 | |
- close
- close
Cimatron Reports Financial Results for the Second Quarter and First Six Months of 2009
PR Newswire
Aug 11, 2009
GIVAT SHMUEL,
The following provides details on Cimatron's GAAP and non-GAAP figures in the second quarter and first six months of 2009:
There is no difference between GAAP and non-GAAP revenues in 2009. Revenues on a non-GAAP basis in 2008 excluded the effect of business combination accounting rules on the acquired deferred maintenance revenue balance of Gibbs System Inc. that was merged into Cimatron in early 2008. Expenses on a non-GAAP basis in 2009 and 2008 exclude the non-cash amortization of acquired intangible assets of Microsystem and Gibbs, and the effect of deferred taxes.
GAAP:
Revenues for the second quarter of 2009 were
Gross Income for the second quarter of 2009 was
Operating loss in the second quarter of 2009 was
Net Loss for the second quarter of 2009 was
Non-GAAP:
Revenues on a non-GAAP basis for the second quarter of 2009 were
Gross Income on a non-GAAP basis for the second quarter of 2009 was
Operating Loss on a non-GAAP basis in the second quarter of 2009 was
Net profit on a non-GAAP basis for the second quarter of 2009 was
Conference Call
Cimatron's management will host a conference call tomorrow,
To participate, please call one of the following teleconferencing numbers. Please begin placing your call at least 5 minutes before the conference call commences.
International: +972-3-9180650
For those unable to listen to the live call, a replay of the call will be available from the day after the call under the investor relations section of Cimatron's website, at: http://www.cimatron.com
Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Operation (Non-GAAP basis). Non-GAAP financial measures consist of GAAP financial measures adjusted to include recognition of deferred revenues of acquired companies and to exclude amortization of acquired intangible assets and deferred income tax, as well as certain business combination accounting entries. The purpose of such adjustments is to give an indication of our performance exclusive of non-GAAP charges and other items that are considered by management to be outside our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. We believe that these non-GAAP measures help investors to understand our current and future operating performance, especially as our two most recent acquisitions have resulted in amortization and non-cash items that have had a material impact on our GAAP profits. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.
About Cimatron
With over 25 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers, as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time.
The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrodes design, 2.5 to 5 axes milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.
Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. For more information, please visit the company web site at: http://www.cimatron.com.
Safe Harbor Statement
This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act Of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to the company's plans, objectives and expected financial and operating results. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the company's ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycle, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties of the business, refer to the Company's filings with the Securities and Exchanges Commission. The company cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
CIMATRON LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(US Dollars in thousands, except for per share data)
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
Total revenue 8,123 10,701 15,966 20,707
Total cost of revenue 1,539 1,922 3,047 3,916
------- ------- ------- -------
Gross profit 6,584 8,779 12,919 16,791
Research and development
expenses, net 1,477 1,833 2,892 3,590
Selling, general and
administrative expenses 5,424 6,873 10,856 13,346
------- ------- ------- -------
Operating income (loss) (317) 73 (829) (145)
Financial income (expenses), net. 132 80 (9) 35
Taxes on Income 85 48 166 7
Other 17 4 26 10
------- ------- ------- -------
Net income (loss) $ (83) $ 205 $ (646) $ (93)
Net income (loss) per share
- basic and diluted $ (0.01) $ 0.02 $ (0.07) $ (0.01)
Weighted average number of
shares outstanding
Basic EPS (in thousands) 9,181 9,386 9,202 9,371
Diluted EPS (in thousands) 9,181 9,441 9,202 9,425
CIMATRON LIMITED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
(US Dollars in thousands, except for per share data)
Three months ended
June 30,
2009 2008
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue (1) 8,123 8,123 10,701 248 10,949 15,966
Total cost of
revenue (2) 1,539 (147) 1,392 1,922 (147) 1,775
Gross profit 6,584 147 6,731 8,779 395 9,174
Research and
development expenses,
net 1,477 1,477 1,833 - 1,833 2,892
Selling, general and
administrative
expenses (2) 5,424 (100) 5,324 6,873 (100) 6,773
Operating income
(loss) (317) 247 (70) 73 495 568
Financial income
(expenses), net. 132 - 132 80 - 80
Taxes on Income (3) 85 (91) (6) 48 40 88
Other 17 - 17 4 - 4
Net income (loss) $ (83) $ 156 $ 73 $ 205 $ 535 $ 740
Net income (loss)
per share - basic
and diluted $ (0.01) $ 0.01 $ 0.02 $ 0.08
Weighted average
number of shares
outstanding
Basic EPS
(in thousands) 9,181 9,181 9,386 9,386
Diluted EPS
(in thousands) 9,181 9,181 9,441 9,441
(table continued)
Six months ended
June 30,
2009 2008
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue (1) 15,966 20,707 495 21,202
Total cost of
revenue (2) 3,047 (294) 2,753 3,916 (294) 3,622
Gross profit 12,919 294 13,213 16,791 789 17,580
Research and
development expenses,
net 2,892 2,892 3,590 3,590
Selling, general and
administrative
expenses (2) 10,856 (200) 10,656 13,346 (200) 13,146
Operating income
(loss) (829) 494 (335) (145) 989 844
Financial income
(expenses), net. (9) (9) 35 35
Taxes on Income (3) 166 (180) (14) 7 78 85
Other 26 26 10 10
Net income (loss) $ (646) $ 314 (332) (93) $ 1,067 974
Net income (loss)
per share - basic
and diluted $ (0.07) $ (0.04) $(0.01) $ 0.10
Weighted average
number of shares
outstanding
Basic EPS
(in thousands) 9,202 9,202 9,371 9,371
Diluted EPS
(in thousands) 9,202 9,202 9,425 9,425
(1) Non-GAAP adjustment related to Gibbs' assumed support contracts that
were not recognized on a GAAP basis in fiscal 2008 or thereafter
due to business combination accounting rules.
(2) Non-GAAP adjustment to exclude non-cash amortization of acquired
intangible assets.
(3) Non-GAAP adjustment to exclude the effect of deferred taxes.
CIMATRON LIMITED
CONSOLIDATED BALANCE SHEETS
(US Dollars in thousands)
June 30, December 31,
2009 2008
ASSETS
CURRENT ASSETS:
Total cash, cash equivalents and
short-term investments $ 8,595 $ 5,727
Trade receivables 5,828 7,108
Other current assets 3,184 2,697
Total current assets 17,607 15,532
Deposits with insurance companies
and severance pay fund 2,844 2,719
Net property and equipment 1,168 1,312
Total other assets 13,796 14,307
Total assets $ 35,415 $ 33,870
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $ 116 $ 155
Trade payables 2,207 1,865
Accrued expenses and other liabilities 6,778 7,348
Deferred revenues 5,365 2,348
Total current liabilities 14,466 11,716
LONG-TERM LIABILITIES:
Accrued severance pay 3,995 3,933
Long-term loan 247 293
Deferred tax liability 1,547 1,729
Total long-term liabilities 5,789 5,955
Minority interest (25) (4)
Total shareholders' equity 15,185 16,203
Total liabilities and shareholders' equity $ 35,415 $ 33,870
Contact:
Ilan Erez, Chief Financial Officer
Cimatron Ltd.
Tel: +972-3-531-2121
E-mail: ilane@cimatron.com
Yael Nevat,
Commitment-IR.com
Tel: +972-9-714-8866, +972-50-762-6215
E-mail: yael@commitment-IR.com
SOURCE Cimatron Ltd
Copyright (2009) PR Newswire. All Rights Reserved.
| ||||||
Wikinvest © 2006, 2007, 2008, 2009. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
|
|
