CIMATRON LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(US Dollars in thousands, except for per share data)
Three months ended
March 31,
2011 2010
Total revenue 8,894 7,917
Total cost of revenue 1,345 1,251
Gross profit 7,549 6,666
Research and development expenses, net 1,554 1,485
Selling, general and administrative expenses 5,571 5,284
Operating income (loss) 424 (103)
Financial income (expenses), net 116 (52)
Taxes on income (227) 57
Other (2) 1
Net income (loss) 311 (97)
Less: Net (income) loss attributable
to the noncontrolling interest 28 (3)
Net income (loss) attributable to
Cimatron's shareholders $ 339 $ (100)
Net income (loss) per share - basic and diluted $ 0.04 $ (0.01)
Weighted average number of shares outstanding
Basic EPS (in thousands) 9,106 9,078
Diluted EPS (in thousands) 9,239 9,078
CIMATRON LIMITED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
(US Dollars in thousands, except for per share data)
Three months ended
March 31,
2011 2010
GAAP Adj. NON-GAAP GAAP Adj. NON-GAAP
Total revenue 8,894 - 8,894 7,917 - 7,917
Total cost
of revenue (1) 1,345 (147) 1,198 1,251 (147) 1,104
Gross profit 7,549 147 7,696 6,666 147 6,813
Research and
Development
expenses, net 1,554 - 1,554 1,485 - 1,485
Selling, general
and administrative
expenses (1) 5,571 (101) 5,470 5,284 (99) 5,185
Operating income
(loss) 424 248 672 (103) 246 143
Financial income
(expenses), net 116 - 116 (52) - (52)
Taxes on income (2)(227) 172 (55) 57 (91) (34)
Other (2) - (2) 1 - 1
Net income (loss) 311 420 731 (97) 155 58
Less: Net (income)
loss attributable
to the
noncontrolling
interest 28 - 28 (3) - (3)
Net income (loss)
attributable to
Cimatron's
shareholders $ 339 $ 420 $ 759 $ (100)$155 $55
Net income (loss)
per share - basic
and diluted $ 0.04 $ 0.08 $ (0.01) $ 0.01
Weighted average
number of shares
outstanding
Basic EPS
(in thousands) 9,106 9,106 9,078 9,078
Diluted EPS
(in thousands) 9,239 9,239 9,078 9,078
(1) Non-GAAP adjustment to exclude non-cash amortization of acquired
intangible assets.
(2) Non-GAAP adjustment to exclude the effect of deferred taxes.
CIMATRON LIMITED
CONSOLIDATED BALANCE SHEETS
(US Dollars in thousands)
March 31, December 31,
2011 2010
ASSETS
CURRENT ASSETS:
Total cash, cash equivalents and
short-term investments $ 12,980 $ 10,221
Trade receivables 5,990 5,708
Other current assets 2,429 2,275
Total current assets 21,399 18,204
Deposits with insurance companies
and severance pay fund 3,299 3,279
Net property and equipment 896 949
Total other assets 12,469 12,469
Total assets $ 38,063 $ 34,901
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $ 580 $ 99
Trade payables 1,245 1,685
Accrued expenses and other liabilities 7,151 8,260
Deferred revenues 5,028 2,275
Total current liabilities 14,004 12,319
LONG-TERM LIABILITIES:
Accrued severance pay 4,346 4,297
Long-term loan 105 98
Deferred tax liability 911 1,002
Total long-term liabilities 5,362 5,397
Total shareholders' equity 18,697 17,185
Total liabilities and
shareholders' equity $ 38,063 $ 34,901
CIMATRON LIMITED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(US Dollars in thousands)
Accumulated
other
comprehensive Comprehensive
income (loss) income (loss)
Retained
Additional earnings Total
Noncontrolling Share paid-in (accumulated Treasuryshareholders'
Interest capital capital deficit) stock equity
Balance at
December 31,
2010 $(74) $304 $18,275 $(265) $(303) $(752) $17,185
Changes
during the
three months
ended March
31, 2011:
Net income
(loss) (28) 339 311 311
Exercise of
share options 9 719 728
Unrealized
income on
derivative
instruments 45 45 45
Other 249 249 249
Foreign
currency
translation
adjustment 179 179 179
Total 784
comprehensive
income
Balance at
March 31,
2011 $(102) $313 $18,994 $208 $36 $(752) $18,697
CIMATRON LIMITED
STATEMENTS OF CASH FLOWS
(US Dollars in thousands)
Three months
ended
March 31,
2011 2010
Cash flows from operating activities:
Net income (loss) $ 311 $ (97)
Adjustments to reconcile net
income (loss) to net cash provided
by operating activities:
Depreciation and amortization 375 387
Increase (decrease) in
accrued severance pay (8) 60
Stock option compensation 15
Deferred taxes, net 170 (56)
Changes in assets and liabilities:
Increase in accounts receivable and
prepaid expenses (282) (1,675)
Decrease in inventory 17 11
Increase in deposits with
insurance companies and severance
pay fund (20) (64)
Increase in trade payables,
accrued expenses and other
liabilities 715 2,078
Net cash provided by operating
activities 1,278 659
Cash flows from investing activities:
Purchase of property and equipment (45) (24)
Net cash used in investing activities (45) (24)
Cash flows from financing activities:
Short-term bank credit 456 541
Long-term bank credit - (8)
Proceeds from issuance of shares
upon exercise of options 728 11
Investment in treasury stock - (84)
Net cash provided by
financing activities 1,184 460
Net increase in cash and
cash equivalents 2,417 1,095
Effect of exchange rate
changes on cash 342 (321)
Cash and cash equivalents
at beginning of period 10,221 6,684
Cash and cash equivalents
at end of period $12,980 $7,458
Appendix A - Non-cash transactions
Purchase of property on credit $ 6 $ -
Contact:
Ilan Erez, Chief Financial Officer
Cimatron Ltd.
Tel: +972-73-237-0114
E-mail: ilane@cimatron.com
Cimatron's Q1/2011 Revenues up 12.3% YOY, non-GAAP Operating Profit up 370%
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