Cimatron Reports Record Revenues in Q4/13 to Round Out Another Record Year in Terms of Revenues, Operating Profit and Net Profit

 

CIMATRON LIMITED

STATEMENTS OF CASH FLOWS

(US Dollars in thousands)






Twelve months ended


December 31,


2013


2012





Cash flows from operating activities:




Net income 

$        4,852


$        3,709





Adjustments to reconcile net income 




   to net cash provided by operating activities:




Depreciation and amortization

1,043


1,307

Increase in accrued severance pay

493


159

Stock based compensation

182


-

Deferred taxes, net

(1,108)


(683)





Changes in assets and liabilities:




Decrease (increae) in accounts receivable and prepaid expenses

(863)


178

Increase in inventory

(15)


(12)

Increase in deposits with insurance companies and severance pay fund

(429)


(227)

Decrease in trade payables, accrued expenses and other liabilities

(684)


(1,258)

Net cash provided by operating activities

3,471


3,173




Cash flows from investing activities:




Proceeds from sale of property and equipment

-


1

Purchase of property and equipment

(459)


(265)

Cash and cash equivalents disposed of discontinued operations

-


(52)

Net cash used in investing activities

(459)


(316)









Cash flows from financing activities:




Short-term bank credit

4


(83)

Long-term bank credit

(1)


(8)

Cash distribution to shareholders

(7,916)


(2,872)

Proceeds from issuance of shares upon exercise of options 

47


112

Proceeds from issuance of restricted shares

9


-

Proceeds from issuance of shares 

5,776


-

Net cash used in financing activities

(2,081)


(2,851)





Net increase in cash and cash equivalents

931


6

Effect of exchange rate changes on cash

218


110

Cash and cash equivalents at beginning of period

11,903


11,787

Cash and cash equivalents at end of period

$      13,052


$      11,903





Appendix A - Non-cash transactions





Purchase of property on credit

$               -


$               5



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