Cimatron Reports Record Second Quarter Revenues in Q2 2013

$1.6M non-GAAP operating profit in Q2/13

August 13, 2013 - (PRNewswire) —  Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated CAD/CAM software solutions for the toolmaking and manufacturing industries, today announced financial results for the second quarter and first six months of 2013. 

 

Highlights of Cimatron's results for the second quarter of 2013 include the following:

  • Record second quarter revenues of $11.0M
  • 89% gross margin and 14% operating margin on a non-GAAP basis
  • $0.13 non-GAAP EPS
  • $3.4M increase in net cash, to $7.1M

Commenting on the results, Danny Haran, President and Chief Executive Officer of Cimatron, noted, "We are pleased to report yet another record second quarter in terms of revenues, with solid operating profit of $1.6 million and a strong increase in net cash."

"A new cooperation agreement with Moldex3D was recently signed, to provide new simulation tools for assessing the efficiency of mold cooling systems. This technology will be part of a new add-on offering planned to be delivered on the next version of CimatronE. While the prime target users for these new tools are mold makers using 3D-printed conformal cooling systems, it is also applicable to traditional cooling channels, significantly expanding the CimatronE target market in the near and medium term."

"In addition, we continue to invest more in sales and marketing, as well as in R&D. This explains a large portion of the increase in operating expenses in this quarter compared to the second quarter of 2012. We believe such investments are well warranted and will contribute to enhancing sales in the coming quarters and years." concluded Mr. Haran.

The following provides details on Cimatron's GAAP and non-GAAP results for the second quarter and first six months of 201 3 :

GAAP:
Revenues for the second quarter of 2013 were $11.0 million, compared to $10.6 million recorded in the second quarter of 2012. For the first six months of 2013, revenues were $21.2 million, compared to $20.5 million in the same period of 2012. 

Gross Profit for the second quarter of 2013 was $9.6 million, as compared to $9.7 million in the same period in 2012. Gross margin in the second quarter of 2013 was 87% of revenues, compared to 91% in the second quarter of 2012. For the first six months of 2013, gross profit was $18.5 million, compared to $18.1 million in the same period of 2012. Gross margin for the six months ended June 30, 2013 was 87% of revenues, compared to a gross margin of 89% of revenues for the first six months of 2012.

Operating profit in the second quarter of 2013 was $1.4 million, as compared to $1.8 million in the same period in 2012. In the first six months of 2013, Cimatron recorded an operating profit of $2.2 million, compared to an operating profit of $2.7 million in the first six months of 2012. 

The higher gross and operating margins in the second quarter and first six months of 2012 as compared to the parallel periods of 2013 reflect the agreement with the Office of Chief Scientist in the Israeli Ministry of Industry, Trade and Labor (OCS), that was announced last year. As a result of that agreement, the Company recorded additional one-time income of approximately $0.4M in the second quarter of 2012, reflected as a lower cost of revenue in the GAAP Statements of Income for the second quarter and first six months of 2012. Such income was excluded from the non-GAAP results for the second quarter and first six months of 2012, in order to ensure that comparisons to comparable periods of other years better reflect our ongoing operations.

In addition to increased investment in R&D and sales and marketing, foreign currency exchange rates also accounted for the increase in operating expenses in the second quarter of 2013 compared to the second quarter of 2012.

Net Profit for the second quarter of 2013 was $1.0 million, or $0.11 per diluted share, compared to a net profit of $1.0 million, or $0.11 per diluted share, recorded in the same quarter of 2012.  In the first six months of 2013, net profit was $1.6 million, or $0.17 per diluted share, compared to a net profit of $1.8 million, or $0.20 per diluted share, in the first six months of 2012. 

Non-GAAP:
Revenues for the second quarter of 2013 were $11.0 million, compared to $10.6 million recorded in the second quarter of 2012. For the first six months of 2013, revenues were $21.2 million, compared to $20.5 million in the same period of 2012. 

Gross Profit for the second quarter of 2013 was $9.8 million, as compared to $9.4 million in the same period in 2012. Gross margin in the second quarter of 2013 was 89% of revenues, the same as in the second quarter of 2012. In the first six months of 2013, gross profit was $18.8 million, compared to $18.0 million in the first six months of 2012. Gross margin for the six months ended June 30, 2013 was 89% of revenues, compared to a gross margin of 88% of revenues for the first six months of 2012.

Operating Profit in the second quarter of 2013 was $1.6 million, as compared to $1.7 million in the same period in 2012. In the first six months of 2013, Cimatron recorded an operating profit of $2.6 million, compared to an operating profit of $2.8 million in the first six months of 2012.

In addition to increased investment in R&D and sales and marketing, foreign currency exchange rates also accounted for the increase in operating expenses in the second quarter of 2013 compared to the second quarter of 2012.

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Rand3D

Featured Video
Jobs
Mechanical Engineer I for Air Techniques, Inc at Melville, NY
Proposal Support Coordinator for Keystone Aerial Surveys at Philadelphia, PA
Upcoming Events
The Rise of Mechatronics at Dassault Systèmes San Diego 5005 Wateridge Vista Drive San Diego CA - Sep 12, 2017
The Rise of Mechatronics at Buca di Beppo - Pasadena 80 West Green Street Pasadena CA - Sep 13, 2017
The Rise of Mechatronics at Dassault Systèmes Santa Clara 3979 Freedom Circle, Ste 750 Santa Clara CA - Sep 14, 2017
The 30th Annual Integrated Process Excellence Symposium & Training at Wyndham Grand Bonnet Creek Resort Orlando FL - Sep 18 - 20, 2017
Kenesto: 30 day trial



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise