Elbit Vision Systems Announces Third Quarter 2017 Results
Tue December 5, 2017 8:30 AM|GlobeNewswire|About: EVSNF Q3: 12-02-17 Earnings Summary News EPS of $0.04 Revenue of $2.53M (+ 2.0% Y/Y) Third quarter 2017 highlights
Revenue at $2.5 million, up 10% sequentially; Gross and operating margins at 50% and 14%, respectively; Net income of $350 thousand, representing 14% of revenues; Shareholders’ equity reached $7.1 million with cash and equivalents at $4.0 million;
CAESAREA, Israel, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Elbit Vision Systems Ltd. (OTCBB:EVSNF), a pioneer in the science of machine vision inspection for textile fabrics and technical webs, today presented its consolidated financial results for the quarter ending September 30, 2017.
Sam Cohen, CEO of EVS commented, “As we expected, the third quarter shows sequential improvement in our revenues due to a growth in orders across all of our product lines. Although we have seen exciting growth in the US and Europe, slower sales in China have kept our revenues flat. However, November saw some significant successes in iBar trials with customers in Asia and we believe this will improve our results in the upcoming quarters in Asia.
We know from our customers that for EVS to realize its full potential, we must continue to improve our capabilities and expand our features. To that end we have hired new skilled field engineers and increased our software development team.”
Third Quarter 2017 Results
Revenues for the quarter were $2.5 million, a 2% increase over the $2.5 million reported in the third quarter of last year and a 10% increase compared to the $2.3 million reported in the previous quarter.
Gross profit for the quarter was $1.3 million, representing 50.0% of revenues. This is compared to $1.4 million for the third quarter of 2016, which represented 54.9 % of revenues and $1.3 million as reported in the previous quarter.
Operating income for the quarter was $343 thousand (13.6% of revenue), compared to $554 thousand (22.3% of revenues) in the third quarter of 2016 and $427 thousand (18.7% of revenues) as reported in the previous quarter. The lower level of operating income in the quarter was due primarily to increase R&D and sales and marketing expenses.
Net income was $350 thousand (13.9% of revenue), compared to $528 thousand (21.3% of revenues) in the third quarter of 2016 and $396 thousand (17.4% of revenues) in the prior quarter.
Conference call details
The 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: 1 888 668 9141 at 9am Eastern Time Israel: 03 918 0609 at 4pm Israel Time International: +972 3 918 0609
For those unable to participate, the teleconference will be available for replay on Elbit Vision Systems’ website at http://www.evs.co.il/ beginning the day after the call.
About Elbit Vision Systems Ltd. (EVSNF) (EVS): www.evs.co.il
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