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Elbit Vision Systems Ltd. (EVSNF) Reports Q1 Results with Increases across the Board

|Includes: Elbit Vision Systems Ltd. (EVSNF)

Elbit Vision Systems Ltd. (“EVS”), a global provider of vision technology for automatic surface inspection and in-line quality monitoring systems, today announced its first quarter 2011 financial results for the three months ended March 31, 2011.

Revenues for the first quarter of 2011 were $1.25 million, an increase of 262 percent compared to $0.48 million for the first quarter of 2010.

Gross profit was $0.85 million, representing 68 percent of revenues, compared with a gross profit of $0.11 million for the first quarter of 2010. The company attributes the increase to restructuring efforts in June 2010.

The company reported net income for the first quarter of 2011 at $230,000, compared to a net loss of $437,000 in the first quarter of 2010.

Sam Cohen, CEO of EVS, attributed the company’s improvements to a revamped business strategy and subsequent growing customer base, and said he is optimistic that the growth will continue to increase.

“Once again our quarterly results provide further evidence that EVS has created a successful business model for profitable growth. Our renewed commitment to our core competency and customer base has resulted in great benefits over the past 12 months, with accumulated EBITDA of $1 million. Nevertheless, while I am pleased with these early results, I feel strongly that this growth is in its infancy and the real potential of our restructured company is yet to come,” Cohen stated in the press release.

Cohen offered a peak at the future of the company, noting new products and new markets.

“As we advance to the next phase of our new model, which includes the development of new, innovative products for our current customer base, as well as our expansion into new, healthy, and growing technical Web markets, EVS will launch a bold new approach. Future technologies will shift the old focus of providing our customers with cost improvements through pure labor reduction to significant yield improvements,” Cohen stated. “Furthermore, this innovative approach will allow our new technologies to compliment the high-efficiency manufacturing principals of our modern customer base and to fully take advantage of the true size and potential of the global textile market.”

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