Elbit Vision Systems Ltd. - "EVS" - Announces 2001 Second Quarter Financial Results.Business Editors YOQNEAM, Israel--(BUSINESS WIRE)--Aug. 6, 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 second quarter ended June June: 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 second quarter of 2001 totaled $2,165,000 as compared to $1,792,000 reported in the same period in 2000 and as compared to $2,013,000 in the first quarter of 2001. Net loss for the second quarter of 2001 was $456,000, or $0.04 per share, versus net loss of $1,485,000 or $0.17 per share, for the same period in 2000 and compared to net loss of $642,000 in the first quarter of 2001. Net sales for the six months ending June 30, 2001 were $4,178,000 as compared to $3,490,000 reported in the same period in 2000. Net loss for the first six months of 2001 was $1,098,000 or $0.11 per share, versus net loss from operations of $2,913,000, or $0.64 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.
"The second quarter figures show the continuation continuation - continuation passing style of the steady improvement in the Company's financial results. The second quarter income figures are greater than for the same period last year and for the first quarter of 2001, and are accompanied ac·com·pa·ny 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 decrease in the Company's operating costs operating costs npl → gastos mpl operacionales . The company is well aware of the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in some segments of 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 is taking active steps to attract more sales on the one hand while aggressively reducing costs and expenses 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 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 For the six months
ended ended
June 30, June 30,
(Unaudited) (Unaudited)
2001 2000 2001 2000
U.S. $ U.S. $ U.S. $ U.S. $
------ ------ ------ ------
NET SALES 2,165 1,792 4,178 3,490
COST OF SALES 1,692 2,272 3,392 3,972
----- ----- ----- -----
GROSS PROFIT (LOSS) 473 (480) 786 (482)
----- ----- ----- -----
R&D EXPENSES, NET 359 273 766 769
M&S EXPENSES 369 534 741 945
G&A EXPENSES 228 202 430 663
----- ----- ----- -----
OPERATING LOSS (483) (1,489) (1,151) (2,859)
FINANCE INCOME, NET 24 42 47 19
OTHER INCOME 5 -- 10 --
----- ----- ----- -----
NET LOSS BEFORE TAXES (454) (1,447) (1,094) (2,840)
INCOME TAXES 2 38 4 73
----- ----- ----- -----
NET LOSS (456) (1,485) (1,098) (2,913)
from continuing operations ----- ----- ----- -----
ACCUMULATIVE EFFECT OF -- -- -- (2,625)
CHANGE IN ACCOUNTING
PRINCIPLE, NET
-------------------------------------------
NET LOSS (456) (1,485) (1,098) (5,538)
====== ======= ======= =======
NET (LOSS) PER SHARE (0.04) (0.17) (0.12) (0.64)
from operation basic and
diluted
NET (LOSS) PER SHARE -- -- -- (0.30)
----- ----- ----- -----
from change in accounting
principle
NET INCOME(LOSS) PER SHARE (0.04) (0.17) (0.12) (0.94)
====== ====== ====== ======
Weighted average number
of shares 10,167 8,667 9,459 8,667
----- ----- ----- -----
ELBIT VISION SYSTEMS LTD.
CONDENSED BALANCE SHEETS
(thousands)
June 30, December 31,
2001 2000
(Unaudited) (Audited)
U.S.$ U.S.$
ASSETS
CURRENT ASSETS:
Cash and Cash
Equivalents 3,400 1,663
Trade Receivable, net 885 1,370
Other Receivables 577 493
Inventories 5,544 5,872
------ ------
TOTAL CURRENT ASSETS 10,406 9,398
LONG-TERM RECEIVABLES 736 751
FIXED ASSETS, NET 898 1,051
------ ------
TOTAL ASSETS 12,040 11,200
------ ------
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-Term debt -- 73
Trade Payables 1,424 1,789
Accrued Expenses and
Other 2,365 2,438
Customer Deposits 4,010 3,288
------ ------
TOTAL CURRENT LIABILITIES 7,799 7,588
TOTAL LONG-TERM
LIABILITIES 916 602
TOTAL SHAREHOLDERS'
EQUITY 3,325 3,010
------ ------
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 12,040 11,200
------ ------
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