Posted March 28, 2016
CAESAREA, Israel – Elbit Vision Systems Ltd., a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced that it received an order in excess of $400,000.
The solution combines two complementary technologies developed by EVS, which solves the problem of inspecting denim, a material that poses many difficulties for human inspection.
“Over the last five years, we have successfully created a versatile and flexible platform for our SVC program for exactly these reasons,” said Sam Cohen, CEO of EVS. “Denim, an enormous market for EVS, has always been a fabric that our technology just could not conquer, until now. Our engineers have successfully combined multiple SVC modules to create an extraordinary product for this difficult fabric. Today, we can proudly say that we have a real, consistent, reliable automatic inspection system for denim fabrics.”
2015 financials
In addition, EVS announced its consolidated financial results for the fourth quarter and full year ending December 31, 2015. Revenues for the quarter were $2.3 million, representing an increase of 18 percent compared to $2.0 million in the fourth quarter of 2014. Revenues for the year were $9.1 million, representing an increase of 37 percent compared to $6.6 million in 2014.
“We are very pleased with our 2015 results,” Cohen said. “They demonstrate strong revenue growth over the past year, with a significant increase in net profits. The main reason for the strong sales growth and high margins is the outstanding performance of our legacy products – IQ-TEX4 and SVA – as well as an increasing contribution from iBar.
“Looking ahead, we expect to see continued growth from IQ-TEX4 and SVA, and we certainly expect iBar to have a significant impact on our future,” he continued. “We have had great success with our iBar installations so far and look for this product to spread throughout the industry.”
Gross profit for the quarter was $1.25 million, representing 53.2 percent of revenues, an increase of 14 percent compared to $1.1 million for the fourth quarter of 2014, which represented 55.3 percent of revenues.
Operating income for the quarter was $388 thousand (16.5 percent of revenue), an increase of 3.7 percent compared to $374 thousand (18.8 percent of revenues) in the fourth quarter of 2014.
EVS reports large order, record annual results
Net income was $333 thousand (14.2 percent of revenue), an increase of 112 percent compared to $157 thousand (7.9 percent of revenues) in the fourth quarter of 2014.
Gross profit for the year was $5.2 million, representing 57.5 percent of revenues, an increase of 50 percent compared to $3.5 million for 2014, which represented 52.7 percent of revenues.
Operating income for the year was $2.3 million (24.8 percent of revenue), an increase of 121 percent compared to $1.0 million (15.4 percent of revenues) in 2014.
Net income was $2.1 million (23.2 percent of revenue), an increase of 222 percent compared to $658 thousand (9.9 percent of revenues) in 2014.
The company reported a positive operating cash flow of $1.52 million for the year.
As of December 31, 2015, cash and cash equivalents were $3.3 million.
Source: Elbit Vision Systems Ltd.