Cimatron Reports Record Revenues of $28.7M and Ten Year Record Net Income of $1.9M in 2007
Feb. 27, 2008
• Record quarterly revenues of $9.9 million in Q4 2007, up 63.9% compared to Q4 2006. Annual revenues up 33.5%.
• Net Income in Q4 2007 was $965 thousand, up 73.2% over Q4 2006. Annual net income up 274%.
• $0.12 EPS in Q4 2007, $0.24 EPS in 2007
Givat Shmuel, Israel, - February 27, 2008- Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated CAD/CAM solutions for the toolmaking and manufacturing industries, today announced financial results for the fourth quarter and full year ended December 31, 2007.
2007 was a record year for Cimatron. Strong year-over-year revenue growth, both for Q4/2007 and for the entire year, translated into strong operating and net income. The growth is attributed to growing acceptance of the CimatronE product line and to the positive contribution of Microsystem's results which, as of Q3/2007, are fully consolidated.
Financial Highlights:
Revenues for the fourth quarter of 2007 were $9.9 million, representing 63.9% growth compared to $6.0 million recorded in the fourth quarter of 2006. Revenues for the year ended December 31, 2007 increased 33.5% to $28.7 million, compared to $21.5 million in 2006.
Gross Income for the fourth quarter of 2007 increased 49.7% to $7.7 million as compared to $5.1 million in the same period in 2006. Gross Income in 2007 increased 30% to $23.2 million as compared to $17.8 million in 2006. Gross margin in 2007 was 81%.
Operating Income in the fourth quarter of 2007 was $831 thousand, compared to an operating income of $366 thousand in the fourth quarter of 2006. In 2007 the company recorded operating income of $1.68 million, compared to an operating income of $48 thousand in 2006. The significant improvement in the operating income results mostly from the increase in revenues.
Net Income for the forth quarter of 2007 increased 73.2% to $965 thousand, or $0.12 per diluted share, compared to a net income of $557 thousand, or $0.07 per diluted share recorded in the same quarter of 2006. For 2007, net income increased 274% to $1.9 million, or $0.24 per diluted share, compared to a net income of $514 thousand, or $0.07 per diluted share in 2006.
Commenting on the results, Danny Haran, President and Chief Executive Officer of Cimatron, said, ''We are very pleased to report a strong year of improved top and bottom lines. Cimatron's results for 2007 are attributed to our efforts to develop and launch competitive products to the entire toolmaking and manufacturing industry, as well as to the positive contribution of the Microsystem acquisition.
During the last two months, since we have merged Gibbs and Associates, we are working closely with Mr. Bill Gibbs, our new President North America, and his team to leverage the potential synergy from the merger, pushing additional products to the joint distribution network. Gibbs System's estimated non-GAAP revenues in 2007 were approximately $12M and estimated non-GAAP pre-tax profit was above 10% of revenues. We expect to see benefits from the merger unfolding throughout 2008 and beyond.''
Mr. Rimon Ben-Shaoul, Chairman of the Board of Directors of Cimatron said, ''The 2007 financial results reflect good execution of our long term product and marketing strategy. The Microsystem and Gibbs and Associates merger transactions create additional economies of scale for the coming years.''
Conference Call
Cimatron's management will host a conference call today, at 9:00 EST, 16:00 Israel time. On the call, management will review and discuss the results, and will also be available to answer questions by investors.
To participate, please call one of the following teleconferencing numbers. Please begin placing your call at least 5 minutes before the conference call commences.
USA: +1-888-668-9141
Israel: 03-9180609
For those unable to listen to the live call, a replay of the call will be available from the day after the call under the investor relations section of Cimatron's website, at: www.cimatron.com
About Cimatron
With more than 25 years of experience and over 20,000 installations worldwide, Cimatron 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. Cimatron's cutting-edge CAD/CAM solutions are widely used in the automotive, medical, consumer plastics, electronics, and other industries.
Founded in 1982, Cimatron is publicly traded on the NASDAQ exchange under the symbol CIMT. Cimatron's subsidiaries and extensive distributor network are located in over 35 countries to serve customers worldwide with complete pre- and post-sales support. For more information, please visit http://www.cimatron.com.
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