 3,791 3,288
----- -----
TOTAL CURRENT LIABILITIES 7,867 7,588
------ -----
TOTAL LONG-TERM LIABILITIES 908 602
TOTAL SHAREHOLDERS' EQUITY 3,780 3,010
----- -----
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 12,555 11,200
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