( EVSNF ) - Elbit Vision Systems Announces Fourth Quarter and Full Year 2005 Results
Monday February 27, 7:30 am ET
90% Year-Over-Year Revenue Growth
YOKNEAM, Israel--(BUSINESS WIRE)--Feb. 27, 2006--Elbit Vision Systems, Ltd. (OTCBB:EVSNF - News):
Annual Highlights
Amounts in US$ Million
for years ending 31 December
----------------------------------------------------------------------
2005 2004
----------------------------------------------------------------------
Net Sales 20.791 10.96 90% Increase
----------------------------------------------------------------------
Transition from
Net Profit 0.611 Loss (5.905) Loss to Profit
----------------------------------------------------------------------
Earning (loss)
before amortization Transition from
due to acquisitions 1.159 Loss (4.711) Loss to Profit
----------------------------------------------------------------------
Elbit Vision Systems Ltd. (OTCBB:EVSNF - News), a global leader in the field of automatic in-line optical web inspection and quality monitoring systems, announced today its consolidated financial results for the fourth quarter and full year ended December 31, 2005.
Increased Revenue
With annual revenue of $20.791 million for Year End 2005, the company has achieved an increase of 90% in Sales in comparison with $10.96 million for Year End 2004. Revenues for Q4 2005 reached $8.076 million - an increase of 120% in comparison to $3.664m in Q4 2004.
Transition from Loss to Profit
An annual Net Profit of $0.611 million, or $0.023 per share, at Year End 2005 brought about the company's transition from Loss to Profit when compared to the net loss of $5.905 million, or $0.32 million per share, for Year End 2004. Net profit for the fourth quarter of 2005 was $1.247 million, or $0.047 per share, compared to a net loss of $4.196 million, or $0.16 per share, in Q4 2004. The Company recorded $1.159 million in earnings prior to amortization for Year End 2005, compared to a loss of $4.711 million for Year End 2004.
Commenting on this latest financial report, Mr. Yaky Yanay, Chief Financial Officer of EVS, said: "The culmination of 2005 as an eminently profitable year, after seven years of losses, is the strongest possible evidence of the successful completion of the turnaround of the company. Throughout 2005 we focused on integrating our structure and technologies, as well as reducing our operational costs, while continuing to provide better comprehensive solutions to our valued customers.
"We are very pleased with our financial results and the ongoing increase in our revenues and the encouraging improvement in our overall financial results. By end 2005 we have succeeded in leveraging our business via 2004 acquisitions and have reached a new era of profitable growth.
"With a steadily growing demand for all our product lines we are confident that we have taken the optimal structural and organizational steps to improve our profitability. We have prioritized on enhancing yield and increasing our market share for our optical and ultrasonic inspection systems - especially in emerging markets such as India and China - and are realizing a high level of success with this strategy."
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 throughout a wide diversity of applications. The Company's Micro-electronic Division provides state-of-the-art optical and laser-based inspection and correction systems for the manufacture of LCDs, FPDs and Bare Wafers. The Company's Industrial Division provides Automatic Optical Inspection (AOI) and non-destructive ultrasound inspection systems for the heavy manufacturing industries (automotive, aeronautics, steel and others). EVS maintains headquarters and manufacturing in Israel, R&D operations in Israel and Korea, and maintains worldwide Sales and Service networks to support hundreds of inspection systems installed in 25 countries.
Songs I Luv
( NEWER )
( NEW )
AI
