Cimatron Reports Record Second Quarter in all Major Parameters in Q2/2014

Net Profit for the second quarter of 2014 increased by 28% to $1.5 million, or $0.14 per diluted share, compared to net profit of $1.2 million, or $0.13 per diluted share, recorded in the same quarter of 2013. In the first six months of 2014, net profit increased by 26% to $2.4 million, or $0.22 per diluted share, compared to a net profit of $1.9 million, or $0.20 per diluted share, in the first six months of 2013.

Conference Call

Cimatron's management will host a conference call today, August 13, 2014, at 9:00 EDT, 16:00 Israel time. On the call, management will review and discuss the results, and will answer questions by investors.

To participate, please call one of the following teleconferencing numbers. Please begin placing your call at least 5 minutes before the conference call commences.

USA: +1-866-860-9642
International: +972-3-9180664
Israel: 03-9180664

For those unable to listen to the live call, a replay of the call will be available beginning on the day after the call at the investor relations section of Cimatron's website, at: www.cimatron.com

Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income included herein. 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, stock based compensation and deferred income tax, as well as certain business combination and other accounting entries. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of 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. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.

About Cimatron

With over 30 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM software 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 and ultimately shorten product delivery time.

The Cimatron product line includes the CimatronE and GibbsCAM brands with software solutions for mold design, die design, electrode design, 2.5 to 5 Axis 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's shares are publicly traded on the NASDAQ under the symbol CIMT. For more information, please visit Cimatron's 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 Cimatron'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 future performance and involve risks and uncertainties, many of which are beyond Cimatron'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 cycles, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties related to Cimatron's business, refer to Cimatron's filings with the Securities and Exchange Commission. Cimatron 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.

Company Contact:                              

Investor Relations contact

Ilan Erez, Chief Financial Officer            

Ehud Helft/Kenny Green

Cimatron Ltd.                                          

GK Investor Relations

Tel.; 972-73-237-0114                                 

Tel: (US) 1 646 201 9246

Email: ilane@cimatron.com                       

Email: Cimatron@gkir.com

 

 

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,







2014


2013


2014


2013














Total revenue

11,754


11,039


22,717


21,197














Total cost of revenue

1,450


1,391


2,953


2,717














Gross profit

10,304


9,648


19,764


18,480














   Research and development expenses

1,871


1,758


3,786


3,486














   Selling, general and administrative expenses

6,761


6,477


13,235


12,803

Operating income 

1,672


1,413


2,743


2,191














   Financial income (expenses), net

35


(40)


(4)


(24)














   Taxes on income

(409)


(377)


(759)


(569)














   Other


(5)


3


(26)


5














Net income 

1,293


999


1,954


1,603














   Less: Net (income) loss attributable to the noncontrolling interest

-


3


(10)


3














Net income attributable to Cimatron's shareholders

$ 1,293


$ 1,002


$ 1,944


$ 1,606

Net income per share - basic and diluted

$ 0.12


$ 0.11


$ 0.18


$ 0.17














Weighted average number of shares outstanding






















Basic EPS (in thousands)

10,751


9,362


10,741


9,355















Diluted EPS (in thousands)

10,761


9,362


10,744


9,360


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