Elbit Vision Systems Ltd. Announces Results for First Quarter of 2007.KADIMA, Israel -- Elbit Vision Systems Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EVSNF): [TABLE OMITTED] Elbit Vision Systems Ltd. (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 first quarter ended March 31, 2007. Financial Results Revenues for the first quarter of 2007 were $5 million, an increase of 32% compared with $3.8 million in the first quarter of 2006. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the first quarter of 2007 was $0.632 million, or $0.02 per share, compared to an EBITDA loss of $0.550 million, or $0.02 per share, for the first quarter of 2006. Gross Profit Gross profit before amortization and stock based compensation for the first quarter of 2007 was $2.5 million representing 49.2% of our sales, an increase of 92% compared with $1.3 million in the first quarter of 2006 which represented 33% of our sales. Operating Profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. Operating profit before amortization and stock based compensation for the first quarter of 2007 was $0.586 million representing 11.6% of our sales, compared with a loss of $0.652 million in the first quarter of 2006. Record Backlog To date, the Company has built a backlog of firm orders totaling $14.7 million (excluding the first quarter), the majority of which is expected to be shipped during 2007. "We are pleased with our results for the first quarter," said Mr. David Gal, EVS' Chairman and 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. . "During recent months we have seen a significant improvement in our financial results, much of it being attributable to the successful implementation of our 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. (announced in October 2006). By carefully focusing our efforts on selected target markets and improving our cost structure, we have succeeded in building a firm backlog which we expect to improve our financial results in 2007." 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] |
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