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Elbit Vision revenues reach $6.1 mn for first quarter

23
May '08
Net loss on a GAAP basis for the first quarter of 2008 was $155 thousand, compared to a net profit of $1 thousand in the first quarter of 2007. Net loss per basic share on a GAAP basis was $0.003, compared with $0.00 in the first quarter of 2007.

Non-GAAP EBITDA for the first quarter of 2008 totaled $256 thousand, compared to $632 thousand in the first quarter of 2007.

David Gal, Chairman and CEO of EVS commented, "Our first quarter revenue grew in line with our expectations. We saw good performance and strong demand particularly for our ultrasonic solutions, mainly for the aerospace industry.

In addition, we are also seeing a strong need for systems which can inspect composite and glass fiber materials prior to assembly, and this is also driven primarily by a strong and fast growing global aerospace industry.

The fact that we are able to supply the aerospace industry with systems for inspecting materials before assembly and finished modules post assembly, is a significant competitive advantage in this very attractive industry."

"While our expenses were higher in the quarter, primarily due to the strong devaluation of the US dollar against the Israeli shekel, we were still able to report a non-GAAP operating and net income," continued Mr. Gal. "We have taken steps to reduce our expense level so we can grow our profitability in the coming quarters.

Looking ahead and based on our current backlog and pipeline, we maintain our expectations of revenues between $25-26 million for the year and second quarter revenues sequentially higher than that of the current quarter.

Given the current shekel-dollar exchange rate and our reduced expenses in the coming quarters, we expect to achieve an operating margin for the year of around 8 percent."

Conference Call:
Management will be hosting a conference, May 22, 2008, at 9am Eastern Time. On the call, management will review and discuss the results, and will be available to answer investor questions.


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