Elbit Vision Systems Announces First Quarter 2017 Results
Revenues at $2.5 million: up 7% year-over-year
Net income at $0.5 million: up 5% year-over-year
First Quarter 2017 highlights
Revenue at $2.5 million, up 7.4% year-over-year
Gross and operating margins at 54.1% and 20.2%, respectively
Net income of $482 thousand, representing 19.3% of revenues
Shareholders’ equity reached $6.3 million with cash and equivalents at $4.5 million
CAESAREA, Israel, April 27, 2017 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, today presented its consolidated financial results for the quarter ending March 31, 2017.
Sam Cohen, CEO of EVS commented, “Obviously, we are pleased with our continued growth and the overall positive trend in our results; however, this is not our sole priority. We are focused on the much bigger goal of total automation within the textile market. Given our sustained, steady growth in IQ-TEX4 sales, along with the excitement we see in the industry regarding iBar, EVS is perfectly positioned to become the dominant technology supplier to the second largest consumer market in the world.”
First Quarter 2017 Results
Revenues for the quarter were $2.5 million, representing an increase of 7.4% compared to $2.3 million in the first quarter of 2016.
Gross profit for the quarter was $1.4 million, representing 54.1% of revenues, an increase of 1% compared to $1.3 million for the first quarter of 2016, which represented 57.8% of revenues.
Operating income for the quarter was $505 thousand (20.2% of revenue), an increase of 1.8% compared to $496 thousand (21.3% of revenues) in the first quarter of 2016.
Net income was $482 thousand (19.3% of revenue), an increase of 4.8% compared to $460 thousand (19.8% of revenues) in the first quarter of 2016.
Management will not hold a conference call this quarter due to the close proximity of the previous call held two weeks ago. Investors are welcome to contact management or the investor relations team should they have any questions.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
EVS offers a broad portfolio of automatic State-of-the-Art Visual Inspection Systems for both in-line and off-line applications, and process monitoring systems used to improve product quality, safety, and increase production efficiency. EVS' systems are used by over 800 customers, many of which are leading global companies.
This press release and other releases are available on www.evs.co.il
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