Elbit Vision Systems announces second quarter of 1996 results.YOQNEAM, Israel--(BUSINESS WIRE)--August 5, 1996--Elbit Vision Systems Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EVSNF) today announced results for the second quarter ended June June: see month. 30, 1996, and the six months ended June 30, 1996. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of 1996 increased 40% to $3,367,000, compared to $2,404,000 for the same period in 1995. Net income for the second quarter of 1996 increased to $10,000 compared to a loss of $(23,000) for the same period in 1995. Earnings per share was $0.00 per share for the second quarter of 1996, same as for the same period in 1995. Net sales for the six months ended June 30, 1996, increased 46% to $6,771,000, compared to $4,645,000 for the same period in 1995. Net income for the second quarter of 1996 increased to $2,000 compared to a loss of $(125,000) for the same period in 1995. Earnings per share was $0.00 per share for the six months ended June 30, 1996, compared to a loss of $(0.02) per share for the same period in 1995. Jossef (Yossi) Barath, president and chief executive officer, commented "We are pleased with our second quarter financial results. Our growth reflects the growing acceptance of our products and technology by the textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. industry. Our financial position is strong, and our new product development efforts are on track." In July July: see month. 1996, the company consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. an initial public offering of an aggregate of 2,000,000 ordinary shares at an initial public offering price of $9.00 per share. The shares were offered by a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism managed by Oppenheimer Op·pen·hei·mer , J(ulius) Robert 1902-1967. American physicist who directed the Los Alamos, New Mexico, laboratory during the development of the first atomic bomb (1942-1945). Noun 1. & Company and Robertson Rob·ert·son , Oscar Palmer Born 1938. American basketball player. As a guard for the Cincinnati Royals, he became in 1962 the only player in National Basketball Association history to average in double figures in scoring, rebounding, and assists. Stephens Ste·phens , Alexander Hamilton 1812-1883. American politician who was vice president of the Confederacy (1861-1865) under Jefferson Davis. & Company. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this offering (after deducting underwriters commission and before offering expenses) was $16,740,000. Elbit Vision Systems Ltd. ("EVS EVS European Voluntary Service EVS Environmental Science EVS Electric Vehicle Symposium EVS Enhanced Vision System EVS environmental studies EVS European Values Study EVS Electronic Verification System EVS Extreme Voltage Shutdown ") designs, develops, manufactures, markets and supports automatic vision inspection and quality monitoring systems including a family of automatic fabric inspection and quality monitoring systems for the textile industry. The company's systems are designed to increase the accuracy, consistency Consistency can refer to:
Elbit Vision Systems Ltd.
Statements of Operations
(In thousands, except per share data)
For the For the
Three Months Ended Six Months Ended
June 30, June 30,
(Unaudited) (Unaudited)
1996 1995 1996 1995
U.S.$ U.S.$ U.S.$ U.S.$
Net sales 3,367 2,404 6,771 4,645 Cost of sales 1,825 1,326 3,670 2,573 Gross profit 1,542 1,078 3,101 2,072 R&D Expenses, net 673 361 1,382 725 M&S Expenses, net 585 456 1,155 905 G&A Expenses 154 178 354 369 Operating income 130 83 210 73 Finance expenses, net 120 106 208 198 Net income (loss) before taxes 10 (23) 2 (125) Income taxes 0 0 0 0 Net income (loss) 10 (23) 2 (125) Net income (loss) per share 0.00 (0.00) 0.00 (0.02) Weighted average number of shares 6,676 6,676 6,676 6,676
Elbit Vision Systems Ltd.
Condensed Balance Sheets
(In thousands)
June 30, December 31,
1996 1995
(Unaudited) (Audited)
U.S. $ U.S. $
Assets Current assets 12,451 10,655 Long-term receivables 840 768 Fixed assets, net 660 667 Other assets, net 346 0 Total assets 14,297 12,090 Liabilities and Shareholders' Equity (Deficiency) Current liabilities 4,121 3,521 Total long-term liabilities 11,085 9,699 Total shareholders' equity (deficiency) (909) (1,130) Total liabilities & shareholders' equity 14,297 12,090 CONTACT: For more information contact: Elbit Vision Systems ("EVS") Ltd. Yossi Barath/Amir Harel Tel: 972-4-993-6400 Fax: 972-4-989-4733 |
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