Elbit Vision Systems Ltd. (fka EVSNF)

[midastouch017]

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: [phone]

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