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crazy Midas not really any action on the news! great PR
EVS’s iBar Receives US Patent Approval
CAESAREA, Israel, Sept. 08, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTC:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today that it has received a US patent approval (application 14/009,557) entitled On-Loom Fabric Inspection System and Method.
The patent covers the workings of EVS’s iBar product for on-loom inspection of woven fabrics in order to identify weaving faults during manufacture.
Mr. Sam Cohen, CEO of EVS, commented, “While protecting our intellectual property is certainly a priority, our goal for this patent has a much more strategic significance. For the first time, EVS will be able to quantify exactly what makes an imperfection a defect. By measuring the exact dimensions that turn a subjective flaw into an objective fault, we intend to eliminate the subjectivity of defects from textile manufacturing. By establishing measurable dimensions for defects, EVS can ensure the market has an accurate, reliable and repeatable way to create global quality standards. This will position the EVS standard as the benchmark for defect identification, against which all other systems will be measured.”
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
Elbit Vision Systems (EVSNF)
0.288 ^ 0.005 (1.77%)
Volume: 934,239 @ 4:03:23 PM ET
Elbit Vision Systems (EVSNF)
0.29 ^ 0.007 (2.47%)
Volume: 722,318 @ 10:59:48 AM ET
Volume Alert!
The Registrant announces that it will hold the Extraordinary General Meeting of Shareholders on October 5, 2016 at 2:00 p.m. (Israel time) at Registrant's offices at 7 Bareket St, Industrial Park Caesarea, Israel. In connection with this meeting, on or about September 7, 2016, the Registrant will mail to shareholders a Notice of the Extraordinary General Meeting of Shareholders and Proxy Statement, and Proxy Card. Attached hereto as Exhibits 99.1 and 99.2 are, respectively, the Notice of Extraordinary General Meeting and Proxy Statement; and Proxy Card.
Elbit Vision Systems' (EVSNF) CEO Sam Cohen on Q2 2016 Results - Earnings Call Transcript
Aug. 12, 2016 5:26 PM ET| About: Elbit Vision Systems Ltd. (EVSNF)
Q2 2016 Earnings Summary
News
EPS of $ misses by $0.00 | Revenue of $2.56M (+ 33.3% Y/Y) beats by $2.56M
Elbit Vision Systems (OTCQB:EVSNF) Q2 2016 Earnings Conference Call August 10, 2016 8:30 AM ET
Executives
Kenny Green - GK Investor Relations
Sam Cohen - Chief Executive Officer
Yaron Menashe - Chief Financial Officer
Analysts
Ian Cassel - MicroCapClub
Brian Kinstlinger - Maxim Group
Mike Schellinger - MicroCapClub
David Kaplan - D.B.K. Advisors
Vipul Gondalia - MicroCapClub
Jason Revland - Blueprint Capital
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Elbit Vision Systems’ Second Quarter 2016 Results Conference Call. All participants are at present in listen-only mode. Following management’s formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded.
You should have all received by now the company’s press release. If you have not received it, please contact Elbit’s investor relations team at GK Investor Relations or view it in the News section of the company’s website, www.evs.co.il.
I would now like to hand the call over to Mr. Kenny Green of GK Investor Relations. Mr. Green, please go ahead.
Kenny Green
Thank you, operator. I like to welcome all of you to EVS’ second quarter 2016 conference call. I would like to welcome all of you to this call and thank EVS’ management for hosting this call. Before we start, I’d like to point out that this conference call may contain forward-looking projections or other forward statements regarding future events or the future performance of the company. These statements are only predictions and EVS cannot guarantee that they will in fact occur. EVS does not assume any obligation to update that information.
Actual events or results may differ materially from those projected, including as a result of changing market trends, reduced demands and the competitive nature of EVS’ industry, as well as otherwise identified in the documents filed by the company with the Securities and Exchange Commission.
With us on the call today are Sam Cohen, CEO; and Yaron Menashe, CFO. Sam will address [ph] EVS and discuss some of the key highlights of the second quarter, while Yaron will summarize some of the financial highlights of the second quarter. After that we will open the call for the question and answer session. I’d like to now hand the call over to Mr. Sam Cohen, EVS’ CEO. Sam please go ahead.
Sam Cohen
I would to welcome all of you to our conference call and thank you for your interest in our company. We are very pleased with the results of the second quarter. This shows substantial revenue growth of 33% over the second quarter of last year and solid sequential growth with increase of 10% over those of the last quarter. These factors indicate that our business is developing and growing as planned. They also support market trends we see in our duration [ph].
As we all know, manufacturing has entered a long term trend towards replacing human with technology. This is particularly true in our target industry textiles. Looking at the numbers, we understand that automation, especially inspection automation is still in its infancy in our markets. We expect these trends will continue to drive our revenue growth for decades.
Our operating profit of $630,000 grew by 26% over last year and 27% versus the prior quarter. The net income, which stood at $587,000, was 19% over the second quarter last year and up 28% versus the prior quarter. We also continue to see positive operating cash flow. We ended the quarter with $4 million in cash and equivalents versus just $1.4 million at the same time last year. Shareholders’ equity stood at $4.8 million versus $1.2 million last year.
Now turning to our business. To capitalize on new and exciting opportunities in our market, we have slightly increased our investment in R&D over the past year. Since then we have continually improved each product we offer by creating modules of tools and features that have been identified as critical need by our customers. This investment has enabled us to broaden our target applications and significantly increase our total available market. In fact, while we initially sold iBar primarily into tire cord application, we are now expanding sales to many other applications. Looking ahead and based on our current backlog level, we expect to continue to show solid third quarter results.
And with that, I’d like to hand over to Yaron Menashe, our CFO.
Yaron Menashe
Thank you, Sam. Today, we announced solid financial results for the second quarter of 2016 demonstrating strong sales and year-over-year growth in revenue, strong improvement in operating margin and substantiated growth in net income.
Revenue for the second quarter of 2016 were $2.6 million representing year-over-year growth of 33% and substantial growth of 10%. Second quarter gross profit was $1.4 million, 24% ahead of those of last year, which represented of those of prior quarter with a gross margin of 54%.
Operating income in the second quarter of 2016 was $630,000, which is an operating margin of 25%. Operating income was 26% ahead of second quarter last year and 22% ahead of that of prior quarter. Net income for the second quarter of 2016 was $587,000, an increase of 19% over last year and 28% over last quarter, representing a net margin of 22%. As of quarter end, our shareholder equity strongly improved and stood at $4.8 million, up from $2.7 million at the end of last year and $1.2 million at the end of last June.
And with that, we’d be happy to take your question. Operator?
Question-and-Answer Session
Operator
Thank you. Ladies and gentlemen, at this time, we will begin the question-and-answer session. [Operator Instructions] The first question is from Ian Cassel of MicroCapClub. Please go ahead.
Ian Cassel
I have a couple of questions kind of relating to the same thing. On previous earnings calls, I believe you mentioned that there were approximately 20 companies that have purchased at least on iBar – I think, it was 20, if I remember correctly. It seems as though that number has remained rather constant over the last few quarters, two or three quarters at least and you’ve obviously communicated there’s strong demand for the iBar. So, I was just wondering why the amount of companies that are at least trialling the product haven’t increased?
Sam Cohen
Hi, Ian, thanks for the question. The main reason for that is we want to control the growth and not create – or not commit on things that we cannot support at the end. So, we currently building the infrastructure to support exponential growth and it’s related to service and support and production. And this is one of the main reason why we – during the last six months we maintain around 20, 25 customers that have one machine or two machines under lend stage – on a lend stage.
Ian Cassel
Okay, thank you. That’s what I thought the answer was. Just wanted to verify that. And kind of a follow-up to that question, of the 20 or 25 companies that have at least purchased one iBar, if there is 20 or 25 companies choose to rollout the product across their companies, what would be your estimate on how many iBars that would represent?
Sam Cohen
That would represent, I would say, at least 200 systems around – behind it.
Ian Cassel
Okay. Okay, thank you.
Operator
The next question is from Michael [indiscernible] of Oppenheimer & Co. Please go ahead.
Unidentified Analyst
Hi. Congratulations on another great quarter. My question really has a little bit more to do with the stock there. Any plans or any updates on getting up listed and reserve split and things like that, so we can open up the shareholder pool? Thanks.
Sam Cohen
Thanks. We constantly evaluating it. As you can see, we can do it any time. We want to make sure that the timing will be the right timing. Again, I can assure that we constantly checking that this is the right time to do it. So when we will decide, obviously, you will know.
Unidentified Analyst
Great. Thanks a lot.
Operator
The next question is from Brian Kinstlinger of Maxim Group. Please go ahead.
Brian Kinstlinger
Hi, Sam, how are you? I may have missed it. How many iBars were sold in the second quarter? And then what’s the total install base right now?
Sam Cohen
Brian, hi, thank you. We did not publish how many iBars yet. I believe that in the next few periods we will publish this information how many iBars. And regarding – you ask how many iBars we sold up until now in total?
Brian Kinstlinger
Yeah, in total.
Sam Cohen
I would say about 170.
Brian Kinstlinger
Okay. And then can you talk about maybe a pipeline while you are not prepared to sell into new customers maybe, are you in active discussions with a variety as you build infrastructure or well that sales process have to hold off until you prepare additional…?
Sam Cohen
No, in the last few months, we brought in our applications and we offer the iBar to other premium customers, VVS. And as we mentioned previously, we opened the iBar to many other applications, mainly technical fabric like composite material, air bags, parachutes, this kind of applications. But we did open it for other applications.
Brian Kinstlinger
And then what kind of investment will be needed to build out that infrastructure that you discussed?
Sam Cohen
It’s not much investment, it’s much – it’s related to time. It takes a little bit more time than we thought to train the people to make sure the technician in the field knows how to do the job. I can say that fortunately or unfortunately depending on which direction you are looking at this, the traditional business is pushing us up every month and it’s basically pushing the service department – this is under – they are under a lot of pressure obviously to support the growth on the traditional business and the growth we are planning to do on the iBar. So we keep hire and train more people and obviously now we are doing it in much strong and aggressive way than we did six months ago because we realized this is the bottleneck and I believe this is what will give us the answer for the next upcoming quarters.
Brian Kinstlinger
Great. And then you mentioned solid financial results in the third quarter. Are there any more details for that? Shall we expect 10% sequential growth is still achievable even with your existing customer base?
Sam Cohen
It’s really hard to say. And this is why we cannot elaborate more on that. It’s difficult for me to predict.
Brian Kinstlinger
Great, okay. And then last questions, how many sales people do you have selling iBar, you are planning to add to that total?
Sam Cohen
Right now I can say this. The infrastructure that we currently have can support much larger growth. Actually our sales people are pushing us to sell much more and get more orders and we – let’s say, the bottleneck is definitely not sales, the bottleneck is service and support. That’s currently the bottleneck.
Brian Kinstlinger
Thank you so much.
Sam Cohen
Let me say that sales can support much stronger growth.
Brian Kinstlinger
Yeah, okay, thank you.
Sam Cohen
You are welcome.
Operator
The next question is from Mike Schellinger of MicroCapClub. Please go ahead.
Mike Schellinger
Yes. I believe that previous conference call, you reported that you sold 15 iBars in Q4 and I believe 45 in Q1. I was wondering if you could tell us how many you sold in Q2?
Sam Cohen
We cannot say, it’s not published yet.
Mike Schellinger
Okay. And in terms of iBar, what if somebody came and ordered an iBar today, what’s sort of the lead time for delivery of an iBar and do you have a substantial backlog of iBar deliveries or you’ve been able to keep up on that?
Sam Cohen
We currently have two places that we can produce iBars. We can produce iBar – manufacture here in our headquarters in Israel and we can also do it in our offices in United States in Greenville, South Carolina. I can say that we can support 100s if not 1000s of iBars every year. This is not the current bottleneck. That’s not the problem at this point.
Mike Schellinger
Okay. Thank you.
Sam Cohen
You are welcome.
Operator
The next question is from David Kaplan of D.B.K. Advisors. Please go ahead.
David Kaplan
Hi, good morning, everyone. Another question I guess going back to the – going back to guidance or lack, I guess, of guidance, the first half of this year was off of pretty relatively easy comps for you guys and if you look back last 12 months in sales equal probably the previous five if not six quarters of sales. So you’ve had a pretty nice ramp up in the first half of 2016 and if you go back to Q3 of 2015, but when I look at those number one of the things that really kind of sticks out at me are two of the things, first of all, the gross profit margin had reached a high in the third quarter 2015 and has now shrunk back down to below 55%, it’s still a very nice gross margin, but it’s very - it fluctuates a lot. So can you talk a little bit about why that happens?
And then the second question has to do with your budget for marketing and sales was quite high in the third quarter 2015, did that have to do with the launch of the iBar, or something specific or related to the iBar, that number came way down for the last two quarters and thinking you said at the end of this second - last-half of this year, what are you budgeting for marketing and sales?
Sam Cohen
Well, the third quarter of 2015 was, I would call it a special quarter. It happens to be that many of the orders were received during – and big size orders received in the second quarter of 2015, which impacted the results of Q3 2015. That’s basically the only reason. It was an unusual quarter and this is – it’s – we also had a very important exhibition in November of 2015, which also impacted – created some uncontrollable ways, let’s call it this way in our results.
So this is the main reason why Q3 2015 was a little bit high or higher than the rest of the quarters. Regarding the budget of sales and marketing, we continue to invest in China. We invest a lot of money in China, as far as building the right infrastructure, as far as new salespeople, new agents and distributors.
We’re now in a process of doing the same thing in South America. And we also did something, I think, extraordinary and very important. We relocated one of our major – one of our, I’d say, strongest engineers from United States to Shanghai and China. And we believe it will create a very strong impact on results.
David Kaplan
Okay. That conference you had in November of 2015, will you be there again in 2016?
Sam Cohen
Actually this exhibition happens every four years. So, we will not have it. But there are many, many other exhibitions, not in that magnitude, not in that size. So, we don’t expect anything like this in the upcoming years. We should say it in 4, in 3.5 years now.
David Kaplan
Okay. And then just, I guess, in terms of share count, there was a big bump of share count between 2015 and 2016. Are there any new shareholder, sorry, share compliance for employees or anything that you guys are planning to come up that we should think about in terms of share count dilutive in 2017, yes?
Sam Cohen
Absolutely not. The change become because one of the major shareholder exercise warrants – his warrants. He invested another $1 million in the company and this is what created the bump in the - or the jump in the number of shares. But we don't expect this in the future. There’s nothing like this in the future.
David Kaplan
Thank you very much.
Sam Cohen
It’s going to be stable.
David Kaplan
Great. Thanks.
Operator
The next question is from Vipul Gondalia of MicroCapClub. Please go ahead.
Vipul Gondalia
Hey, congratulation on a great quarter. My question around cash flow, it looks like you had a great cash flow and cash equivalents raised to almost $4 million. And from what I read, company don’t require more CapEx next year for incremental growth. So, what I have planned for cash flow ever increasing? And apart from that, is there any plans to distribute dividends, or reinvest in growth? And I understand that you don’t need to reinvest in growth, so if you can elaborate a little bit on that, it will be great.
Sam Cohen
Okay. Hello Vipul, as you see, our cash flow – operating cash flow is very similar to our net income. We don’t have any other special expenses that are not cash. And we are not planning any Capex in the coming quarter. We don't need Capex forward. For now, we are not planning dividends, but we will, of course, consider it in the coming quarter.
Vipul Gondalia
Thank you very much. That’s pretty much.
Sam Cohen
You’re welcome.
Operator
The next question is from [indiscernible]. Please go ahead.
Unidentified Analyst
Hi. You were talking about setting the foundation for exponential growth, and it sounded like, that was mainly overcoming a bottleneck in service and support. Can you shed some more light on where you're at in that process of being prepared for service and support? Is that already finished in terms of hiring new people or do we have another quarter for you to lay that foundation?
Sam Cohen
I believe that it will take another three or four months to complete this process and basically prepare it for 2017.
Unidentified Analyst
Okay. Thank you.
Operator
A follow-up question from Vipul Gondalia of MicroCapClub. Please go ahead.
Vipul Gondalia
Yes. Hi, again. So I’ve got a question around receivables, understand that, because there’s a lot of demand on the product. Company also maybe collecting advance from customers, so what are your plans for improving receivables. And do you collect advance, how does it work if you can throw some light on that?
Yaron Menashe
Mr. Vipul thank you for the question. We in general if we get it all from Asia, usually it comes with LC and we usually cover 90%, so we get the money before we even produced a product at least 90% and sometimes it's 100%.
Sam Cohen
And when we receive the product.
Yaron Menashe
Yes, when we receive the product we usually get most of the money and in the Western world Europe and North America usually payments in I would say 95% of our customers from the regions pays about 40%, 50% down payment, additional 40% up on shipping and then 10% service days after installations or something like that. So we secured the cash you prior to starting the installation.
Vipul Gondalia
Thank you, very much.
Sam Cohen
You’re welcome.
Operator
[Operator Instructions] The next question is from Jason Revland of Blueprint Capital. Please go ahead.
Jason Revland
Hi, good morning everyone and thanks for taking my questions. I have two observations and a related question. One it seems obvious that you have more demand than you can or want to satisfy at the moment. And two, you have also been patiently waiting to split and uplift the stock for several quarters despite having all the requirements already satisfied. So my question is are you simply waiting for the stock price to further increase in order to minimize the number of times that you will need to reverse split the stock or is there something else that's holding you up on that. Thank you very much.
Sam Cohen
Well, Jason first of all we need to really understand the advantages and disadvantages and weigh advantages and disadvantages by uplifting. What it’s really going to create for us. Working for sure it’s going to create a lot of headache [ph] for your own that’s for sure. But when weighed both of and we understand the benefits we think - and of course we believe that we can create we should and we believe that the price of our share can be increased. And so we want to make sure we optimize the timing of doing it. So, the answer is all of the above. Your observation is correct.
Jason Revland
Okay, thank you for the question.
Sam Cohen
Okay.
Operator
There are no further questions at this time. Before I ask Mr. Cohen to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available tomorrow on Elbit Vision Systems website www.ebs.co.il. Mr. Cohen would you like to make some concluding statement.
Sam Cohen
Yes, thank you. On behalf of the management of EBS, I would like to thank you all for joining us today. Have a good day.
Operator
Thank you. This concludes The Elbit Vision Systems second quarter 2016 results conference call. Thank you for your participation. You may go ahead and disconnect.
Elbit Vision Systems (EVSNF)
0.33 ^ 0.01 (3.12%)
Volume: 353,387 @ 8:57:40 PM ET
That's more like it!
Missed the CC but it will be
up in EVS site tomorrow
Solid quarter but stock had run up into the report. Up like 25% the past 2 weeks. Anything of note on the CC?
I had expected a more
positive reaction to
the news!
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.
Day's Range 0.32 - 0.33
52wk Range 0.22 - 0.35
2 Cents to Go!
Elbit Vision Systems Schedules Second Quarter 2016 Results Release for August 10, 2016
CAESAREA, Israel, Aug. 03, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (EVSNF), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, announced that it would be releasing its financial results for the second quarter of 2016 on Wednesday, August 10, 2016 before the US markets open.
The Company will also host a conference call the same day, Wednesday, August 10 starting at 8:30 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: 1 866 652 8972 at 8:30 am Eastern Time
Israel: 03 918 0691 at 3:30 pm Israel Time
International: +972 3 918 0691
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’s website at http://www.evs.co.il/ beginning 24 hours after the call.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
And even much better,
Elbit Vision Systems (EVSNF)
0.3188 ^ 0.0398 (14.27%)
Volume: 541,851 @ 3:55:47 PM ET
It's getting better;
Elbit Vision Systems (EVSNF)
0.3 ^ 0.021 (7.53%)
Volume: 525,951 @ 3:21:43 PM ET
All trades are buys and
price goes down?
Go figure!
Winning new customers is
no less important!
EVS Receives $1 Million In Orders for iBar Systems
Vast majority of orders from customers that previously had made initial iBar purchases
CAESAREA, Israel, July 06, 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 that it has received $1 million in orders for iBar systems in the second quarter.
The vast majority were expanded orders to customers that had already made an initial iBar purchase in the past. Approximately two-thirds of the orders were for a tire-cord application and the remainder was for a technical fabric application.
Mr. Sam Cohen, CEO of EVS, commented, “This is certainly a milestone for EVS. We have begun to see iBar make a significant contribution to our bottom line. When we began the development of this product, we knew there was a need and a payback for automation in this area. The fact that the vast majority of these orders are from existing iBar users demonstrates our solution satisfies both.”
Momentum continues 3 days
in a row!
Hopefully the phrase: Volume
precedes price will prove
itself soon!
Someone on MicroCapClub indicated that a newsletter wrote up EVSNF.
Elbit Vision Systems (EVSNF)
0.2825 ^ 0.0025 (0.89%)
Volume: 897,004 @ 3:43:09 PM ET
Extraordinary heavy volume today!
What gives?
Elbit Vision Systems (EVSNF)
0.28 ? 0.0 (0.00%)
Volume: 624,250 @ 10:20:13 AM ET
What's with this enormous volume?
EVS, an innovator in the science of camera-based automatic vision inspection for textile fabrics and technical webs, said the solution utilises high resolution colour line scan technology and enhanced defect sorting algorithms (DSA), to achieve unparalleled defect detection and interpretation.
If the intention of the R/S is
to move to a better Exchange
than EVS can really go places!
That is a nice contract for them. EVSNF is one of my favorite names.
EVS Wins $0.5 Million Order From a Major Nonwoven Fabric Manufacturer
CAESAREA, Israel, May 16, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTC:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today that it received an order of $0.5 million for its IQ-TEX4 systems from a major manufacturer of nonwoven fabrics. These systems are expected to be delivered in the coming weeks.
EVS’ IQ-TEX4 systems will be integrated into the manufacturer’s high-speed lines, replacing existing competition systems.
Mr. Sam Cohen, CEO of EVS, commented, “We are always proud to create new partnerships with new companies, but winning bids to replace competing systems to ours, carry a higher significance. It proves that all of our efforts to create the leading vision inspection technology are bearing fruit. Our vision for the future of manufacturing is becoming a reality with steep upward trends in global labor costs forcing markets into an “adopt or die” situation regarding automation. These factors, coupled with our incredible cost-to-performance pricing model, have positioned EVS well for tremendous growth in the coming years. Moreover, we feel confident that the results of the second quarter will continue to be solid.”
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.
Elbit Vision Systems Announces First Quarter 2016 Results
May 09, 2016 (GLOBE NEWSWIRE via COMTEX) --
Revenues at $2.3 million: up 19% year-over-year
Net income at $0.5 million: up 27% year-over-year
First Quarter 2016 highlights
Revenue at $2.3 million, up 19% year-over-year;
Gross and operating margins at 57.8% and 21.3%, respectively;
Net income of $460 thousand, representing 19.8% of revenues;
Shareholders' equity reached $4.2 million with cash at $3.7 million;
CAESAREA, Israel, May 09, 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 March 31, 2016.
Sam Cohen, CEO of EVS commented, "Our first quarter results show continued growth with increased sales and profitability. For nine consecutive quarters EVS has shown a profit, and given our momentum in orders, 2016 looks to be another solid year. Our legacy products continue to outperform expectations, while iBar has become a significant contributor to our bottom line. As we continue to separate ourselves from our competition through the development of essential, unique tools, we know our best days are still ahead."
First Quarter 2016 Results
Revenues for the quarter were $2.3 million, representing an increase of 19% compared to $1.9 million in the first quarter of 2015.
Gross profit for the quarter was $1.35 million, representing 57.8% of revenues, an increase of 19% compared to $1.12 million for the first quarter of 2015, which represented 57.5% of revenues.
Operating income for the quarter was $496 thousand (21.3% of revenue), an increase of 9% compared to $457 thousand (23.4% of revenues) in the first quarter of 2015.
Net income was $460 thousand (19.8% of revenue), an increase of 27% compared to $363 thousand (18.6% of revenues) in the first quarter of 2015.
Conference call details
The Company will also host a conference call today, May 9, starting at 9:30 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: 1 888 281 1167 at 9:30 am Eastern Time
Israel: 03 918 0691 at 4:30 pm Israel Time
International: +972 3 918 0691
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems' website at http://www.evs.co.il/ beginning 24 hours after the call.
Elbit Vision Systems Ltd. (the “Registrant”) held an Annual General Meeting of Shareholders on May 2, 2016 at 14:00 (Israel time) at the Registrant’s offices at 7 Bareket St, Industrial Park Caesarea, Israel (the “Meeting”). Copies of the Notice of Annual General Meeting, Proxy Statement and Proxy Card relating to the Meeting were filed on Form 6-K by the Registrant on April 1, 2016. The Registrant is announcing that the resolutions relating to the: (i) election of Josef Ran, Sam Cohen, Yaron Menashe, Yaky Yanay and Natan Avisar as Directors for a term commencing on the date of the Meeting until the next Annual General Meeting of Shareholders to be held in the year 2017 (ii) approval of a reverse share split of the Registrant’s Ordinary Shares at an exchange ratio of not less than 1-for-5 and not more than 1-for-30 and authorization of the Registrant's Board of Directors, in its discretion, to direct the Registrant's management to implement such reverse share split at an exchange ratio within this range within nine months following the Meeting and amendment of the Articles of Association of the Registrant accordingly; (iii) approval of re-appointment of Brightman as the independent public accountants for the year ending December 31, 2015 and authorization of the Audit Committee to fix the remuneration of the Registrant’s independent public accountants in accordance with the volume and nature of their services, were all duly approved by the shareholders of the Registrant at the Meeting.
This report on Form 6-K is incorporated by reference into all effective registration statements filed by the Registrant under the Securities Act of 1933.
Elbit Vision Systems Schedules First Quarter 2016 Results Release for May 9, 2016
Conference call scheduled for May 9, 2016
Elbit Vision Systems Ltd.
CAESAREA, Israel, May 03, 2016 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (EVSNF), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, announced that it would be releasing its financial results for the first quarter of 2016 on Monday, May 9, 2016 before the US markets open.
The Company will also host a conference call the same day, Monday, May 9 starting at 9:30 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: 1 888 281 1167 at 9:30 am Eastern Time
Israel: 03 918 0691 at 4:30 pm Israel Time
International: +972 3 918 0691
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’s website at http://www.evs.co.il/ beginning 24 hours after the call.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
Reverse share split as in ~85%
is a negative however in some
cases whereas the financials
overall improve coupled with the
intention of listing in a superior
exchange it could well be one of
the rare cases to prove that R/S
marks a turning point for the
company!
I guess time will tell.
This certainly is a very logical
explanation to the pps recent shrinkage.
Thank you hweb2 for your input!
Check today's filing about the annual meeting:
2.
To approve a reverse share split of the Company’s Ordinary Shares at an exchange ratio of not less than 1-for-5 and not more than 1-for-30 and to authorize our Board of Directors, in its discretion, to direct the Company's management to implement such reverse share split at an exchange ratio within this range within nine months following the Meeting and to amend the Articles of Association of the Company accordingly.
Where do you see that .. ?? >>>
And looks like they just filed to do a reverse split.
Annual numbers look good. But Q4 was disappointing after such a strong Q3. And on the CC, despite only a few days left in the quarter, the CEO wouldn't say anything about Q1. Not sure if that means anything, but maybe a bad sign. The good news is they want to list on a national exchange. CC said something in the next few months. And looks like they just filed to do a reverse split.
The Registrant announces that it will hold the Annual General Meeting of Shareholders on May 2, 2016 at 2:00 p.m. (Israel time) at Registrant's offices at 7 Bareket St, Industrial Park Caesarea, Israel. In connection with this meeting, on or about April 5, 2016, the Registrant will mail to shareholders a Notice of the Annual General Meeting of Shareholders and Proxy Statement, and Proxy Card. Attached hereto as Exhibits 99.1 and 99.2 are, respectively, the Notice of Annual General Meeting and Proxy Statement; and Proxy Card.
I would have expected a nice price
increase after this excellent news!
Elbit Vision Systems Announces Record Results for 2015
Elbit Vision Systems Ltd.
March 29, 2016 4:00 PM
Record revenues at $9.1 million: up 37% year-over-year
Record net income at $2.1 million: up 3.2X year-over-year
Fourth Quarter 2015 highlights
Revenue at $2.3 million, up 18% year-over-year
Gross and operating margins at 53.2% and 16.5%, respectively
Net income of $333 thousand, representing 14.2% of revenues
Full year 2015 highlights
Revenue at $9.1 million, up 37% year-over-year
Gross and operating margins at 57.5% and 24.8%, respectively
Record net income of $2.1 million, representing 23.2% of revenues
Positive operating cash flow of $1.52 million with year-end cash and equivalents at $3.3 million
CAESAREA, Israel, March 29, 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 fourth quarter and full year ending December 31, 2015.
Sam Cohen, CEO of EVS commented, “We are very pleased with our 2015 results. They demonstrate strong revenue growth over the past year, with a significant increase in net profits. The main reason for the strong sales growth and high margins is the outstanding performance of our legacy products; IQ-TEX4 and SVA, as well as an increasing contribution from iBar.”
Continued Mr. Cohen, “Looking ahead, we expect to see continued growth from IQ-TEX4 and SVA, and we certainly expect iBar to have a significant impact on our future. We have had great success with our iBar installations so far and look for this product to spread throughout the industry.”
Fourth Quarter 2015 Results
Revenues for the quarter were $2.3 million, representing an increase of 18% compared to $2.0 million in the fourth quarter of 2014.
Gross profit for the quarter was $1.25 million, representing 53.2% of revenues, an increase of 14% compared to $1.1 million for the fourth quarter of 2014, which represented 55.3% of revenues.
Operating income for the quarter was $388 thousand (16.5% of revenue), an increase of 3.7% compared to $374 thousand (18.8% of revenues) in the fourth quarter of 2014.
Net income was $333 thousand (14.2% of revenue), an increase of 112% compared to $157 thousand (7.9% of revenues) in the fourth quarter of 2014.
Full Year 2015 Results
Revenues for the year were $9.1 million, representing an increase of 37% compared to $6.6 million in 2014.
Gross profit for the year was $5.2 million, representing 57.5% of revenues, an increase of 50% compared to $3.5 million for 2014, which represented 52.7% of revenues.
Operating income for the year was $2.3 million (24.8% of revenue), an increase of 121% compared to $1.0 million (15.4% of revenues) in 2014.
Net income was $2.1 million (23.2% of revenue), an increase of 222% compared to $658 thousand (9.9% of revenues) in 2014.
The Company reported a positive operating cash flow of $1.52 million for the year.
As of December 31, 2015, cash and cash equivalents were $3.3 million.
Conference call details
The Company will also host a conference call tomorrow, March 30, starting at 09:00 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: 1 888 668 9141 at 09:00 am Eastern Time
Israel: 03 918 0691 at 4:00 pm Israel Time
International: +972 3 918 0691
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’ website at http://www.evs.co.il/ beginning 24 hours after the call.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
EVS Wins in Excess of $400 Thousand Order for IQ-TEX4 Systems for Denim Application
EVS to publish its full year 2015 results, post-market, on March 29 & its conference call on March 30
Elbit Vision Systems Ltd.
March 24, 2016 5:00 PM
CAESAREA, Israel, March 24, 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 that it received an order in excess of $400 thousand. The solution combines two complementary technologies developed by EVS, which solves the problem of inspecting Denim, a material which poses many difficulties for human inspection.
Mr. Sam Cohen, CEO of EVS, commented, “Over the last 5 years, we have successfully created a versatile and flexible platform for our SVC program for exactly these reasons. Denim, an enormous market for EVS, has always been a fabric that our technology just could not conquer, until now. Our engineers have successfully combined multiple SVC modules to create an extraordinary product for this difficult fabric. Today, we can proudly say that we have a real, consistent, reliable automatic inspection system for denim fabrics.”
EVS also announced that it would be releasing its financial results for the fourth quarter and full year of 2015 on Tuesday, March 29, 2016 after the US markets close. The Company will also host a conference call the next day, Wednesday, March 30, 2016 starting at 9:00 am ET. To participate, please call one of the following telephone numbers:
US: 1 888 668 9141 at 9:00 am Eastern Time
Israel: 03 918 0691 at 4:00 pm Israel Time
International: +972 3 918 0691
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’ website at http://www.evs.co.il/ beginning 24 hours after the call.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
Well, i would have thought that
after a filing of this nature
pps would appreciate substantially!
Now, what do i know?!
Elbit Vision Systems Ltd Bullish Signal SMD Advanced Technologies Ltd increased Stake
01/21/2016 BY OCTASTAFF IN SEC 13G & 13D FILINGS
S.M.D. Advanced Technologies Ltd increased Position in Elbit Vision Systems Ltd
S.M.D. Advanced Technologies Ltd has filled a SC 13G/A form regarding Elbit Vision Systems Ltd . Filing Link: 000117891316004016. Per S.M.D. Advanced Technologies Ltd’s filing, the filler reported increased stake in the company by 37.50 % to 6,000,000 shares. S.M.D. Advanced Technologies Ltd now owns 6.43% of the company. This form was required due to trading activity on January 21, 2016.
Form 13G is used when the filer owns between 5% and 20% of the company and plans to hold it only as a passive investor. If the filler intend to exert control and if the stake’s size exceeds 20%, then a 13D must be filed. Therefore, activist investors and practices such as: hostile takeovers, company breakups, and other “change of control” events, are not permitted by 13G filers.
Read more: http://www.octafinance.com/elbit-vision-systems-ltd-bullish-signal-smd-advanced-technologies-ltd-increased-stake/340588/#ixzz3xwiuSCfp
Sam Cohen, CEO of EVS commented,
EVS Announces Investors’ Exercise of Warrants: Brings Additional $1.2 Million in Cash to Balance Sheet
CAESAREA, Israel, Jan. 06, 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 that existing investors, Avi Gross and SMD Advanced Technologies Ltd., have exercised warrants previously issued in connection with their investments into an aggregate of 7,715,687 ordinary shares, constituting 8.28% of the issued shares of the Company, following the exercise. Avi Gross now holds a total of 17,027,864 ordinary shares of EVS constituting 18.27% of the Company’s issued shares and SMD Advanced Technologies Ltd., holds 6,000,000 ordinary shares constituting 6.44%. The total number of outstanding shares at EVS following the exercise, 93,207,242, and the cash from this exercise brings the current cash on the balance sheet to $3,200,000.
Sam Cohen, CEO of EVS commented, “The decision to convert these warrants to shares is a real vote of confidence in the future of EVS. These investors truly understand our vision and believe in the path we are taking to become the leader in automatic vision inspection for the textile industry. For EVS, this additional capital significantly strengthens our balance sheet and gives us additional working capital to fuel our growth.”
My uneducated opinion says
it is the end year tax shuffle
reasons.
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