Elbit Vision Systems Announces Second Quarter 2016 Results
GlobeNewswire•August 10, 2016
Revenues at $2.6 million, up 33% year-over-year
Net income at $587 thousand, up 19% year-over-year
Second Quarter 2016 highlights
Revenue at $2.6 million, up 33% year-over-year;
Gross and operating margins at 54.3% and 24.6%, respectively;
Net income of $587 thousand, representing 23% of revenues;
Shareholders’ equity reached $4.8 million (versus $1.3 million at quarter-end Q2 2015)
Quarter-end cash and equivalents were $3.95 million (versus $1.4 million at quarter-end Q2 2015)
CAESAREA, Israel, Aug. 10, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today its consolidated financial results for the quarter ending June 30, 2016.
Sam Cohen, CEO of EVS commented, “We are certainly pleased with our second quarter results, which show continued revenue growth. Demand for our legacy products remains very strong, while iBar sales continue trending upward. iBar has established itself within the industry to be a breakthrough product offering incredible performance and immediate payback. Our market has thoroughly tested this new technology, accepted its performance and value and is now budgeting capital for more substantial orders.”
Second Quarter 2016 Results
Revenues for the quarter were $2.6 million. This represents an increase of 33% compared to $1.9 million in the second quarter of 2015 and 9.7% sequential growth compared to $2.3 million in the prior quarter.
Gross profit for the quarter was $1.4 million (54.3% of revenues). This is compared to $1.1 million (58.5% of revenues) for the second quarter of 2015 and $1.3 million (57.8% of revenues) in the previous quarter. The variance in the gross margin between quarters is due to the product and geographic mix of sales made in a specific quarter.
Operating income for the quarter was $630 thousand (24.7% of revenue). This is compared to $502 thousand (26.1% of revenues) in the second quarter of 2015, and $496 thousand (21.3% of revenues) in the previous quarter.
Net income was $587 thousand (23.0% of revenue). This represents an increase of 19% compared to $493 thousand (25.7% of revenues) in the second quarter of 2015, and an increase of 27.6% compared to $460 thousand (19.8% of revenues) in the previous quarter.
