Elbit Vision Systems Ltd. -- ``EVS'' -- Announces 2002 Second Quarter Financial Results and Nomination Of CEO and CFO.Business/High-Tech Editors YOQNEAM, Israel--(BUSINESS WIRE)--Aug. 21, 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 ) announced today the results of the second quarter ended June June: 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 second quarter of 2002 were $2.1 million, versus $2.2 million, reported for the same period of 2001. Net loss for the second quarter of 2002 was $0.52 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 $0.46 million, or $0.04 per diluted share for the same period in 2001. Mr. Nir Alon Nir Alon (born 1964) is an Israeli sculptor and an installation artist. Alon studied from 1988 until 1992 at the Bezalel Academy of Art and Design in Jerusalem. In 1996 he received the price for young artists of the Israeli Ministry for education and Culture. , the Chairman of the Board of Directors and acting 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. of Elbit Vision Systems (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 ) Ltd., commented that the business results of the second quarter reflect the incertitude apperceived by the worldwide textile market which influences the customers decision and impedes placing new orders. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. experts estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. the market weakness is expected to persist till the end of 2002. Mr. Alon continued: "I am glad to announce that EVS' Board of Directors has resolved to nominate nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. Mr. Zami Aberman the new President and Chief Executive Officer of EVS Ltd and Mr. Yaky Yanay the new CFO See Chief Financial Officer. and Company's Secretary. The nomination will take effect as of August 2002." Mr. Aberman has 15 years of Experience in managing industrial companies, international marketing of breakthrough technological solutions to automotive, aerospace, metal industry, and flat panel manufacturing, as well as experience in establishing and managing start-up companies start-up company A new business. active in the field of software development, chip development, advanced system development, flexible automation inspection and image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished . Mr. Aberman served President & CEO of "Robomatix Technologies" from 1987 till 1996. From 1996 Mr. Aberman focussed on foundation and management of high-tech companies active in various fields. In 1992 Mr. Aberman was awarded the prestigious Rothschild Prize by the President of the State of Israel, for the development of a unique, laser based, flexible manufacturing system Flexible manufacturing system A factory or part of a factory made up of programmable machines and devices that can communicate with one another. for the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Mr. Yanay has served as a manager at Ernst & Young Israel since 1999. From 1993 he served at the Israeli Ministry of Foreign affairs foreign affairs pl.n. Affairs concerning international relations and national interests in foreign countries. . Mr. Yanay holds a Bachelor of business administration “BBA” redirects here. For other uses, see BBA (disambiguation). The Bachelor of Business Administration (BBA) is a bachelor's degree in business studies. and Accounting and he is a Certified Public Accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. in Israel. Mr. Aberman pointed out: "I follow the activities pursued by EVS since its establishment in view of my activities in similar fields of quality inspection and parallel processing parallel processing, the concurrent or simultaneous execution of two or more parts of a single computer program, at speeds far exceeding those of a conventional computer. . EVS can serve an excellent example of a dynamic company adapting state-of-the-art technological solutions to the industry needs. I am confident, that the management team together with Nir Alon will induce in·duce v. 1. To bring about or stimulate the occurrence of something, such as labor. 2. To initiate or increase the production of an enzyme or other protein at the level of genetic transcription. 3. changes and improvements required to revive To renew. For example, revival is the act of renewing the legal force of a contract or debt, either by acknowledging it or by giving a new promise, when the contract or debt is no longer a sufficient foundation for a lawsuit because it is barred by the running of the Statute the Company's prosperity," he continued, "and I am proud to join the Company and have an opportunity to accomplish this challenging task." 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 and speed of detecting and identifying defects in the manufacturing process in order to improve product quality and increase production efficiency. 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 six
months ended months ended
June 30 June 30
2002 2001 2002 2001
(Unaudited) (Unaudited)
---------------------------
U.S.$ U.S.$ U.S.$ U.S.$
---------------------------
NET SALES 2,087 2,165 4,027 4,178
COST OF SALES 1,279 1,692 2,545 3,392
----- ----- ----- -----
Gross profit 808 473 1,482 786
----- ----- ----- -----
RESEARCH AND DEVELOPMENT
EXPENSES, NET 304 359 670 766
MARKETING AND SELLING
EXPENSES 362 369 753 741
GENERAL AND ADMINISTRATIVE
EXPENSES 670 228 882 430
----- ----- ----- -----
Total operating expenses 1,336 956 2,305 1,937
----- ----- ----- -----
Operating loss (528) (483) (823)(1,151)
OTHER INCOME (EXPENSES) (2) 5 (1) 10
FINANCING INCOME, NET 12 24 19 47
----- ----- ----- -----
Loss before taxes on income (518) (454) (805)(1,094)
TAXES ON INCOME 3 2 4 4
----- ----- ----- -----
Net loss (521) (456) (809)(1,098)
===== ===== ===== =====
Basic and diluted net loss per share (0.05) (0.04) (0.08) (0.12)
===== ===== ===== =====
Weighted average number of shares used in
computing basic and diluted, net loss
per share 10,167 10,167 10,167 9,459
====== ====== ====== ======
ELBIT VISION SYSTEMS LTD.
CONDENSED BALANCE SHEETS
(thousands)
June 30 Dec. 31
2002 2001
(Unaudited)(Audited)
-------------------
U.S.$ U.S.$
-------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 869 1,614
Marketable securities 823 812
Trade receivables, net 848 1,168
Other receivables 256 251
Inventories 3,113 3,284
----- -----
TOTAL CURRENT ASSETS 5,909 7,129
----- -----
LONG TERM RECEIVABLES 590 598
----- -----
PROPERTY AND EQUIPMENT, NET 618 745
----- -----
TOTAL ASSETS 7,117 8,472
===== =====
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Related party 381 276
Trade payables 289 273
Accrued expenses and other 2,957 3,017
Customer deposits 525 1,050
----- -----
TOTAL CURRENT LIABILITIES 4,152 4,616
----- -----
LONG-TERM LIABILITIES 664 746
----- -----
SHAREHOLDERS' EQUITY 2,301 3,110
----- -----
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 7,117 8,472
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