Cimatron Reports Best Ever Third Quarter with Record Q3 Revenues, Operating Profit and Net Profit

 

 

 

 

CIMATRON LIMITED

STATEMENTS OF CASH FLOWS

(US Dollars in thousands)








Nine months ended



September 30,



2014


2013






Cash flows from operating activities:




Net income

$       2,924


$       2,567






Adjustments to reconcile net income 




   to net cash provided by operating activities:




Depreciation and amortization

701


796

Increase (decrease) in accrued severance pay

(331)


415

Stock based compensation

472


33

Deferred taxes, net

(252)


(115)






Changes in assets and liabilities:




Decrease in accounts receivable and prepaid expenses

3,039


332

Decrease (increase) in inventory

(9)


12

Decrease (increase) in deposits with insurance companies and severance pay fund

129


(328)

Increase (decrease) in trade payables, accrued expenses and other liabilities

1,299


(425)

Net cash provided by operating activities

7,972


3,287






Cash flows from investing activities:




Purchase of property and equipment

(311)


(346)

Additional payment for acquisition of subsidiary

(92)


-

Net cash used in investing activities

(403)


(346)











Cash flows from financing activities:




Short-term bank credit

(4)


20

Long-term bank credit

-


(3)

Cash distribution to shareholders

-


(7,916)

Proceeds from issuance of shares upon exercise of options 

-


47

Proceeds from issuance of restricted shares

1


9

Proceeds from issuance of shares from public offering

-


5,786

Net cash used in financing activities

(3)


(2,057)











Net increase in cash and cash equivalents

7,566


884

Effect of exchange rate changes on cash

(474)


127

Cash and cash equivalents at beginning of period

13,052


11,903

Cash and cash equivalents at end of period

$     20,144


$     12,914






Appendix A - Non-cash transactions





Purchase of property on credit

$              8


$              7







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