Net income for the quarter was US 333 thousand, an increase of 112%, compared to US 157 thousand in the fourth quarter of 2014. Net income for the full year 2015 was US 2.1 million, an increase of 222% compared to US 658 thousand in 2014.

Strong revenue growth

“We are very pleased with our 2015 results. They demonstrate strong revenue growth over the past year, with a significant increase in net profits,” commented Sam Cohen, CEO of EVS.

“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.  We have had great success with our iBar installations so far and look for this product to spread throughout the industry.”

Fourth quarter 2015 results

Revenues for the quarter were US 2.3 million, representing an increase of 18% compared to US 2.0 million in the fourth quarter of 2014.

Gross profit for the quarter was US 1.25 million, representing 53.2% of revenues, an increase of 14% compared to US 1.1 million for the fourth quarter of 2014, which represented 55.3% of revenues.

Operating income for the quarter was US 388 thousand, an increase of 3.7% compared to US 374 thousand in the fourth quarter of 2014.

Full year 2015 results

Revenues for the year were US 9.1 million, representing an increase of 37% compared to US 6.6 million in 2014.

Gross profit for the year was US 5.2 million, representing 57.5% of revenues, an increase of 50% compared to US 3.5 million for 2014, which represented 52.7% of revenues.

Operating income for the year was US 2.3 million, an increase of 121% compared to US 1.0 million in 2014. The company also reported a positive operating cash flow of US 1.52 million for the year.

Elbit Vision Systems

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. The company’s systems are used by over 800 customers, many of which are leading global companies.

www.evs.co.il