Message #27 From:
Stock News Bot Date: February 21, 2007 05:00:00 AM
EVSNF News Elbit Vision Systems Ltd. Announces Fourth Quarter and Full Year 2006 Results
KADIMA, Israel--(BUSINESS WIRE)--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 fourth quarter and full year ended December 31, 2006.
Financial Results
Revenues for the fourth quarter of 2006 were $4.7 million, a decrease of 37% compared with $7.5 million in the fourth quarter of 2005, but an increase of 54% compared with $3.06 million in the third quarter of 2006. Net loss for the fourth quarter of 2006 was $0.284 million, or $0.01 per share, compared to a net profit of $1.247 million, or $0.047 per share, for the fourth quarter of 2005.
Revenues for the fiscal year ended December 31, 2006 were $16.997 million, a decrease of 13% compared to $19.579 million for fiscal 2005. Net loss for 2006 was $6.093 million, or $0.212 per share, compared to a net profit of $0.611 million, or $0.023 per share for 2005. The loss for 2006 reflects non recurring expenses related to the reorganization plan, the loss of the Indian railways contract and selling the Company’s Korean activities. The loss for 2006 without those non recurring items was $3.502 million, or $0.121 per share.
Excluding amortization related to acquisitions, stock based compensation, discontinued operation and non recurring expenses, the Company recorded a net loss of $1.722 million for the fiscal year 2006, compared with a net profit of $1.198 million for the fiscal year 2005.
Record Backlog
To date, the Company has built a backlog of firm orders totaling $14.5 million, the majority of which is expected to be shipped during 2007.
Commenting on this latest financial report, Mr. David Gal, EVS’ Chairman, said: “We have seen significant progress with the implementation of our reorganization plan (announced on October 2006) and we expect the increase of sales and gross and operational profit, experienced during the fourth quarter of 2006, which we see as part of an upward trend, to continue 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) and non-destructive ultrasound inspection systems for heavy manufacturing (automotive, aeronautics, steel and others). EVS maintains headquarters and manufacturing in Israel, R&D operations in Israel, and offers global sales and support coverage.
Safe Harbor:
This press release contains forward-looking statements. 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.
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 2006
IN U.S. DOLLARS
Dec-31
2006
2005
U.S. dollars in thousands (except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents
1,060
710
Restricted deposit (short term)
688
1,810
Accounts receivable:
Trade
3,198
3,355
Other
603
1,147
Inventories
3,968
4,559
Assets held for sale
-
2,645
Total current assets
9,517
14,226
LONG-TERM RECEIVABLES:
Severance pay fund
1,891
1,633
Other long-term receivables
1,066
107
Total long-term receivables
2,957
1,740
PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization
455
535
OTHER ASSETS AND DEFERRED CHARGES -
net of accumulated amortization:
Goodwill
2,363
2,359
Other intangible assets
4,098
3,204
6,461
5,563
Total assets
19,390
22,064
Dec-31
2006
2005
In thousands
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Credit from banks
4,713
2,113
Current maturities of loan from shareholder
160
160
Short term loan from banks
2,015
-
Credit from Cornell Capital Partners L.P.
-
1,449
Accounts payable and accruals:
Trade
3,502
2,478
Deferred revenues
1,617
2,485
Other
3,583
4,670
Liabilities associated with assets held for sale
-
802
Total current liabilities
15,590
14,157
LONG-TERM LIABILITIES:
Loans from Related Parties (net of current maturities)
609
236
Loans and other liabilities (net of current maturities)
-
1,500
Accrued severance pay
2,190
2,072
Total long-term liabilities
2,799
3,808
Total liabilities
18,389
17,965
SHAREHOLDERS’ EQUITY (a)
1,001
4,099
Total liabilities and shareholders’ equity
19,390
22,064
(a) After reduction of $1,168 shares held in escrow
ELBIT VISION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE-MONTH PERIOD ENDED DECEMBER 31, 2006
IN U.S. DOLLARS
12 months ended
3 months ended
Dec-31
Dec-31
2006
2005
2006
2005
U.S. dollars in thousands (except per share data)
REVENUES
16,997
19,579
4,713
7,488
COST OF REVENUES
10,576
11,633
2,419
3,879
CHARGES ASSOCIATED WITH RAILWAYS OF INDIA
1,660
-
-
-
GROSS PROFIT
4,761
7,946
2,294
3,609
RESEARCH AND DEVELOPMENT EXPENSES – net
2,562
2,039
493
909
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Marketing and selling
4,149
3,583
1,139
1,444
General and administrative
1,870
1,127
401
136
Reorganization expenses
200
-
-
-
OPERATING INCOME (LOSS)
(4,020)
1,197
261
1,120
FINANCIAL EXPENSES - net
(1,332)
(437)
(504)
(138)
OTHER INCOME (EXPENSES) –net
(5)
7
13
(3)
INCOME (LOSS) BEFORE TAXES ON INCOME
(5,357)
767
(230)
979
TAXES ON INCOME
5
4
1
-
INCOME (LOSS) FOR THE PERIOD BEFORE DISCONTINUED OPERATION
(5,362)
763
(231)
979
INCOME (LOSS) OF OPERATION OF DISCONTINUED COMPONENTS
