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August 9, 2012 /PRNewswire/ --
In the news release, "Cimatron Reports Revenues of
$10.6M and Record Second Quarter Non-GAAP Operating Profit of
$1.7M in Q2/12" issued on
9 Aug 201207:30 GMT, by Cimatron Ltd over PR Newswire, we are advised by a representative of the company that the section headed 'Net Profit', under the 'Non-GAAP' title, should have consisted of 4 paragraphs rather than the single paragraph which was incorrectly transmitted by PR Newswire. Complete corrected release follows:
Cimatron Limited (NASDAQ and TASE: CIMT), a leading provider of integrated CAD/CAM software solutions for the toolmaking and manufacturing industries, today announced financial results for the second quarter and first half of 2012.
Highlights of Cimatron's results for these periods include the following:
11% year-over-year revenue increase on a constant currency basis in Q2 2012
28% year-over-year non-GAAP operating profit increase in Q2 2012
16% year-over-year new license revenue growth in Q2 2012, on a constant currency basis
$ 4.7M positive cash flow from operating activitiesin the first six months of 2012
Concurrently with the announcement of its results, Cimatron today also announced it reached an agreement with the Office of Chief Scientist in the Israeli Ministry of Industry, Trade and Labor (OCS). Under the agreement, Cimatron paid to the OCS in
July 2012 an amount of approximately
$2.5M, and the OCS exempted Cimatron from any further royalty reports and payments, other than as may be required under applicable law in the event of transfer of know how outside of
Israel. As a result of this agreement, Cimatron recorded additional income of approximately
$0.4M in the second quarter of 2012, reflected as a lower cost of revenue in the GAAP Statements of Income for the second quarter of 2012. Such income was excluded from the non-GAAP results for the second quarter of 2012, in order to make comparisons to previous periods easier.
Commenting on the results,
Danny Haran, President and Chief Executive Officer of Cimatron, noted "We are pleased to report a strong second quarter, with healthy growth in revenues and record Q2 non-GAAP operating profit. So far, 2012 unfolds to our satisfaction and according to plans. Yet, we cannot be oblivious to the ominous signs of economic slowdown, notably in
Europe. We remain cautious as we move on with our business plans. I am confident that our competitive product portfolio, strong cash flow and prudent budget control will help us cope well with whatever conditions and challenges the market may present in the near future." concluded Mr. Haran.
The following provides details on Cimatron's GAAP and non-GAAP results for the second quarter and first six months of 2012: