Message #21 From:
Stock News Bot Date: December 7, 2006 05:11:00 AM
EVSNF News 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.
Net Income (Loss) before amortization, stock based compensation
and discontinued operation
$(4,139)
$253
Elbit Vision Systems, Ltd. (OTCBB: EVSNF), a leading provider of
automatic optical inspection and quality non-destructive ultrasound
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, 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 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 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 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 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) 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.
CONSOLIDATED BALANCE SHEETS
Sep-30
Dec-31
2006
2005
2005
U.S. dollars in thousands (except per share data)
Assets
CURRENT ASSETS:
Cash and cash equivalents
276
679
710
Restricted deposit (short term)
1,820
1,750
1,810
Accounts receivable:
Trade
3,077
2,294
3,355
Other
1,054
1,152
1,147
Inventories
3,829
6,046
4,559
Assets held for sale
1,992
2,368
2,645
Total current assets
12,048
14,289
14,226
LONG-TERM RECEIVABLES:
Severance pay fund
1,865
1,592
1,633
Other long-term receivables
140
104
107
Total long-term receivables
2,005
1,696
1,740
PROPERTY, PLANT AND
EQUIPMENT – net of
accumulated depreciation and
amortization
491
549
535
OTHER ASSETS AND DEFERRED CHARGES -
net of accumulated amortization:
Goodwill
2,363
2,421
2,359
Other intangible assets
4,265
3,295
3,204
Deferred charges
-
343
-
6,628
6,059
5,563
Total assets
21,172
22,593
22,064
Sep-30
Dec-31
2006
2005
2005
In thousands
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Credit from banks
3,787
2,800
2,113
Current maturities of loan from shareholder
160
160
160
Credit from Cornell Capital Partners L.P.
-
1,750
1,449
Accounts payable and accruals:
Trade
2,732
3,117
2,478
Deferred revenues
3,586
3,792
2,485
Other
4,217
4,687
4,670
Liabilities associated with assets held for sale
831
804
802
Total current liabilities
15,313
17,110
14,157
LONG-TERM LIABILITIES:
Loans from Related Parties (net of current maturities)
461
225
236
Loans and other liabilities (net of current maturities)
2,000
-
1,500
Accrued severance pay
2,215
2,086
2,072
Total long-term liabilities
4,676
2,311
3,808
Total liabilities
19,989
19,421
17,965
SHAREHOLDERS’ EQUITY (a)
1,183
3,172
4,099
Total liabilities and shareholders’ equity
21,172
22,593
22,064
(a) After reduction of $1,168 shares held in escrow
