CIMdata PLM Industry Summary Online Archive

19 February 2013

Financial News

Cimatron Reports Record Q4 and Full Year 2012 Results Across all Operating Parameters

Cimatron Limited today announced financial results for the fourth quarter and full year of 2012.

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

  • Record revenues of $42.3M in 2012 and $12.4M in Q4/12
  • Record non-GAAP operating profit of $6.1M in 2012 and $2.3M in Q4/12 with operating margins of 14% and 19%, respectively
  • Record $5.7M operating cash flow in 2012 (excluding a one-time royalty payment of $2.5M to the Israeli Office of the Chief Scientist)
  • 39% increase in GAAP net profit in 2012 to $3.7M

Commenting on the results, Danny Haran, President and Chief Executive Officer of Cimatron, noted, “We are excited to report a record fourth quarter, rounding out the best year in Cimatron’s history. We continue to see strong demand for our products, as well as robust growth in maintenance revenues from existing and new customers. On a constant currency basis, in 2012, our revenues grew by 7%. We achieved these strong results despite a delay in some US-based projects towards the end of the fourth quarter, which were attributed to customer ’Fiscal Cliff‘ concerns. These delays are believed to be behind us, as indicated by initial results in January.”

Continued Mr. Haran, “We look forward to an even stronger 2013. Based on what we are currently seeing in the market, combined with the current demand across our product portfolio, we expect to continue to grow our top line in 2013. This, we believe, will be translated into increased growth in operating profit due to the strong operating leverage inherent in our business model, which allows us to bring a great portion of any revenue increase down to the operating profit.”

“We aim to release a new and exciting version of CimatronE, version 11, towards the end of Q1 2013. Soon after that, the GibbsCAM 2013 version release is planned. With numerous improvements and advances, we believe these innovations will greatly support our sales efforts in 2013."

 “Cimatron is currently exploring new opportunities in the field of additive manufacturing, also known as 3D Printing. Over the last few years, some of our customers and business partners have increasingly started to use and apply this emerging technology to their manufacturing processes, and we are researching how we can better serve our customers and partners in this exciting new way of manufacturing."

 “At this point, Cimatron has no revenues from additive manufacturing. Yet, we believe that additive and hybrid manufacturing have great potential to emerge in many directions, and that our knowledge and vast expertise in 3D modeling and manufacturing will allow us to take part in this field, as it becomes more and more commonly used, side by side with traditional subtractive manufacturing techniques,” concluded Mr. Haran.

To view an unabridged version of this press release, visit: http://www.cimatron.com/Group/pressreleases.aspx?FolderID=3099&docID=23077&lang=en

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