Elbit Vision Systems Ltd. Reports Financial Results for the First Nine Months and Third Quarter of 2006 and Announces Entering into an Agreement for the Sale of Its Holdings in Yuravision Co. Ltd.YOQNEAM, Israel -- Elbit Vision Systems, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EVSNF): [TABLE OMITTED] Elbit Vision Systems, Ltd. (OTCBB: EVSNF), a leading provider of automatic optical inspection and quality 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, today announced its consolidated financial results for the first nine months of 2006 and third quarter ended September 30, 2006. Financial Results Revenues for the first nine months of 2006 were $12,284,000, an increase of approximately 1.6% compared with $12,092,000 in the first nine months of 2005. Revenues for the third quarter of 2006 were $3,061,000 a decrease of approximately 21% compared with $3,862,000 in the third quarter of 2005. Revenues for the first nine month and for the third quarter of 2006 from the sale of Automatic Optical Inspection systems and services were $5,391,000 and $1,208,000 respectively, compared with $5,392,000 and $2,652,000 for the same periods in 2005. Revenues for the first Nine months and for the third quarter of 2006 from the sale of non-destructive ultrasound inspection systems and services were $6,893,000 and $1,853,000 respectively, compared with $6,700,000 and $1,210,000 for the same periods in 2005. Net loss for the first nine months of 2006 was $5,804,000, or $0.203 per share, compared to a net loss of $636,000, or $0.024 per share, for the same period of 2005. Net loss for the third quarter of 2006 was $4,373,000, or $0.148 per share, compared to a net loss of $296,000, or $0.011 per share, for the third quarter of 2005. Excluding amortization related to acquisitions, stock based compensation and 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. , the Company recorded a net loss of $3,415,000 in the third quarter of 2006, compared with a net loss of $33,000 in the third quarter of 2005. In addition, 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 recently entered into an agreement to sell all of its holdings in Yuravision Co. Ltd., which represent 51% of Yuravision's share capital, and all of the outstanding debt owed to EVS by Yuravision. The purchase price for the shares and the debt, will be paid in a number of installments. The consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction is subject to certain closing conditions and is expected to take place by the end of December. This sale will result in a loss of $501,000. Comments of Management Commenting on this latest financial report, Mr. David Gal EVS' Chairman said: "This quarter we had certain circumstances which affected our results, including the previously reported termination of the sale by ScanMaster (EVS's fully owned subsidiary) of two ultrasonic testing In ultrasonic testing, very short ultrasonic pulse-waves with center frequencies ranging from 0.1-15 MHz and occasionally up to 50 MHz are launched into materials to detect internal flaws or to characterize materials. car by the Indian Ministry of Railways, which resulted in recording $1.9 million in losses and recording one time expenses in an amount of $0.2 million as a result of the previously reported Company 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. which was approved in October by our Board of Directors. We are confident that focusing on our core business and completing the reorganization plan will allow us to improve our financial results in the coming quarters." About Elbit Vision Systems Ltd. (EVS): 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 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. This press release and other releases are available on www.evs.co.il [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion