Cimatron's Q1/2011 Revenues up 12.3% YOY, non-GAAP Operating Profit up 370%

                                        CIMATRON LIMITED
                               CONSOLIDATED STATEMENTS OF INCOME
                      (US Dollars in thousands, except for per share data)

                                                          Three months ended
                                                               March 31,
                                                        2011           2010
    Total revenue                                       8,894         7,917
    Total cost of revenue                               1,345         1,251
    Gross profit                                        7,549         6,666
    Research and development expenses, net              1,554         1,485
    Selling, general and administrative expenses        5,571         5,284
    Operating income (loss)                               424          (103)
    Financial income (expenses), net                      116           (52)
    Taxes on income                                      (227)           57
    Other                                                  (2)            1
    Net income (loss)                                     311           (97)
    Less: Net (income) loss attributable
    to the noncontrolling interest                         28            (3)
    Net income (loss) attributable to
    Cimatron's shareholders                             $ 339        $ (100)
    Net income (loss) per share - basic and diluted    $ 0.04       $ (0.01)
    Weighted average number of shares outstanding
    Basic EPS (in thousands)                            9,106         9,078
    Diluted EPS (in thousands)                          9,239         9,078





                           CIMATRON LIMITED
            RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
            (US Dollars in thousands, except for per share data)
                          Three months ended
                                  March 31,
                         2011                                      2010
    GAAP               Adj.       NON-GAAP       GAAP       Adj.    NON-GAAP

    Total revenue     8,894          -          8,894     7,917    -   7,917
    Total cost
    of revenue (1)    1,345       (147)         1,198     1,251 (147)  1,104
    Gross profit      7,549        147          7,696     6,666  147   6,813
    Research and
    Development
    expenses, net     1,554          -          1,554     1,485    -   1,485
    Selling, general
    and administrative
    expenses (1)      5,571       (101)         5,470     5,284  (99)  5,185
    Operating income
    (loss)              424        248            672      (103) 246       143
        Financial  income
        (expenses),  net          116                    -                        116              (52)      -          (52)
        Taxes  on  income  (2)(227)              172                        (55)              57    (91)        (34)
        Other                                (2)                  -                          (2)                1        -              1
        Net  income  (loss)      311                420                        731              (97)  155            58
        Less:  Net  (income)
        loss  attributable
        to  the
        noncontrolling
        interest                          28                    -                          28                (3)      -            (3)
        Net  income  (loss)
        attributable  to
        Cimatron's
        shareholders            $  339            $  420                    $  759        $  (100)$155          $55
        Net  income  (loss)
        per  share  -  basic
        and  diluted            $  0.04                                        $  0.08      $  (0.01)            $  0.01
        Weighted  average
        number  of  shares
        outstanding
        Basic  EPS
        (in  thousands)        9,106                                          9,106          9,078                9,078
        Diluted  EPS
        (in  thousands)        9,239                                          9,239          9,078                9,078

        (1)  Non-GAAP  adjustment  to  exclude  non-cash  amortization  of  acquired
                intangible  assets.
        (2)  Non-GAAP  adjustment  to  exclude  the  effect  of  deferred  taxes.





                                                      CIMATRON  LIMITED
                                          CONSOLIDATED  BALANCE  SHEETS
                                        (US  Dollars  in  thousands)
                                                                                            March  31,          December  31,
                                                                                                2011                        2010
                                                                                                            ASSETS
        CURRENT  ASSETS:
        Total  cash,  cash  equivalents  and
        short-term  investments                                      $  12,980            $  10,221
        Trade  receivables                                                      5,990                  5,708
        Other  current  assets                                                2,429                  2,275
        Total  current  assets                                              21,399                18,204
        Deposits  with  insurance  companies
        and  severance  pay  fund                                            3,299                  3,279
        Net  property  and  equipment                                        896                      949
        Total  other  assets                                                  12,469                12,469
        Total  assets                                                          $  38,063            $  34,901
        LIABILITIES  AND  SHAREHOLDERS'  EQUITY
        CURRENT  LIABILITIES:
        Short-term  bank  credit                                            $  580                    $  99
        Trade  payables                                                            1,245                  1,685
        Accrued  expenses  and  other  liabilities            7,151                  8,260
        Deferred  revenues                                                      5,028                  2,275
        Total  current  liabilities                                    14,004                12,319
        LONG-TERM  LIABILITIES:
        Accrued  severance  pay                                              4,346                  4,297
        Long-term  loan                                                                105                        98
        Deferred  tax  liability                                                911                  1,002
        Total  long-term  liabilities                                  5,362                  5,397
        Total  shareholders'  equity                                  18,697                17,185
        Total  liabilities  and
        shareholders'  equity                                          $  38,063            $  34,901





                                                            CIMATRON  LIMITED
                                      STATEMENTS  OF  CHANGES  IN  SHAREHOLDERS'  EQUITY
                                                        (US  Dollars  in  thousands)

                                                                Accumulated
                                                                  other
                                                              comprehensive                                      Comprehensive
                                                                income  (loss)                                    income  (loss)
                                                                                            Retained
                                                  Additional                        earnings                                  Total
        Noncontrolling    Share  paid-in                    (accumulated  Treasuryshareholders'
        Interest              capital    capital                    deficit)        stock                equity

        Balance  at
        December  31,
        2010                $(74)      $304    $18,275  $(265)  $(303)  $(752)                        $17,185
        Changes
        during  the
        three  months
        ended  March
        31,  2011:
        Net  income
        (loss)                (28)                                                                    339                    311    311
        Exercise  of
        share  options                    9            719                                                                          728
        Unrealized
        income  on
        derivative
        instruments                                                    45                                                      45      45
        Other                                                              249                                                    249    249
        Foreign
        currency
        translation
        adjustment                                                    179                                                    179    179
        Total                                                                                                                        784
        comprehensive
        income
        Balance  at
        March  31,
        2011                $(102)    $313    $18,994    $208        $36        $(752)                    $18,697





                                                                                  CIMATRON  LIMITED
                                                                          STATEMENTS  OF  CASH  FLOWS
                                                                          (US  Dollars  in  thousands)
                                                                                        Three  months
                                                                                                ended
                                                                                            March  31,
                                                                                      2011                2010

        Cash  flows  from  operating  activities:
        Net  income  (loss)                                      $  311              $  (97)
        Adjustments  to  reconcile  net
        income  (loss)  to  net  cash  provided
        by  operating  activities:
        Depreciation  and  amortization                  375                  387
        Increase  (decrease)  in
        accrued  severance  pay                                    (8)                  60
        Stock  option  compensation                            15
        Deferred  taxes,  net                                      170                  (56)
        Changes  in  assets  and  liabilities:
        Increase  in  accounts  receivable  and
        prepaid  expenses                                          (282)          (1,675)
        Decrease  in  inventory                                    17                    11
        Increase  in  deposits  with
        insurance  companies  and  severance
        pay  fund                                                            (20)                (64)
        Increase  in  trade  payables,
        accrued  expenses  and  other
        liabilities                                                      715              2,078
        Net  cash  provided  by  operating
        activities                                                    1,278                  659
        Cash  flows  from  investing  activities:
        Purchase  of  property  and  equipment        (45)                (24)
        Net  cash  used  in  investing  activities  (45)                (24)
        Cash  flows  from  financing  activities:
        Short-term  bank  credit                                456                  541
        Long-term  bank  credit                                      -                    (8)
        Proceeds  from  issuance  of  shares
        upon  exercise  of  options                            728                    11
        Investment  in  treasury  stock                        -                  (84)
        Net  cash  provided  by
        financing  activities                                1,184                  460
        Net  increase  in  cash  and
        cash  equivalents                                        2,417              1,095
        Effect  of  exchange  rate
        changes  on  cash                                              342                (321)
        Cash  and  cash  equivalents
        at  beginning  of  period                          10,221              6,684
        Cash  and  cash  equivalents
        at  end  of  period                                    $12,980            $7,458
        Appendix  A  -  Non-cash  transactions
        Purchase  of  property  on  credit                $  6                  $  -



        Contact:
        Ilan  Erez,  Chief  Financial  Officer
        Cimatron  Ltd.
        Tel:  +972-73-237-0114
        E-mail:  ilane@cimatron.com

 

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