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

(PRNewswire) —  Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated CAD/CAM software solutions for the toolmaking and manufacturing industries, today announced its financial results for the third quarter and first nine months of 2014.

Highlights of Cimatron's results for these periods include the following:

    • 27% year-over-year increase in non-GAAP operating profit for Q3/14, to a third quarter record of $1.8 million;
    • 29% year-over-year increase in non-GAAP operating profit for the first nine months of 2014;
    • 8% year-over-year revenue growth on a constant currency basis in Q3/14, to record Q3 revenues of $11.2 million;
    • 18th consecutive quarter with year-over-year revenue growth on a constant currency basis;
    • 88% gross margin and 16% operating margin on a non-GAAP basis in Q3/14
    • Record $8.0 million cash flow from operating activities in the first nine months of 2014;
    • End of September net cash balance of $20.1 million or $1.87 per share

Commenting on the news, Danny Haran, President and Chief Executive Officer of Cimatron, noted, "Once again, we are very pleased to report our best ever third quarter, with record revenues, operating profit and net profit. The solid year-over-year revenue growth in the quarter came from both our product lines and from both new license revenues as well as maintenance revenues, resulting in 27% year-over-year increase in operating profit due to the strong operating leverage in our business model."

"Our product rollout for 2014 is progressing as planned. CimatronE version 12 was released in Q3 to growing acclaim for its many new capabilities. The next milestone is the GibbsCAM 2015 release towards the end of the year. This version incorporates the revolutionary UKM (Universal Kinematic Machine) technology, enabling users to program and simulate virtually any machine with extreme accuracy. UKM was demonstrated at IMTS 2014, and received extremely positive feedback. With strong and accelerating financial performance, combined with promising version releases for our two product lines, we remain optimistic about the future of the company," concluded Mr. Haran.

The following provides details on Cimatron's GAAP and non-GAAP results for the third quarter and first nine months of 2014:

GAAP:

Revenues for the third quarter of 2014 increased by 8% to $11.2 million, from $10.3 million recorded in the third quarter of 2013. For the first nine months of 2014, revenues increased by 8% to $33.9 million, compared to $31.5 million in the same period of 2013. 

Gross Profit for the third quarter of 2014 was $9.7 million, as compared to $8.9 million in the same period in 2013. Gross margin in the third quarter of 2014 constituted 87% of revenues, compared to 86% in the third quarter of 2013. For the first nine months of 2014, gross profit was $29.5 million, compared to $27.4 million in the same period of 2013. Gross margin for the nine months ended September 30, 2014 was 87% of revenues, the same as in the first nine months of 2013.

Operating Profit in the third quarter of 2014 increased to $1.5 million, from $1.2 million in the corresponding quarter of 2013.  In the first nine months of 2014, operating profit increased to $4.2 million, compared to an operating profit of $3.4 million in the first nine months of 2013. 

Net Profit for the third quarter of 2014 was $1.0 million, or $0.09 per diluted share, compared to a net profit of $1.0 million, or $0.10 per diluted share, recorded in the same quarter of 2013. In the first nine months of 2014, net profit increased to $2.9 million, or $0.27 per diluted share, compared to a net profit of $2.6 million, or $0.27 per diluted share, in the first nine months of 2013. 

Non-GAAP:

Revenues for the third quarter of 2014 increased by 8% to $11.2 million, from $10.3 million recorded in the third quarter of 2013. For the first nine months of 2014, revenues increased by 8% to $33.9 million, compared to $31.5 million in the same period of 2013. 

Gross Profit for the third quarter of 2014 was $9.8 million, as compared to $9.0 million in the same period of 2013. Gross margin in the third quarter of 2014 constituted 88% of revenues, the same as in the third quarter of 2013. In the first nine months of 2014, gross profit was $29.9 million, compared to $27.8 million in the first nine months of 2013. Gross margin for the nine months ended September 30, 2014 was 88% of revenues, the same as in the first nine months of 2013.

Operating Profit in the third quarter of 2014 increased by 27% to $1.8 million, from $1.4 million in the corresponding quarter of 2013. In the first nine months of 2014, operating profit increased by 29% to $5.1 million, compared to an operating profit of $4.0 million in the first nine months of 2013.

Net Profit for the third quarter of 2014 increased to $1.2 million, or $0.11 per diluted share, compared to net profit of $1.1 million, or $0.11 per diluted share, recorded in the same quarter of 2013. In the first nine months of 2014, net profit increased to $3.6 million, or $0.33 per diluted share, compared to a net profit of $3.0 million, or $0.32 per diluted share, in the first nine months of 2013.

Conference Call

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

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