Cimatron Ltd. Reports Q2 2005 Results

GIVAT SHMUEL, Israel, August 11 /PRNewswire-FirstCall/ -- Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated, quoting-to-delivery CAD/CAM solutions for the tooling industry, today announced financial results for the second quarter ended June 30, 2005.

Revenues for the second quarter of 2005 were $5.03 million, compared to $6.10 million in the second quarter of 2004. Net loss for the second quarter of 2005 was $1.29 million, or $(0.17) per fully diluted share, compared to a net profit of $202 thousand, or $0.03 per fully diluted share in the second quarter of 2004.

Revenues for the first half of 2005 were $10.60 million, compared to $11.48 million in the first half of 2004. Net loss for the first half of 2005 was $2.27 million, or $(0.29) per fully diluted share, compared to a net profit of $212 thousands, or $0.03 per fully diluted share in the first half of 2004.

Commenting on the second quarter results, Danny Haran, President and Chief Executive Officer of Cimatron, said: "The main reason for the net loss in the second quarter of 2005 is the decrease in sales, attributed mainly to the challenging environment in the Euro Zone economy. We are taking measures to adjust our expense level to current market conditions. At the same time, we will continue to enhance our sales and marketing efforts worldwide."

About Cimatron

Cimatron is the leading provider of integrated, quoting-to-delivery CAD/CAM solutions for the tooling industry. Cimatron is committed to providing mold, tool and die makers with comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time. Worldwide, more than 8,500 customers, with installations in the automotive, consumer plastics, and electronics industries, employ Cimatron's cutting-edge CAD/CAM solutions for manufacturing.

Founded in 1982, Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. Cimatron's subsidiaries and extensive distributor network are located in over 35 countries to serve customers worldwide with complete pre- and post-sales support.

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 the company's plans, objectives and expected financial and operating results. 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 cycle, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties of the business, refer to the Company's filings, with the Securities and Exchanges Commission. 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

    Ilan Erez, CFO
    Cimatron Ltd.
Email Contact

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

                                Three months ended           Six months ended
                                    June 30,                    June 30,
                                2005     2004              2005        2004
                                  (Unaudited)                 (Unaudited)

    Total revenue             5,033      6,107             10,605     11,477

    Total cost of revenue     1,043      1,238             2,114      2,344

    Gross profit              3,990      4,869             8,491      9,133

    Research and development
    expenses, net             1,285      1,309             2,756      2,553

    Selling, general and
    administrative expenses   3,902      3,499             7,918      6,598

    Operating income (loss)  (1,197)        61            (2,183)       (18)

    Net income (loss)      $ (1,293)     $ 202          $ (2,274)     $ 212

    Net income (loss) per
    share - basic and
    diluted                 $ (0.17)    $ 0.03           $ (0.29)    $ 0.03

    Weighted average number of
    shares outstanding -
    basic and diluted EPS
    (in thousands)            7,835      7,835             7,835      7,835

    (US Dollars in thousands)

                                               June 30,          December 31,
                                                     2005               2004
                                              (Unaudited)           (Audited)
    Total cash, cash equivalents
    and short-terms investments                $     7,832        $     8,092

    Other current assets                              6,552                            6,902

        Total  current  assets                                                        14,384                          14,994

        Deposits  with  insurance  companies
        and  severance  pay  fund                                                      2,496                            2,946

        Long-term  investments                                                              815                                -

        Net  property  and  equipment                                                1,060                          1,073

        Total  other  assets                                                                1,591                          1,791

        Total  assets                                                                $        20,346              $        20,804


        Total  current  liabilities                                      $          6,903              $          4,688

        Accrued  severance  pay                                                          2,834                          3,268

        Minority  interest                                                                        32                                -

        Total  shareholders'  equity                                              10,577                        12,848

        Total  liabilities  and  shareholders'  equity    $        20,346              $        20,804


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