Published On: Wed, Aug 13th, 2014

Elbit Vision Systems Ltd. Q2/14 Showing 33% Increase

Elbit Vision Systems

Elbit Vision Systems Ltd. (OTCBB:EVSNF), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, on Tuesday announced its consolidated financial results for the three month period ending June 30, 2014.

Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance, unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links, and communications systems and radios.

Revenues for the quarter were $1.57 million, representing an increase of 33% compared to $1.18 million in the second quarter of 2013.

Gross profit for the quarter was $0.8 million, representing 50.8% of revenues, compared to $0.62 million for the second quarter of 2013, representing 52.5% of revenues.

Operating income for the quarter was $23 thousand compared with an operating profit of $5 thousand in the second quarter of 2013.

Net income on a non-GAAP basis for the quarter was $198 thousand, compared to a net loss of $27 thousand in the second quarter of 2013. Net income on a GAAP basis was $16 thousand compared to a net loss of $31 thousand in the second quarter of 2013.

Sam Cohen, CEO of EVS commented, “Our latest results are encouraging, showing strong growth in revenue and a positive trend in profits. We are more than pleased that iBar has began to make an impact on our bottom line. Early revenues from this tremendous product are beginning to be felt, and the market reception has been very positive. We believe we will carry this momentum into the third quarter where we expect revenues of around $1.7 million with further improvement in our profitability.”

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