Business News
Elbit Vision Systems Announces Record Revenue for the Second Quarter of 2008
Monday 11. August 2008 - Second quarter revenues reach $6.3 million, up 18% over last year Second Quarter 2008 Highlights - Record revenues reach $6.3 million, up 18% over second quarter, last year. - On track and reiterate 2008 revenue guidance; expecting revenues of $25- 26 million
Elbit Vision Systems Ltd. (BULLETIN BOARD: EVSNF) , a global leader in the field of automatic in-line optical web inspection and quality monitoring systems, today announced its consolidated financial results for the three month period ended June 30, 2008.
Second Quarter 2008 Results:
Revenues for the second quarter of 2008 totaled $6.3 million, an increase of 18% compared to $5.4 million for the second quarter of 2007.
Gross profit on a GAAP basis totaled $2.9 million, representing 46% of revenues, compared with $2.7 million or 50% of revenues for the second quarter of 2007. Gross profit on a non-GAAP basis for the second quarter of 2008 totaled $3 million, representing 48% of the Company’s revenues, compared with $2.8 million in the second quarter of 2007, or 52% of revenues. Gross margins were below those of the same period a year ago due to the product mix, as well as increased material costs and a substantially weakened US dollar.
Operating loss on a GAAP basis was $172 thousand compared with an operating income of $381 thousand in the second quarter of 2007. Operating profit on a non-GAAP basis for the second quarter of 2008 totaled $29 thousand, compared with $598 thousand in the second quarter of 2007. Operating expenses in the quarter increased primarily due the decrease in the value of the Company’s reporting currency, the US dollar, against the Israeli shekel in which a significant portion of the Company’s expenses are generated.
Net loss on a GAAP basis for the second quarter of 2008 was $557 thousand, compared to a net loss of $14 thousand in the second quarter of 2007. Net loss per basic share on a GAAP basis was $0.011. Net loss on a non-GAAP basis for the second quarter of 2008 was $356 thousand, compared to a net profit of $318 thousand in the second quarter of 2007. Net loss per basic share on a non-GAAP basis was $0.007.
EBITDA for the second quarter of 2008 totaled $75 thousand, compared to $642 thousand in the second quarter of 2007.
David Gal, Chairman and CEO of EVS commented, “Our second quarter revenues grew in line with our expectations, and we saw strong demand particularly for ultrasonic solutions. However, our expenses this quarter were higher than our original expectations due to a number of factors beyond our control. These included the continued weakening of the US dollar against the Israeli Shekel, as well as higher material costs. As I had planned and discussed last quarter, we have now taken a number of steps to reduce our expenses, and as we move into the third quarter and beyond, we expect to realize a lower expense level.”
“Looking ahead and based on our current backlog and pipeline, we are on target and maintain our expectations of revenues between $25-26 million for the year. We do expect to return to operating profitability, and expect to reach an operating margin by year-end of around 8 percent.”