Elbit Vision Systems Ltd. Reports Financial Results for the 1st Quarter of 2006.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):
First Quarter Highlights
March 31,(U.S. dollars in thousands)
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2006 2005
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Net Sales $4,052 thousand $4,143 thousand
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Net Loss $1,090 thousand $123 thousand
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Net Income (Loss) before amortization $(745) thousand $37 thousand
and stock based compensation
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Elbit Vision Systems, Ltd. (OTCBB: EVSNF), a leading provider of automatic optical inspection and quality monitoring systems, today announced 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, 2006. Financial Results Revenues for the first quarter of 2006 were $4,052,000, a decrease of 2% compared to $4,143,000 in the first quarter of 2005. Net loss for the first quarter of 2005 was $1,090,000, or $0.04 per share, compared to a net loss of $117,000, or $0.005 per share, for the first quarter of 2005. Excluding amortization related to acquisitions and stock based compensation expenses, the Company recorded a net loss of $745,000 for the first quarter of 2006. Comments of Management Commenting on this latest financial report, Mr. 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: "During the first quarter we successfully completed the Mivtach Shamir Sha·mir , Yitzhak Originally Yitzhak Yezernitsky. Born 1915. Polish-born Israeli politician. He served as a member of Israel's intelligence agency (1955-1965), the Israeli parliament (1973-1996), and as prime minister (1983-1984 and 1986-1992). investment as well as the acquisition of Panoptes In Greek mythology, Panoptes ("the all-seeing") was an epithet for both Helios and Argus. Argus Panoptes (Argus "all eyes") was a giant with a hundred eyes. He was also the nymph Io's brother. Ltd. The increase in net loss is mainly attributed to incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. expenses related to the Panoptes acquisition and the delay in completing one of our railway projects. We believe that the combination of a strategic investor and the newly acquired technology places us in a stronger position in our existing markets and, in particular, will likely play a significant role in our plan to penetrate new growing market segments." About Elbit Vision Systems Ltd. (EVS): www.evs.co.il EVS offers a broad portfolio of automatic in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. 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 ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded 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 To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . This press release and other releases are available on www.evs.co.il
ELBIT VISION SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
Mar-31 Dec-31
--------------- -------
2006 2005 2005
------- ------- -------
--------------- -------
U.S. dollars in
thousands
-----------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 1,138 587 886
Restricted deposit 1,556 520 1,810
Accounts receivable:
Trade 2,452 3,246 3,600
Other 944 1,132 1,148
Inventories 4,533 4,279 4,559
------- ------- -------
Total current assets 10,623 9,764 12,003
------- ------- -------
LONG-TERM RECEIVABLES:
Funds in respect of employee rights
upon retirement 1,639 1,499 1,633
Other long-term receivables 178 182 180
------- ------- -------
Total long-term receivables 1,817 1,681 1,813
------- ------- -------
PROPERTY, PLANT AND
EQUIPMENT - net of
accumulated depreciation and
amortization 949 1,007 918
------- ------- -------
OTHER ASSETS AND DEFERRED CHARGES -
net of accumulated amortization:
Goodwill 3,818 3,904 3,847
Other intangible assets 4,802 3,841 3,483
Deferred charges - 343
------- ------- -------
8,620 8,088 7,330
------- ------- -------
------- ------- -------
Total assets 22,009 20,540 22,064
------- ------- -------
Mar-31 Dec-31
--------------- -------
2006 2005 2005
------- ------- -------
--------------- -------
U.S. dollars in
thousands
-----------------------
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 2,465 2,568 2,191
Current maturities of loan from Related Parties 160 160 160
Credit from Cornell Capital Partners L.P. - 2,669 1,449
Accounts payable:
Trade 1,745 1,681 2,479
Deferred revenues 2,919 1,472 3,665
Other 4,892 5,845 3,963
------- ------- -------
Total current liabilities 12,181 14,395 13,907
------- ------- -------
LONG-TERM LIABILITIES:
Loans and other liabilities (net of current
maturities) 2,110 214 1,626
Loans from Related Parties(net of current
maturities) 292 184 236
Liability for employee rights upon retirement 2,187 2,182 2,196
------- ------- -------
Total long-term liabilities 4,589 2,580 4,058
------- ------- -------
Total liabilities 16,770 16,975 17,965
------- ------- -------
SHAREHOLDERS' EQUITY 5,239 3,565 4,099
(b) (a) (b)
------- ------- -------
Total liabilities and shareholders' equity 22,009 20,540 22,064
======= ======= =======
(a) After reduction of $2,520 shares held in escrow
(b) After reduction of $1,168 shares held in escrow
ELBIT VISION SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
year
3 months ended ended
---------------- --------
Mar-31 December
31,
---------------- --------
2006 2005 2005
------- -------- --------
---------------- --------
U.S. dollars in thousands
(except per share data)
-------------------------
REVENUES 4,052 4,143 20,791
COST OF REVENUES 2,817 2,547 12,223
------- -------- --------
GROSS PROFIT 1,235 1,596 8,568
RESEARCH AND DEVELOPMENT
EXPENSES - net 832 606 2,193
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling 835 722 3,765
General and administrative 553 331 1,565
------- -------- --------
OPERATING PROFIT(LOSS) (985) (63) 1,045
FINANCIAL INCOME (EXPENSES) - net (107) (73) (471)
OTHER INCOME - net 3 19 41
------- -------- --------
PROFIT(LOSS) BEFORE TAXES ON INCOME (1,089) (117) 615
TAXES ON INCOME 1 6 4
------- -------- --------
PROFIT(LOSS) FOR THE PERIOD (1,090) (123) 611
======= ======== ========
AMORTIZATION DUE TO ACQUISITIONS 196 160 548
STOCK BASED COMPENSATION EXPENSES 149
------- -------- --------
EARNING (LOSS) BEFORE AMORTIZATION AND STOCK
BASED COMPENSATION EXPENSES (745) 37 1,159
======= ======== ========
EARNING (LOSS) PER SHARE BASIC (0.04) (0.0046) 0.0230
EARNING (LOSS) PER SHARE DILUTED (0.04) (0.0046) 0.0210
WEIGHTED AVERAGE NUMBER
OF SHARES USED IN
COMPUTATION OF LOSS PER
SHARE
BASIC (IN THOUSANDS) 27,347 25,042 26,500
DILUTED (IN THOUSANDS) 27,347 25,042 28,421
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