Cimatron reports financial results for the third quarter and first nine months of 2009

Published November 30th, 2009 - 02:25 GMT

Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated CAD/CAM
solutions for the toolmaking and manufacturing industries, today announced
financial results for the third quarter and first nine months of 2009.

 

    Danny Haran, President and Chief Executive Officer of
Cimatron, said, "The third quarter is typically the weakest quarter of each
year, mostly because of the summer vacation in Europe, and 2009 was no
exception. The overall picture is little changed from previous quarters,
where maintenance revenues hold up well, while product revenues are
significantly below last year's numbers. In spite of lower revenues, our
balance sheet remains solid, with $7.5 million in cash and cash equivalents.
We expect an increase in product revenues in the coming quarter, though it is
still too early to say if this is a true recovery in our market or just a
reflection of usual end-of-year seasonality", concluded Mr. Haran.

 

    The following provides details on Cimatron's GAAP and non-GAAP figures in
the third quarter and first nine months of 2009:

 

    There is no difference between GAAP and non-GAAP revenues in 2009.
Revenues on a non-GAAP basis in 2008 excluded the effect of business
combination accounting rules on the acquired deferred maintenance revenue
balance of Gibbs System Inc. that was merged into Cimatron in early 2008.
Expenses on a non-GAAP basis in 2009 and 2008 exclude the non-cash
amortization of acquired intangible assets of Microsystem and Gibbs, and the
effect of deferred taxes.

 

    GAAP:

 

    Revenues for the third quarter of 2009 were $7.2 million, compared to
$9.9 million recorded in the third quarter of 2008. For the first nine months
of 2009, revenues were $23.2 million, compared to $30.6 million in the same
period of 2008.

 

    Gross Profit for the third quarter of 2009 was $5.8 million as compared
to $8.2 million in the same period in 2008. Gross margin in the third quarter
of 2009 was 80% of revenues, compared to a gross margin of 83% in the third
quarter of 2008. For the first nine months of 2009, gross profit was $18.7
million, compared to $24.9 million in the same period of 2008. Gross margin
for the nine months ended on September 30th, 2009 was 81% of revenues,
compared to a gross margin of 82% in the same period of 2008.

 

    Operating loss in the third quarter of 2009 was $(901) thousand, compared
to an operating profit of $19 thousand in the third quarter of 2008. In the
first nine months of 2009, Cimatron recorded an operating loss of $(1.7)
million, compared to an operating loss of $(126) thousand in the first nine
months of 2008.

 

    Net Loss for the third quarter of 2009 was $(731) thousand, or $(0.08)
per diluted share, compared to a net profit of $111 thousand, or $0.01 per
diluted share recorded in the same quarter of 2008. In the first nine months
of 2009 net loss was $(1.4) million, or $(0.15) per diluted share, compared
to a net profit of $18 thousand, or $(0.00) per diluted share, in the first
nine months of 2008.

 

    Non-GAAP:

 

    Revenues on a non-GAAP basis for the third quarter of 2009 were $7.2
million, compared to $10.1 million recorded in the third quarter of 2008. For
the first nine months of 2009, revenues were $23.2 million, compared to $31.3
million in the same period of 2008.

 

    Gross Profit on a non-GAAP basis for the third quarter of 2009 was $6.0
million as compared to $8.5 million in the same period in 2008. Gross margin
in the third quarter of 2009 was 82% of revenues, compared to 85% in the
third quarter of 2008. In the first nine months of 2009, gross profit on a
non-GAAP basis was $19.2 million, compared to $26.1 million in the first nine
months of 2008. Gross margin on a non-GAAP basis for the nine months ended on
September 30th, 2009 was 83% of revenues, same as in the first nine months of
2008.

 

    Operating Loss on a non-GAAP basis in the third quarter of 2009 was
$(654) thousand, compared to an operating profit of $514 thousand in the
third quarter of 2008. In the first nine months of 2009, Cimatron reports an
operating loss of $(989) thousand, compared to operating profit of $1.4
million in the first nine months of 2008.

 

    Net loss on a non-GAAP basis for the third quarter of 2009 was
$(575) thousand, or $(0.06) per diluted share, compared to a net profit of
$646 thousand, or $0.07 per diluted share recorded in the same quarter of
2008. In the first nine months of 2009, net loss was $(907) thousand, or
$(0.10) per diluted share, compared to a net profit of $1.6 million, or $0.17
per diluted share, in the first nine months of 2008.


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