Elbit Vision Systems, Ltd. (OTCQB: EVSNF) is engaged as a visual inspection systems manufacturer, which offers monitoring and product quality improvement technologies. Shares of the monitoring technology company are rallying 11.29%, through afternoon trading on Wednesday, August 9, 2017. Over the past month, Elbit Vision Systems, Ltd. has seen average daily volume of 10,556 shares. However, volume of 33,482 shares or dollar volume of $115,512, has already exchanged hands on Wednesday.
Shares of Elbit Vision Systems, Ltd. are gaining today, after the company released second quarter 2017 earnings. During the second quarter, the company reported revenue of $2.3 million and net income of $396,000. The company did note that its China business has been softer than expected and some U.S. projects are facing delays. Here is the full press release detailing of the second quarter earnings:
Elbit Vision Systems, Ltd. Press Release:
CAESAREA, Israel, Aug. 09, 2017 (GLOBE NEWSWIRE) — Elbit Vision Systems, Ltd. (OTCBB:EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, today presented its consolidated financial results for the quarter ending June 30, 2017.
Sam Cohen, CEO of EVS commented, “We have experienced some delays in several large orders from the US, and we have seen a softer than expected market in China. However, all indications point to a healthy backlog by year end. Moreover, our recent successes in iBar placements give us a reason to be excited about the future. We have received land orders in recent weeks that represent several hundred potential units in the Automotive and Technical Textile markets. These orders prove that our drive to automate this industry is certainly within reach.”
Second quarter 2017 Results
Revenues for the quarter were $2.3 million, an 11% decrease compared to $2.6 million in the second quarter of 2016.
Gross profit for the quarter was $1.3 million, representing 55.9% of revenues, a decrease of 8% compared to $1.4 million for the second quarter of 2016, which represented 54.3% of revenues.
Operating income for the quarter was $427 thousand (18.7% of revenue), a decrease of 32% compared to $630 thousand (24.7% of revenues) in the second quarter of 2016.
Net income was $396 thousand (17.4% of revenue), a decrease of 32% compared to $587 thousand (23.0% of revenues) in the second quarter of 2016.
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: 1 866 668 9141 at 10 am Eastern Time
Israel: 03 918 0610 at 5 pm Israel Time
International: +972 3 918 0610
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
EVS offers a broad portfolio of automatic State-of-the-Art Visual Inspection Systems for both in-line and off-line applications, and process monitoring systems used to improve product quality, safety, and increase production efficiency. EVS’ systems are used by over 800 customers, many of which are leading global companies.
This press release and other releases are available on www.evs.co.il
Safe Harbor Statement
This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.