Elbit Vision Systems Announces Second Quarter 2017 Results
Revenues at $2.3 million; Net Income of $0.4 million
Second quarter 2017 highlights
Revenue at $2.3 million;
Gross and operating margins at 55.9% and 18.7%, respectively;
Net income of $396 thousand, representing 17.4% of revenues;
Shareholders' equity reached $6.7 million with cash and equivalents at $4.4 million;
CAESAREA, Israel, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. EVSNF, -3.12% 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 June 30, 2017.
Sam Cohen, CEO of EVS commented, "We have experienced some delays in several large orders from the US, and we have seen a softer than expected market in China. However, all indications point to a healthy backlog by year end. Moreover, our recent successes in iBar placements give us a reason to be excited about the future. We have received land orders in recent weeks that represent several hundred potential units in the Automotive and Technical Textile markets. These orders prove that our drive to automate this industry is certainly within reach."
Second quarter 2017 ResultsRevenues for the quarter were $2.3 million, an 11% decrease compared to $2.6 million in the second quarter of 2016.
Gross profit for the quarter was $1.3 million, representing 55.9% of revenues, a decrease of 8% compared to $1.4 million for the second quarter of 2016, which represented 54.3% of revenues.
Operating income for the quarter was $427 thousand (18.7% of revenue), a decrease of 32% compared to $630 thousand (24.7% of revenues) in the second quarter of 2016.
Net income was $396 thousand (17.4% of revenue), a decrease of 32% compared to $587 thousand (23.0% of revenues) in the second quarter of 2016.
Conference call detailsThe Company will also host a conference call later today at 9:00 am ET. Sam Cohen, Chief Executive Officer and Yaron Menashe, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.
To participate, please call one of the following telephone numbers at least 10 minutes before the start of the call:
US: 1 866 668 9141 at 10 am Eastern Time
Israel: 03 918 0610 at 5 pm Israel Time
International: +972 3 918 0610
