Cimatron Limited (www.cimatron.com), a provider of integrated CAD/CAM solutions for the toolmaking and manufacturing industries, today announced financial results for the second quarter and first six months of 2008. Financial Highlights:
- Revenues on a non-GAAP Basis: $10.9 million in Q2/08 as compared to $5.5 million in Q2/07
- Net Income on a non- GAAP Basis: $0.74 million in Q2/08 as compared to $0.30 million in Q2/07
- Revenues on GAAP Basis: $10.7 million in Q2/08 as compared to $5.5 million in Q2/07
- Net Income on GAAP Basis: $0.20 million in Q2/08 as compared to $0.29 million in Q2/07
Cimatron presents record 99 percent year-over- year revenue growth in Q2 2008 on a non-GAAP basis, and as a result, 146 percent year-over-year growth in the quarterly net income on a non-GAAP basis, despite unfavorable currency exchange rates and a challenging global economic environment. Furthermore, net cash generated in the first half of 2008 was $5.0 million, an increase of 101 percent as compared to the first half of 2007. The revenue growth was attributed to both organic growth and the accretive impact of the merger transactions with Microsystem and Gibbs.
Revenue on a non-GAAP basis in 2008 excludes the effect of business combination accounting rules on the acquired deferred maintenance revenue balance of Gibbs. Expenses on a non-GAAP basis exclude the non-cash amortization of acquired intangible assets of Microsystem and Gibbs and the deferred taxes related to these acquisition- related items.