Elbit Vision Systems Ltd. Announces First Quarter 2004 Financial Results.Business Editors/High-Tech Writers YOQNEAM, Israel--(BUSINESS WIRE)--May 13, 2004 Elbit Vision Systems Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EVSNF) announced today its 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 first quarter ended March 31, 2004. Revenues for the first quarter of 2004 were $0.8 million, compared to $1.9 million for the first quarter of 2003. Net loss for the first quarter of 2004 was $0.89 million, or $0.06 per share, compared with net loss of $0.26 million, or $0.03 per share, in the first quarter of 2003. The Company completed the quarter with cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $3.4 million. Non-operating disbursements totaled approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.6 million, including a loan in the amount of $0.2 million to Yuravision a South Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known company which is in the process of being acquisition by 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 and the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of bank loans totaling $0.4 million. Commenting on the results, Zami Aberman, 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. of EVS said: "Our results for the first quarter of 2004 demonstrate the instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability 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. sector, which has historically accounted for the majority of our sales. As a result, we have made the strategic decision to expand into new areas and penetrate new markets, including the 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 industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation . "We received our initial order for 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. inspection systems in the first quarter and announced this morning an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and relationship between Yuravision and one of the leading manufacturers of 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. repair systems in South Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. , as well as the addition of several new products to our automatic optical inspection (AOI AOI Area Of Interest AOI Automated Optical Inspection AOI Art of Illusion (3D modeling software) AOI Associated Oregon Industries AOI Angle Of Incidence AOI Age of Innocence (David Hamilton book, also a band) ) portfolio. We believe that these recent developments represent a turning point for EVS, as we are committed to repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. the Company as a developer of advanced solutions to address the needs of the microelectronics industry and are encouraged by our initial success in this arena. Mr. Aberman continued, "We believe that a substantial opportunity exists for the Company as the manufacturing processes for semiconductor and display technologies continue to evolve Evolve may refer to several terms:
penetration - the act of entering into or through something; "the penetration of upper management by women" and grow our business." Mr. Aberman concluded, "We expect to see revenue growth throughout the remainder of 2004 as our microelectronics solutions gain further 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. in the market and we continue working to establish EVS' presence in this industry. We plan to work aggressively toward the further implementation of our growth strategy, developing and bringing to market a wide variety of innovative products and pursuing strategic acquisitions that will expand and enhance our product family while enabling EVS to penetrate new markets. We look forward to sharing our progress with our shareholders and the investment community as we continue to work toward these goals." 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, automotive, non-woven, plastics, wafer and LCD 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.
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT MARCH 31, 2004
IN U.S. DOLLARS
March 31 December 31
-------------------
2004 2003 2003
--------- --------- ---------
(Unaudited) (Audited)
------------------- ---------
In thousands
-----------------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 2,937 1,523 1,789
Restricted deposit 439 537
Accounts receivable:
Trade 703 398 1,021
Other 606 523 620
Inventories 3,454 2,975 3,139
--------- --------- ---------
Total current assets 8,139 5,419 7,106
--------- --------- ---------
LONG-TERM RECEIVABLES:
Funds in respect of employee rights upon
retirement 655 492 622
Other long-term receivables 304 96 99
--------- --------- ---------
Total long-term receivables 959 588 721
--------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT - net of
accumulated depreciation and
amortization 388 524 414
--------- --------- ---------
Total assets 9,486 6,531 8,241
========= ========= =========
March 31 December 31
-----------------
2004 2003 2003
-------- -------- ---------
(Unaudited) (Audited)
----------------- ---------
In thousands
---------------------------
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 650 1,006
Current maturities of loan from shareholder 160 440 160
Accounts payable:
Trade 958 448 651
Deferred revenues 575 1,365 355
Other 2,233 2,488 2,427
-------- -------- ---------
Total current liabilities 4,576 4,741 4,599
LONG-TERM LIABILITIES:
Liability for employee rights upon
retirement 1,016 624 979
Loan from shareholder - net of current
maturities 289 287
-------- -------- ---------
Total long-term liabilities 1,305 624 1,266
-------- -------- ---------
Total liabilities 5,881 5,365 5,865
-------- -------- ---------
SHAREHOLDERS' EQUITY:
Share capital 2,398 1,208 1,856
Receipt on account of shares to be
allotted 355 140
Warrants 537 267
Additional paid-in capital 19,754 17,785 18,662
Accumulated deficit (19,439) (17,827) (18,549)
-------- -------- ---------
3,605 1,166 2,376
-------- -------- ---------
Total liabilities and shareholders' equity 9,486 6,531 8,241
======== ======== =========
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2004
IN U.S. DOLLARS
3 months ended Year ended
March 31 December 31,
-------------------
2004 2003 2003
--------- --------- ---------
(Unaudited) (Audited)
------------------- ---------
In thousands
-----------------------------
REVENUES:
Sale of products 318 1,333 4,043
Services rendered 512 599 2,285
--------- --------- ---------
830 1,932 6,328
COST OF REVENUES:
Cost of products sold 499 817 2,294
Cost of services rendered 230 391 1,454
--------- --------- ---------
729 1,208 3,748
--------- --------- ---------
GROSS PROFIT 101 724 2,580
--------- --------- ---------
RESEARCH AND DEVELOPMENT EXPENSES - net 260 341 1,431
SELLING AND MARKETING EXPENSES 423 392 1,598
GENERAL AND ADMINISTRATIVE EXPENSES 307 261 637
--------- --------- ---------
OPERATING LOSS (889) (270) (1,086)
FINANCIAL INCOME (EXPENSES) - net (6) 13 60
OTHER INCOME - net 6 47
--------- --------- ---------
LOSS BEFORE TAXES ON INCOME (889) (257) (979)
TAXES ON INCOME 1 3 3
--------- --------- ---------
LOSS FOR THE PERIOD (890) (260) (982)
========= ========= =========
LOSS PER SHARE - BASIC AND DILUTED (0.06) (0.03) (0.10)
========= ========= =========
WEIGHTED AVERAGE NUMBER OF SHARES USED IN
COMPUTATION OF LOSS PER SHARE BASIC AND
DILUTED (IN THOUSANDS) 14,892 10,167 10,175
========= ========= =========
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