Cimatron Reports $1.0M Non-GAAP Operating Profit in the Third Quarter of 2012


CIMATRON LIMITED

RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION

(US Dollars in thousands, except for per share data)

                                                     Three months ended
                                                         September 30,
                                                2012                      2011
                                        GAAP    Adj.   NON-GAAP   GAAP    Adj.   NON-GAAP
 
    Total revenue                      9,463      -      9,463   9,619      -      9,619
 
    Total cost of revenue              1,218             1,071   1,288             1,141
    Non-cash amortization
    of acquired intangible assets              (147)                     (147)
    One-time income from OCS agreement
 
    Gross profit                       8,245    147      8,392   8,331    147      8,478
 
    Research and development expenses,
    net                                1,613      -      1,613   1,654      -      1,654
 
    Selling, general and 
    administrative expenses(1)         5,918    (99)     5,819   5,928    (99)     5,829
    Operating income                     714    246        960     749    246        995
 
    Financial income (expenses), net      41      -         41    (163)     -       (163)
 
    Taxes on income (2)                 (199)   (90)      (289)   (566)   565         (1)
 
    Other                                (18)     -        (18)      1      -          1
 
    Net income                           538    156        694      21    811        832
 
    Less: Net (income) loss 
    attributable to the
    noncontrolling interest              (15)     -        (15)    (14)     -        (14)
 
    Net income attributable to 
    Cimatron's shareholders            $ 523  $ 156      $ 679     $ 7  $ 811      $ 818
    Net income per share - basic 
    and diluted                       $ 0.06            $ 0.07  $ 0.00            $ 0.09
 
    Weighted average number of 
    shares outstanding
 
        Basic EPS (in thousands)       9,314             9,314   9,300             9,300
        Diluted EPS (in thousands)     9,331             9,331   9,315             9,315
 
    (1) Non-GAAP adjustment to exclude non-cash amortization of acquired intangible assets.
    (2) Non-GAAP adjustment to exclude the effect of deferred taxes and other non-cash tax provisions.


Table continued…

                                                     Nine months ended
                                                        September 30,
                                                2012                      2011
                                        GAAP    Adj.   NON-GAAP   GAAP    Adj.   NON-GAAP
 
    Total revenue                     29,957            -          29,957    28,488            -          28,488
  
        Total  cost  of  revenue                            3,570                          3,548      3,906                          3,465
        Non-cash  amortization  of  
        acquired  intangible  assets                                  (441)                                          (441)
        One-time  income  from  OCS  agreement                    419
  
        Gross  profit                                            26,387          22          26,409    24,582        441          25,023
  
        Research  and  development  
        expenses,  net                                            4,935            -            4,935      4,708            -            4,708
  
        Selling,  general  and  
        administrative  expenses(1)                18,019      (296)        17,723    17,654      (303)        17,351
        Operating  income                                      3,433        318            3,751      2,220        744            2,964
  
        Financial  income  (expenses),  net          (51)          -                (51)          (9)          -                  (9)
  
        Taxes  on  income(2)                                    (999)        28              (971)      (988)      887              (101)
  
        Other                                                                  (7)          -                  (7)          (9)          -                  (9)
  
        Net  income                                                  2,376        346            2,722      1,214    1,631            2,845
  
        Less:  Net  (income)  loss  
        attributable  to  the
        noncontrolling  interest                            (24)          -                (24)          13            -                  13
  
        Net  income  attributable  to  
        Cimatron's  shareholders                    $  2,352    $  346        $  2,698  $  1,227  $  1,631      $  2,858
        Net  income  per  share
        -  basic  and  diluted                              $  0.25                        $  0.29    $  0.13                        $  0.31
  
        Weighted  average  number  
        of  shares  outstanding
  
                Basic  EPS  (in  thousands)              9,308                          9,308      9,235                          9,235
                Diluted  EPS  (in  thousands)          9,325                          9,325      9,284                          9,284
  
        (1)  Non-GAAP  adjustment  to  exclude  non-cash  amortization  of  acquired  intangible  assets.
        (2)  Non-GAAP  adjustment  to  exclude  the  effect  of  deferred  taxes  and  other  non-cash  tax  provisions.
 


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