Cimatron Announces Improved Results in Q1/10, as Compared to Q1/09

Reports operating and net profits on a non-GAAP basis in Q1/10, with $0.66 million positive cash flow from operations.

Givat Shmuel, Israel – Cimatron Limited, aprovider of integrated CAD/CAM solutions for the toolmaking and manufacturing industries, today announced financial results for the first quarter of 2010.

The following provides details on Cimatron’s GAAP and non-GAAP results for the first quarter of 2010:

GAAP:

Revenues for the first quarter of 2010 were $7.9 million, compared to $7.8 million recorded in the first quarter of 2009.
Gross Profit for the first quarter of 2010 was $6.7 million as compared to $6.3 million for the same period in 2009. Gross margin in the first quarter of 2010 was 84% of revenues, compared to a gross margin of 81% in the first quarter of 2009.
Operating loss in the first quarter of 2010 was $(103) thousand, compared to an operating loss of $(512) thousand in the first quarter of 2009.
Net loss for the first quarter of 2010 was $(100) thousand, or $(0.01) per diluted share, compared to a net loss of $(563) thousand, or $(0.06) per diluted share, recorded for the same quarter of 2009.

Non-GAAP:
Revenues on a non-GAAP basis for the first quarter of 2010 were $7.9 million, compared to $7.8 million recorded for the first quarter of 2009.
Gross Profit on a non-GAAP basis for the first quarter of 2010 was $6.8 million as compared to $6.5 million for the same period in 2009. Gross margin in the first quarter of 2010 was 86% of revenues, compared to 83% in the first quarter of 2009.
Operating Profit on a non-GAAP basis in the first quarter of 2010 was $143 thousand, compared to an operating loss of $(265) thousand in the first quarter of 2009.
Net Profit on a non-GAAP basis for the first quarter of 2010 was $55 thousand, or $0.01 per diluted share, compared to net loss of $(407) thousand, or $(0.04) per diluted share recorded in the same quarter of 2009.

Commenting on the results, Danny Haran, President and Chief Executive Officer of Cimatron, said “The first quarter results are in line with our expectations. We see stability or a very mild recovery in most of our markets, with higher license revenues in Q1/10 compared to Q1/09, and healthy recurring maintenance revenues. We are pleased to show a non-GAAP operating and net profit, and significant improvement in our bottom line compared to the first quarter of 2009, mainly due to budget control measures that we took in early 2009. Of course, challenges and uncertainties remain in effect, especially in light of the current Euro-zone crisis. We will continue to exercise tight budget control, while investing in product development and marketing throughout the year”, concluded Mr. Haran.