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
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)
June 30, June 30,
2008 2007 2008 2007
Total revenue 10,701 5,511 20,707 10,844
Total cost of revenue 1,922 806 3,916 1,677
Gross profit 8,779 4,705 16,791 9,167
Research and
development
expenses, net 1,833 1,011 3,590 2,107
Selling, general and
administrative expenses 6,873 3,412 13,346 6,665
Operating (loss) income 73 282 (145) 395
Financial Income, net. 80 76 35 145
Taxes on Income 48 (2) 7 (4)
Other 4 (65) 10 (64)
Net income (loss) $ 205 $ 291 $ (93) $ 472
Net income (loss) per
share - basic and
diluted $ 0.02 $ 0.04 $ (0.01) $ 0.06
Weighted average number
of shares outstanding
Basic EPS (in
thousands) 9,386 7,868 9,371 7,852
Diluted EPS (in
thousands) 9,441 7,967 9,425 7,871
CIMATRON LIMITED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
(US Dollars in thousands, except for per share data)
Three months ended
June 30,
2008 2007
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue (1) 10,701 248 10,949 5,511 - 5,511
Total cost of
revenue (2) 1,922 (147) 1,775 806 - 806
Gross profit 8,779 395 9,174 4,705 - 4,705
Research and
development
expenses, net 1,833 - 1,833 1,011 - 1,011
Selling, general
and administrative
expenses (2) 6,873 (100) 6,773 3,412 (10) 3,402
Operating income
(loss) 73 495 568 282 10 292
Financial Income,
net. 80 - 80 76 - 76
Taxes on Income (3) 48 40 88 (2) - (2)
Other 4 - 4 (65) - (65)
Net income (loss) $ 205 $ 535 $ 740 $ 291 $ 10 $ 301
Net income (loss)
per share - basic
and diluted $ 0.02 $ 0.08 $ 0.04 $ 0.04
Weighted average
number of shares
outstanding
Basic EPS (in
thousands) 9,386 9,386 7,868 7,868
Diluted EPS (in
thousands) 9,441 9,441 7,967 7,967
(1) Non-GAAP adjustment related to Gibbs' assumed support contracts that
will not be 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 deferred taxes related to business
combination accounting rules.
CIMATRON LIMITED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION (Cont.)
(US Dollars in thousands, except for per share data)
Six months ended
June 30,
2008 2007
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue (1) 20,707 495 21,202 10,844 10,844
Total cost of
revenue (2) 3,916 (294) 3,622 1,677 1,677
Gross profit 16,791 789 17,580 9,167 9,167
Research and
development
expenses, net 3,590 3,590 2,107 2,107
Selling, general
and administrative
expenses (2) 13,346 (200) 13,146 6,665 (20) 6,645
Operating income
(loss) (145) 989 844 395 20 415
Financial Income,
net. 35 35 145 145
Taxes on Income
(3) 7 78 85 (4) (4)
Other 10 10 (64) (64)
Net income (loss) $ (93) $ 1,067 974 472 $ 20 492
Net income (loss)
per share - basic
and diluted $ (0.01) $ 0.10 $ 0.06 $ 0.06
Weighted average
number of shares
outstanding
Basic EPS (in
thousands) 9,371 9,371 7,852 7,852
Diluted EPS (in
thousands) 9,425 9,425 7,871 7,871
(1) Non-GAAP adjustment related to Gibbs' assumed support contracts that
will not be 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 deferred taxes related to business
combination accounting rules.
CIMATRON LIMITED
CONSOLIDATED BALANCE SHEETS
(US Dollars in thousands)
June 30, December 31,
2008 2007
ASSETS
CURRENT ASSETS:
Total cash, cash equivalents and
short-term investments $ 9,169 $ 9,026
Trade receivables 7,740 7,308
Other current assets 2,835 1,467
Total current assets 19,744 17,801
Deposits with insurance companies and
severance pay fund 3,298 2,703
LONG-TERM INVESTMENTS:
Marketable investments - 1,158
Net property and equipment 1,556 1,337
Total other assets 14,412 4,328
Total assets $ 39,010 $ 27,327
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $ 129 $ 791
Trade payables 2,197 2,258
Accrued expenses and other liabilities 9,056 7,889
Deferred revenues 5,171 742
Total current liabilities 16,553 11,680
LONG-TERM LIABILITIES:
Accrued severance pay 4,597 3,929
Long-term loan 390 403
Other 1,910 282
Total long-term liabilities 6,897 4,614
Minority interest 51 63
Total shareholders' equity 15,509 10,970
Total liabilities and shareholders'
equity $ 39,010 $ 27,327
Contact:
Ilan Erez, Chief Financial Officer Yael Nevat,
Cimatron Ltd. Commitment-IR.com
Tel.: +972-3-531-2121 Tel: +972-9-741 8866
E-mail: ilane@cimatron.com E-mail: yael@commitment-IR.com
