Elbit Vision Systems Ltd. Announces Fourth Quarter and Full Year 2006 Results.KADIMA, Israel -- Elbit Vision Systems Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EVSNF), a global leader in the field of automatic in-line optical web inspection and quality monitoring systems, announced today its consolidated financial results for the fourth quarter and full year ended December 31, 2006. Financial Results Revenues for the fourth quarter of 2006 were $4.7 million, a decrease of 37% compared with $7.5 million in the fourth quarter of 2005, but an increase of 54% compared with $3.06 million in the third quarter of 2006. Net loss for the fourth quarter of 2006 was $0.284 million, or $0.01 per share, compared to a net profit of $1.247 million, or $0.047 per share, for the fourth quarter of 2005. Revenues for the fiscal year ended December 31, 2006 were $16.997 million, a decrease of 13% compared to $19.579 million for fiscal 2005. Net loss for 2006 was $6.093 million, or $0.212 per share, compared to a net profit of $0.611 million, or $0.023 per share for 2005. The loss for 2006 reflects non recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. expenses related to the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. , the loss of the Indian railways Indian Railways (Hindi भारतीय रेल), abbreviated as IR, is a Department of the Government of India, under the Ministry of Railways, and is tasked with operating the rail network in India. contract and selling the Company's Korean activities. The loss for 2006 without those non recurring items was $3.502 million, or $0.121 per share. Excluding amortization related to acquisitions, stock based compensation, discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. and non recurring expenses, the Company recorded a net loss of $1.722 million for the fiscal year 2006, compared with a net profit of $1.198 million for the fiscal year 2005. Record Backlog To date, the Company has built a backlog of firm orders totaling $14.5 million, the majority of which is expected to be shipped during 2007. Commenting on this latest financial report, Mr. David Gal, EVS' Chairman, said: "We have seen significant progress with the implementation of our reorganization plan (announced on October 2006) and we expect the increase of sales and gross and operational profit, experienced during the fourth quarter of 2006, which we see as part of an upward trend, to continue in the coming quarters." About Elbit Vision Systems Ltd. (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 ): www.evs.co.il EVS offers a broad portfolio of automatic in-line inspection and quality monitoring systems used to improve product quality and increase production efficiency. The Company's Industrial Division provides 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) ) and non-destructive ultrasound inspection systems for heavy manufacturing (automotive, aeronautics aeronautics: see aerodynamics; airplane; aviation. , steel and others). EVS maintains headquarters and manufacturing in Israel, R&D operations in Israel, and offers global sales and support coverage. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : This press release contains 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. . Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. This press release and other releases are available on www.evs.co.il. [TABLE OMITTED] [TABLE OMITTED] |
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