EVSNF - .11 x .115 now with news today...
Wednesday 23 March 2011
Elbit Vision Systems Ltd. (OTCBB: EVSNF.OB), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, today announced its consolidated financial results for the three month period ending December 31, 2010.
Fourth Quarter 2010 Results:
Revenues for the fourth quarter of 2010 were $1.68 million, representing an increase of 130% compared to $0.73 million for the fourth quarter of 2009.
Gross profit on a GAAP basis was $1 million, representing 59% of revenues, compared with a gross loss of $0.03 million for the fourth quarter of 2009. Gross margins increased substantially due to the previously reported restructuring in June 2010.
Operating profit on a GAAP basis was $414 thousand compared with an operating loss of $630 thousand in the fourth quarter of 2009. Operating profit on a non-GAAP basis for the fourth quarter of 2010 was $480 thousand, representing 29% of revenues, compared with a loss of $548 thousand in the fourth quarter of 2009.
Net profit on a GAAP basis for the fourth quarter of 2010 was $322 thousand, compared to a net loss of $5 million in the fourth quarter of 2009. Net profit on a non-GAAP basis for the fourth quarter of 2010 was $388 thousand, compared to a net loss of $1.5 million in the fourth quarter of 2009.
Sam Cohen, CEO of EVS commented, "For the first time in nearly a decade, EVS has begun to demonstrate its potential in its core competency. With a fourth quarter gross profit of over 59% and an operating profit of 29%, we are witnessing the impact of the changes made over the past six months following the sale of Scanmaster.
Having stabilized the company, we are advancing to the next phase of our new business model which includes developing innovative products for our current customer base, as well as our expansion in to new, healthy, and growing markets.
Since this new journey began last June, EVS has had a singular focus to reclaim our place as the world's leading provider of vision technology for automatic surface inspection. With these results our vision for EVS has been validated, and for the first time in a decade, we have evidence that our best days are ahead of us," concluded Mr. Cohen.
Use of Non- GAAP Financial Measures
EVS believes that both non-GAAP financial measures are better principal indicators of the operating and financial performance of its business. The non-GAAP numbers exclude mainly the non-cash equity-based compensation charges recorded in accordance with SFAS 123R as well as associated with purchase price allocation charges. Please see below for more details.
About Elbit Vision Systems Ltd. (EVS): www.evs.co.il
