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Cimatron Reports $1.0M Non-GAAP Operating Profit In The Third Quarter Of 2012

GAAP:

Revenues for the third quarter of 2012 were $9.5 million, compared to $9.6 million recorded in the third quarter of 2011. For the first nine months of 2012, revenues were $30.0 million, compared to $28.5 million in the same period of 2011.  

Gross  Profit for the third quarter of 2012 was $8.2 million, as compared to $8.3 million in the same period in 2011. Gross margin in the third quarter of 2012 was 87% of revenues, the same as in the third quarter of 2011. For the first nine months of 2012, gross profit was $26.4 million, compared to $24.6 million in the same period of 2011. Gross margin for the nine months ended September 30 th, 2012 was 88% compared to a gross margin of 86% for the first nine months of 2011. The higher gross margin in the first nine months of 2012 as compared to the parallel period in 2011 mainly reflects the agreement with the OCS that was announced in August 2012.

Operating profit in the third quarter of 2012 was $0.7 million, the same as in the third quarter of 2011. In the first nine months of 2012, Cimatron recorded an operating profit of $3.4 million, compared to an operating profit of $2.2 million in the first nine months of 2011.  

Net Profit for the third quarter of 2012 was $0.5 million, or $0.06 per diluted share, compared to a net profit of $0.0 million, or $0.00 per diluted share, recorded in the same quarter of 2011.  In the first nine months of 2012, net profit was $2.4 million, or $0.25 per diluted share, compared to a net profit of $1.2 million, or $0.13 per diluted share, in the first nine months of 2011.  

Non-GAAP:

Revenues for the third quarter of 2012 were $9.5 million, compared to $9.6 million recorded in the third quarter of 2011. For the first nine months of 2012, revenues were $30.0 million, compared to $28.5 million in the same period of 2011.  

Gross  Profit for the third quarter of 2012 was $8.4 million, as compared to $8.5 million in the same period in 2011. Gross margin in the third quarter of 2012 was 89% of revenues, compared to 88% of revenues in the third quarter of 2011. In the first nine months of 2012, gross profit was $26.4 million, compared to $25.0 million in the first nine months of 2011. Gross margin for the nine months ended September 30 th, 2012 was 88%, the same as in the first nine months of 2011.

Operating Profit in the third quarter of 2012 was $1.0 million, the same as in the third quarter of 2011. In the first nine months of 2012, Cimatron recorded an operating profit of $3.8 million, compared to an operating profit of $3.0 million in the first nine months of 2011.  

Net profit for the third quarter of 2012 was $0.7 million, or $0.07 per diluted share, compared to a net profit of $0.8 million, or $0.09 per diluted share, recorded in the same quarter of 2011. In the first nine months of 2012, net profit was $2.7 million, or $0.29 per diluted share, compared to a net profit of $2.9 million, or $0.31 per diluted share, in the first nine months of 2011.

The contrast between non-GAAP operating profit (which rose in the first nine months of 2012 compared to the same period of 2011) and non-GAAP net profit (which slightly declined in the first nine months of 2012 compared to the corresponding period of 2011) was mainly attributable to an increase in income tax expense.  Income tax expense constituted 26% of income before taxes in the first nine months of 2012, causing a more significant reduction in non-GAAP net profit, whereas it constituted only 3% of income before taxes in the first nine months of 2011. The main reason for the higher effective tax rate in 2012 is the Company's having completed the use of its remaining U.S. tax loss carry-forwards towards the end of 2011.

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