Elbit Vision Systems Ltd. Announces Financial Results from the Third Quarter of 2004.YOQNEAM, Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. -- Elbit Vision Systems Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EVSNF) today announced consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for the third quarter ended September September: see month. 30, 2004. Revenues for the third quarter of 2004 were $4,065,000, compared with $1,061,000 for the third quarter of 2003 and $2,402,000 for the second quarter of 2004. Revenues for the quarter include approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1,600,000 from sales of products from the ScanMaster Group. Reported net loss for the third quarter of 2004 was ($294,000), or $(0.02) per share, including approximately $217,000 amortization related to the Company's two recent acquisitions. Excluding amortization, the Company posted a net loss of ($77,000) for the third quarter of 2004. Net loss for the third quarter of 2003 was ($380,000), or ($0.04) per share, and net loss for the second quarter of 2004 was ($520,000), or ($0.03) per share. Research and Development expenses for the third quarter of 2004 were $669,000, compared to $380,000 million for the third quarter of 2003 and $650,000 for the second quarter of 2004. Sales and Marketing expenses for the third quarter of 2004 were $1,154,000, compared to $313,000 for the third quarter of 2003 and $932,000 for the second quarter of 2004. Commenting on the results, Yaky Yanay, Chief Financial Officer of 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 said, "We are pleased with our results for the third quarter, which are in line with our projections and demonstrate continued progress 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. a successful turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. plan. Our efforts over the past two years have returned the Company to steadily rising revenues, paved pave tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. the way for a return to profitability and positioned us for accelerated future growth. During the quarter, we completed the acquisition of the ScanMaster Group, launched activities in the fertile fer·tile adj. 1. Capable of conceiving and bearing young. 2. Fertilized. Used of an ovum. microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. and display manufacturing spaces, and expanded our marketing efforts targeting industrial material manufacturers. As this expanded range of products gains traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. , we expect to succeed in our efforts to build our business and revenues." About Elbit Vision Systems: Elbit Vision Systems Limited designs, develops, manufactures, markets and supports automatic optical inspection and quality monitoring systems for the industrial web and microelectronic The miniaturization of electronic circuits. See chip. industries. The Company's product lines improve product quality and increase production efficiency 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. , automotive, non-woven, plastics, wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. and LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. industries. 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. The transaction described in the press release attached is subject to the satisfaction of any conditions to effectiveness contained in any definitive documentation. Furthermore, risks associated with the transaction include (i) any difficulties encountered in the adaptation adaptation, in biology, has several meanings. It can mean the adjustment of living matter to environmental conditions and to other living things either in an organism's lifetime (physiological adaptation) or in a population over many many generations (evolutionary of EVS' business to accommodate new industrial applications, which may affect the timing and quality of production; and (ii) conditions in the market for the sales of new applications, as a result of which the results of any acquisition may vary from those anticipated. (Tables to Follow)
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT SEPTEMBER 30, 2004
IN U.S. DOLLARS
September 30 December
----------------- 31
2004 2003 2003
-------- ------- -----------
(Unaudited) (Audited)
----------------- -----------
In thousands
-----------------------------
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents 1,212 602 1,789
Short-term investments 88
Restricted deposit 875 537
Accounts receivable:
Trade 4,352 641 1,021
Other 1,526 793 620
Inventories 5,842 3,247 3,139
-------- ------- -----------
T o t a l current assets 13,807 5,371 7,106
-------- ------- -----------
LONG-TERM RECEIVABLES:
Funds in respect of employee rights
upon retirement 1,517 704 622
Other long-term receivables 515 100 99
-------- ------- -----------
T o t a l long-term receivables 2,032 804 721
-------- ------- -----------
PROPERTY, PLANT AND
EQUIPMENT, net of accumulated
depreciation and amortization 1,047 473 414
-------- ------- -----------
OTHER ASSETS -
net of accumulated amortization 6,467 - -
-------- ------- -----------
T o t a l assets 23,353 6,648 8,241
======== ======= ===========
September 30 December
---------------- 31
2004 2003 2003
--------- ------ -----------
(Unaudited) (Audited)
---------------- -----------
In thousands
----------------------------
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 1,826 549 1,006
Current maturities of loan from
shareholder 160 444 160
Accounts payable:
Trade 2,692 1,099 651
Deferred revenues 1,995 600 355
Other 4,876 2,257 2,427
--------- ------ -----------
T o t a l current liabilities 11,549 4,949 4,599
--------- ------ -----------
LONG-TERM LIABILITIES:
Loans and other liabilities (net of
current maturities):
Loans from banks and shareholder 281 287
Other liabilities 17
Convertible loan 3,500
Liability for employee rights upon
Retirement 2,274 1,137 979
--------- ------ -----------
T o t a l long-term liabilities 6,072 1,137 1,266
--------- ------ -----------
T o t a l liabilities 17,524 6,086 5,865
--------- ------ -----------
SHAREHOLDERS' EQUITY: 5,732 (a) 562 2,376
--------- ------ -----------
========= ====== ===========
Total liabilities and shareholders' equity 23,353 6,648 8,241
========= ====== ===========
(a) After reduction of $2,520 shares held in escrow
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2004
IN U.S. DOLLARS
9 months ended 3 months ended Year ended
September 30 September 30 December
---------------- ---------------- 31,
2004 2003 2004 2003 2003
------- ------- ------- ------- ------------
(Unaudited) (Unaudited) (Audited)
---------------- ---------------- ------------
In thousands
----------------------------------------------
REVENUES 7,297 4,775 4,065 1,061 6,328
COST OF REVENUES 3,945 2,973 2,079 751 3,748
------- ------- ------- ------- ------------
GROSS PROFIT 3,352 1,802 1,986 310 2,580
------- ------- ------- ------- ------------
RESEARCH AND DEVELOPMENT
EXPENSES - net 1,576 1,172 669 379 1,431
SELLING AND MARKETING
EXPENSES 2,509 1,035 1,154 313 1,598
GENERAL AND ADMINISTRATIVE
EXPENSES 1,056 598 480 136 637
------- ------- ------- ------- ------------
OPERATING LOSS (1,789) (1,003) (317) (518) (1,086)
FINANCIAL INCOME
(EXPENSES) - net (39) 116 7 112 60
OTHER INCOME - net 127 26 17 26 47
------- ------- ------- ------- ------------
LOSS BEFORE TAXES
ON INCOME (1,701) (861) (293) (380) (979)
TAXES ON INCOME 4 3 1 3
------- ------- ------- ------- ------------
LOSS FOR THE
PERIOD (1,705) (864) (294) (380) (982)
======= ======= ======= ======= ============
Net Income before
purchase price
allocation
amortization. (1,488) (864) (77) (380) (982)
----------------------------------------------
U.S. Dollars
----------------------------------------------
LOSS PER SHARE -
BASIC AND DILUTED (0.1) (0.08) (0.02) (0.04) (0.1)
======= ======= ======= ======= ============
WEIGHTED AVERAGE NUMBER
OF SHARES USED IN
COMPUTATION OF LOSS
PER SHARE BASIC AND
DILUTED (IN
THOUSANDS) 16,230 10,167 18,090 10,167 10,175
======= ======= ======= ======= ============
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