Exhibit 99.1

ELBIT VISION SYSTEMS LTD.

Company Contact Information:

Yaron Menashe, CFO

Tel: +972 4 6107609

yaron@evs.co.il

Investor Relations Contact:

Ehud Helft, Gavriel Frohwein

Tel: +1 646 688 3559

evs@gkir.com

ELBIT VISION SYSTEMS ANNOUNCES FOURTH QUARTER

AND FULL YEAR 2017 RESULTS

------

Fourth quarter revenues at approximately $2.28 million, down approximately 18% year-over-year

Fourth quarter net income of $79 thousand, down approximately 82% year-over-year

Fourth Quarter 2017 highlights

Revenue at approximately $2.28 million, down approximately 17.9% year-over-year

Gross and operating margins at approximately 45% and 2.4%, respectively

Net income of $79 thousand, representing approximately 3.4% of revenues

Full year 2017 highlights

Revenue at approximately $9.6 million, down approximately 5.4% year-over-year

Gross and operating margins at approximately 51.2% and 13.8%, respectively

Net income of approximately $1.3 million, representing approximately 13.6% of revenues

Caesarea, Israel, March 15 2018 — Elbit Vision Systems Ltd. (OTCQB: EVSNF), a pioneer in the science of camera-based automatic vision inspection for textile fabrics and technical webs, announced today its consolidated financial results for the fourth quarter and full year ending December 31, 2017.

Sam Cohen, CEO of EVS commented, “These results reflect the current challenging conditions of the industry in which we operate. As we have previously stated, the opportunities for the Company to meaningfully grow its business as a stand-alone entity have become very limited. We believe that these results, while disappointing, indicate that our decision to seek a purchaser with proven global reach, with synergies which will help us to achieve an improved and sustainable performance, has been further justified.”

Fourth Quarter 2017 Results

Revenues for the quarter were approximately $2.3 million, representing a decrease of approximately 17.9% compared to $2.7 million in the fourth quarter of 2016.

Gross profit for the quarter was approximately $1 million, representing approximately 45% of revenues, a decrease of approximately 33% compared to approximately $1.5 million for the fourth quarter of 2016, which represented approximately 54.6% of revenues.

Operating income for the quarter was approximately $57 thousand (approximately 2.4% of revenue), a decrease of approximately 88% compared to approximately $478 thousand (approximately 17.1% of revenues) in the fourth quarter of 2016. During the quarter R&D expenses decreased to approximately $324 thousand versus approximately $614 thousand in the fourth quarter of 2016.

Net income was approximately $79 thousand (approximately 3.4% of revenue), a decrease of approximately 82.4% compared to approximately $449 thousand (approximately 16.1% of revenues) in the fourth quarter of 2016.

Full Year 2017 Results

Revenues for the year were approximately $9.6 million, representing a decrease of approximately 5.4% compared to approximately $10.1 million in 2016.

Gross profit for the year was approximately $4.9 million, representing approximately 51.2% of revenues, a decrease of approximately 12.3% compared to approximately $5.6 million for 2016, which represented approximately 55.3% of revenues.

Operating income for the year was approximately $1.3 million (approximately 13.8% of revenue), a decrease of approximately 38% compared to approximately $2.1 million (approximately 21.2% of revenues) in 2016.

Net income was approximately $1.3 million (approximately 13.6% of revenue), a decrease of approximately 35.4% compared to approximately $2 million (approximately 19.9% of revenues) in 2016.

About Elbit Vision Systems Ltd. (EVS): www.evs.co.il

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. EVS' systems are used by over 800 customers, many of which are leading global companies.

This press release and other releases are available on www.evs.co.il

Safe Harbor Statement

This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although EVS believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. EVS disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. EVS undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

FINANCIAL TABLES FOLLOW

ELBIT VISION SYSTEMS LTD.

CONDENSED CONSOLIDATED BALANCE SHEET

AT DECEMBER 31, 2017

IN U.S. DOLLARS

	Dec-31
	2017		2016
	U.S. dollars in thousands (except per share data)
Assets

CURRENT ASSETS:
Cash and cash equivalents		4,012		4,528
Restricted deposits (short term)		78		111

Trade accounts receivable		2,201		1,136
Other receivables		166		286
Inventories		2,091		1,651
Total current assets		8,548		7,712

LONG-TERM RECEIVABLES:
Severance pay fund		54		140
Long Term Investment		126		-
Other long-term receivables		42		35
Total long-term receivables		222		175

PROPERTY, PLANT AND EQUIPMENT – net of accumulated depreciation and amortization		105		29

OTHER ASSETS
Goodwill		242		242

Total assets		9,117		8,158

ELBIT VISION SYSTEMS LTD.

CONDENSED CONSOLIDATED BALANCE SHEET (Cont.)

AT DECEMBER 31, 2017

IN U.S. DOLLARS

	Dec-31
	2017		2016
	U.S. dollars in thousands (except per share data)
Liabilities and shareholders’ equity

CURRENT LIABILITIES:

Trade account payable		887		776
Deferred revenues		248		231
Other payables		675		1,031
Total current liabilities		1,810		2,038

LONG-TERM LIABILITIES:

Other Long Terms liabilities		89		165
Accrued severance pay		70		155
Total long-term liabilities		159		320
Total liabilities		1,969		2,358

SHAREHOLDERS’ EQUITY		7,148		5,800

Total liabilities and shareholders’ Equity		9,117		8,158

ELBIT VISION SYSTEMS LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE TWELVE AND THREE-MONTHS PERIOD ENDED DECEMBER 31, 2017

IN U.S. DOLLARS

	12 months ended						3 months ended
	Dec-31						Dec-31
	2017			2016			2017		2016
	U.S. dollars in thousands (except per share data)

Revenues		9,591			10,146			2,284		2,783

Cost of Revenues		4,671			4,520			1,255		1,261

Gross Profit		4,920			5,616			1,029		1,522

Research and development		1,246			1,378			324		614
Marketing and selling		1,338			1,254			331		227
General and administrative		1,004			826			317		203

Operating Profit		1,332			2,158			57		478

Financial Expenses - net		(25	)		(134	)		22		(29	)
Profit before taxes on income		1,307			2,024			79		449

Taxes on Income		-			-			-		-
Net profit for the period		1,307			2,024			79		449

Profit per share basic		0.14			0.22			0.01		0.05
Profit per share diluted		0.14			0.21			0.01		0.05

Weighted average number of shares used in Computation of profit per share:

Basic (in thousands)		9,387			9,338			9,397		9,342
Diluted (in thousands)		9,403			9,593			9,412		9,367

ELBIT VISION SYSTEMS LTD 6-K