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,
2009 2008 2009 2008
Total revenue 8,123 10,701 15,966 20,707
Total cost of revenue 1,539 1,922 3,047 3,916
------- ------- ------- -------
Gross profit 6,584 8,779 12,919 16,791
Research and development
expenses, net 1,477 1,833 2,892 3,590
Selling, general and
administrative expenses 5,424 6,873 10,856 13,346
------- ------- ------- -------
Operating income (loss) (317) 73 (829) (145)
Financial income (expenses), net. 132 80 (9) 35
Taxes on Income 85 48 166 7
Other 17 4 26 10
------- ------- ------- -------
Net income (loss) $ (83) $ 205 $ (646) $ (93)
Net income (loss) per share
- basic and diluted $ (0.01) $ 0.02 $ (0.07) $ (0.01)
Weighted average number of
shares outstanding
Basic EPS (in thousands) 9,181 9,386 9,202 9,371
Diluted EPS (in thousands) 9,181 9,441 9,202 9,425
CIMATRON LIMITED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
(US Dollars in thousands, except for per share data)
Three months ended
June 30,
2009 2008
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue (1) 8,123 8,123 10,701 248 10,949 15,966
Total cost of
revenue (2) 1,539 (147) 1,392 1,922 (147) 1,775
Gross profit 6,584 147 6,731 8,779 395 9,174
Research and
development expenses,
net 1,477 1,477 1,833 - 1,833 2,892
Selling, general and
administrative
expenses (2) 5,424 (100) 5,324 6,873 (100) 6,773
Operating income
(loss) (317) 247 (70) 73 495 568
Financial income
(expenses), net. 132 - 132 80 - 80
Taxes on Income (3) 85 (91) (6) 48 40 88
Other 17 - 17 4 - 4
Net income (loss) $ (83) $ 156 $ 73 $ 205 $ 535 $ 740
Net income (loss)
per share - basic
and diluted $ (0.01) $ 0.01 $ 0.02 $ 0.08
Weighted average
number of shares
outstanding
Basic EPS
(in thousands) 9,181 9,181 9,386 9,386
Diluted EPS
(in thousands) 9,181 9,181 9,441 9,441
(table continued)
Six months ended
June 30,
2009 2008
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue (1) 15,966 20,707 495 21,202
Total cost of
revenue (2) 3,047 (294) 2,753 3,916 (294) 3,622
Gross profit 12,919 294 13,213 16,791 789 17,580
Research and
development expenses,
net 2,892 2,892 3,590 3,590
Selling, general and
administrative
expenses (2) 10,856 (200) 10,656 13,346 (200) 13,146
Operating income
(loss) (829) 494 (335) (145) 989 844
Financial income
(expenses), net. (9) (9) 35 35
Taxes on Income (3) 166 (180) (14) 7 78 85
Other 26 26 10 10
Net income (loss) $ (646) $ 314 (332) (93) $ 1,067 974
Net income (loss)
per share - basic
and diluted $ (0.07) $ (0.04) $(0.01) $ 0.10
Weighted average
number of shares
outstanding
Basic EPS
(in thousands) 9,202 9,202 9,371 9,371
Diluted EPS
(in thousands) 9,202 9,202 9,425 9,425
(1) Non-GAAP adjustment related to Gibbs' assumed support contracts that
were not recognized on a GAAP basis in fiscal 2008 or thereafter
due to business combination accounting rules.
(2) Non-GAAP adjustment to exclude non-cash amortization of acquired
intangible assets.
(3) Non-GAAP adjustment to exclude the effect of deferred taxes.
CIMATRON LIMITED
CONSOLIDATED BALANCE SHEETS
(US Dollars in thousands)
June 30, December 31,
2009 2008
ASSETS
CURRENT ASSETS:
Total cash, cash equivalents and
short-term investments $ 8,595 $ 5,727
Trade receivables 5,828 7,108
Other current assets 3,184 2,697
Total current assets 17,607 15,532
Deposits with insurance companies
and severance pay fund 2,844 2,719
Net property and equipment 1,168 1,312
Total other assets 13,796 14,307
Total assets $ 35,415 $ 33,870
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $ 116 $ 155
Trade payables 2,207 1,865
Accrued expenses and other liabilities 6,778 7,348
Deferred revenues 5,365 2,348
Total current liabilities 14,466 11,716
LONG-TERM LIABILITIES:
Accrued severance pay 3,995 3,933
Long-term loan 247 293
Deferred tax liability 1,547 1,729
Total long-term liabilities 5,789 5,955
Minority interest (25) (4)
Total shareholders' equity 15,185 16,203
Total liabilities and shareholders' equity $ 35,415 $ 33,870
Contact:
Ilan Erez, Chief Financial Officer
Cimatron Ltd.
Tel: +972-3-531-2121
E-mail: ilane@cimatron.com
Yael Nevat,
Commitment-IR.com
Tel: +972-9-714-8866, +972-50-762-6215
E-mail: yael@commitment-IR.com
SOURCE Cimatron Ltd
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