We would like to highlight Cimatron Limited (NASDAQ: CIMT). The company is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles, enable collaboration with outside vendors, and ultimately shorten product delivery time.
In the company’s recent news,
Cimatron Limited (CIMT) reported second quarter 2008 financial results after the close yesterday. Revenues rose to $10.7 million, an increase of 94% year-over-year from $5.5 million. Non-GAAP net income rose to $0.74 million, or 8 cents per diluted share, an increase of 146% from $0.30 million, or 4 cents per diluted share, for the same period a year ago. Excluding adjustments, net income on a GAAP basis fell to $0.20 million, or 2 cents per share, from $0.29 million, or 4 cents per share, a year ago.
“We are pleased to present another quarter of record revenues and year-over-year record revenue growth,” said Danny Haran, President and Chief Executive Officer of Cimatron. “Ninety-eight percent net income growth on a non-GAAP basis in the first half of 2008 and 101% growth in net cash generated from operating activities in the same period represent the continuous improvement of our core business attributed both to the merger transactions with Microsystem and Gibbs, as well as to continuous organic growth. Cimatron’s global distribution network is broadening its product offering with GibbsCam solutions and already recorded initial GibbsCam sales. We face a challenging currency environment, and are continuously monitoring and dealing with its effects on our financial results.”
Shares of CIMT closed at $2.09 yesterday and have traded in a 52-week range of $1.58 - $4.40. With 9.4 million shares outstanding, CIMT has a market cap of approximately $19.6 million and shareholder’s equity of $15.5 million. Although CIMT has a 3-month daily trading volume average of only 11,000 shares, several trades totaling 3,900 shares occurred after hours.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
