Elbit Vision Systems Reports Financial Results for the 4th Quarter and Full Year 2004.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. -- Quarterly Revenues More than Double; Annual Revenues Up 73%; Record $17.1M Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Positions Company for Growth and Profitability Elbit Vision Systems, Ltd. (OTCBB OTCBB See OTC Bulletin Board (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 fourth quarter and fiscal year ended December December: see month. 31, 2004. Financial Results Revenues for the fourth quarter of 2004 were $3,664,000, an increase of 136% compared with $1,553,000 in the fourth quarter of 2003. Net loss for the fourth quarter of 2004 was $4,196,000, or $0.16 per share, compared to a net loss of $118,000, or $0.01 per share, for the fourth quarter of 2003. Revenues for the fiscal year ended December 31, 2004 were $10,960,000, an increase of 73% compared to $6,328,000 for fiscal 2003. Net loss for 2004 was $5,905,000, or $0.32 per share, compared to a net loss of $982,000, or $0.10 per share for 2003. The loss for 2004 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 and expenses related to the Company's acquisitions and efficiency program of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3,000,000 (see below). Highlights of 2004 Record Backlog In addition to booking $11 million in sales during 2004, the Company has built a backlog of firm orders totaling as of today $17.1 million, the majority of which is expected to ship during 2005. Approximately $8.5 million of this backlog is from Far Eastern customers. Acquisitions Program --In Q2, the Company acquired 51% of Yuravision Co. Ltd., a South Korea-based company which develops visual inspection software and systems for the 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. industry, to position itself for significant opportunities in China, India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. and other regions in the Far East. --In Q3, the Company completed its acquisition of ScanMaster Systems (IRT IRT Item Response Theory IRT In Regard To IRT Incident Response Team IRT In Reference To IRT In Regards To IRT Icing Research Tunnel (wind tunnel) IRT Interborough Rapid Transit ) which develops, manufactures and markets ultrasonic ultrasonic /ul·tra·son·ic/ (-son´ik) beyond the upper limit of perception by the human ear; relating to sound waves having a frequency of more than 20,000 Hz. ul·tra·son·ic adj. 1. inspection equipment for the automotive, transportation and metal industries. ScanMaster contributed $2.4 million of the Company's revenues for Q4, the first complete quarter following its acquisition, and orders for its systems account for more than $10 million of the Company's backlog. Non Recurring Expenses and Expenses Related to the Company's Acquisition Program During 2004, the Company recorded expenses of $1,650,000 related to the Company's acquisitions program and non recurring expenses of $1,300,000 related to its efficiency program and other expenses. Appointment of 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. In Q4, Mr. Zami Aberman, the Company's CEO for the past two years, stepped down from his position, and the Board of Directors appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Mr. Menashe Shohat as the new CEO. Mr. Shohat brings 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 14 years of experience in the inspection market, including 3 years as CEO of ScanMaster during which he executed a successful turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. , bringing it to profitability. Comments of Management "Our loss for the quarter reflects the completion of our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). program, which has enabled us to enter 2005 with a much leaner expense model," said Mr. Yaky Yanay, Chief Financial Officer of EVS. "With a significant level of firm orders in hand for all our product lines, including a large portion from the Far East, we are confident in our ability to increase revenues and achieve profitability." About Elbit Vision Systems (EVS): 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 Microelectronic The miniaturization of electronic circuits. See chip. Division provides state-of-the-art optical and laser-based inspection and correction systems for the manufacture of LCDs, FPDs and Bare Wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. . 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 Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. , 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 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
December 31
-------------------
2004 2003
--------- ---------
U.S. dollars in
thousands
-------------------
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents 1,222 1,789
Restricted deposit 768 537
Accounts receivable:
Trade 2,287 1,021
Other 980 620
Inventories 4,682 3,139
--------- ---------
T o t a l current assets 9,939 7,106
--------- ---------
INVESTMENTS AND LONG-TERM RECEIVABLES:
Funds in respect of employee rights upon
retirement 1,389 622
Other long-term receivables 187 99
--------- ---------
1,576 721
--------- ---------
PROPERTY AND EQUIPMENT, net of accumulated
depreciation and amortization 1,057 414
--------- ---------
OTHER ASSETS AND DEFERRED CHARGES -
net of accumulated amortization:
Goodwill 2,448 -
Other intangible assets 4,090 -
Deferred charges 343 -
---------
6,881 -
--------- ---------
T o t a l assets 19,453 8,241
========= =========
December 31
------------------
2004 2003
--------- --------
U.S. dollars in
thousands
------------------
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Credit from banks 1,394 1,006
Current maturities of loan from shareholder 160 160
Credit from Cornell Capital Partners L.P. 3,328 -
Accounts payable and accruals:
Trade 2,450 651
Deferred income 789 78
Other 6,637 2,704
--------- --------
T o t a l current liabilities 14,758 4,599
--------- --------
LONG-TERM LIABILITIES:
Loans and other liabilities (net of current
maturities) 408 287
Liability for employee rights upon retirement 2,141 979
--------- --------
T o t a l long-term liabilities 2,549 1,266
--------- --------
COMMITMENTS AND CONTINGENT LIABILITIES
--------- --------
T o t a l liabilities 17,307 5,865
--------- --------
SHAREHOLDERS' EQUITY: 2,146(a) 2,376
--------- --------
T o t a l liabilities and shareholders'
equity 19,453 8,241
========= ========
(a) After reduction of $2,520 shares held in escrow
ELBIT VISION SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
12 months ended 3 months ended
December 31 December 31
--------------- ---------------
2004 2003 2004 2003
------- ------- ------- -------
U.S. dollars in thousands
(except per share data)
-------------------------------
REVENUES: 10,960 6,328 3,664 1,553
------- ------- ------- -------
COST OF REVENUES: 8,542 3,748 4,613 859
------- ------- ------- -------
GROSS PROFIT 2,418 2,580 (949) 694
RESEARCH AND DEVELOPMENT COSTS - net 2,456 1,431 884 259
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES:
Marketing and selling 3,527 1,598 1,007 479
General and administrative 2,153 637 1,072 39
------- ------- ------- -------
OPERATING LOSS (5,718) (1,086) (3,912) (83)
FINANCIAL INCOME (EXPENSES) - net (297) 60 (275) (56)
OTHER INCOME 116 47 (7) 21
------- ------- ------- -------
LOSS BEFORE TAXES ON INCOME (5,899) (979) (4,194) (118)
TAXES ON INCOME 6 3 2 -
------- ------- ------- -------
LOSS FOR THE YEAR (5,905) (982) (4,196) (118)
======= ======= ======= =======
LOSS PER SHARE - BASIC AND DILUTED (0.32) (0.10) (0.16) (0.01)
======= ======= ======= =======
WEIGHTED AVERAGE NUMBER OF SHARES USED
IN COMPUTATION OF LOSS PER SHARE -
BASIC AND DILUTED (IN THOUSANDS) 18,724 10,175 25,682 10,175
======= ======= ======= =======
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