0001178913-13-003129.txt : 20131112 0001178913-13-003129.hdr.sgml : 20131111 20131112061840 ACCESSION NUMBER: 0001178913-13-003129 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131112 FILED AS OF DATE: 20131112 DATE AS OF CHANGE: 20131112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIMATRON LTD CENTRAL INDEX KEY: 0001008595 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27974 FILM NUMBER: 131206712 BUSINESS ADDRESS: STREET 1: 11 GUSH ETZION ST STREET 2: GIVAT SHMUEL CITY: ISRAEL 51905 STATE: L3 ZIP: 00000 BUSINESS PHONE: 9725312121 6-K 1 zk1313854.htm 6-K zk1313854.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of November 2013
 
Commission File Number 000-27974

CIMATRON LIMITED
(Translation of Registrant’s name into English)
 
11 Gush Etzion Street, Givat Shmuel 54030, Israel
(Address of Principal Executive Office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F x   Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
 
 
 
 
 
On November 12, 2013, Cimatron Ltd. (the "Registrant") issued a press release (the "Press Release") announcing and attaching its unaudited financial results for the quarter and nine months ended September 30, 2013.  The Press Release is attached hereto as Exhibit 99.1. 
 
The unaudited financial results of the Registrant for the quarter and nine months ended September 30, 2013 (as attached to the Press Release, and excluding any related quotes from members of the Registrant's management), are hereby incorporated by reference in the Registrant's registration statements on Form F-3, File Numbers 333-161781 and 333-189764, filed with the Securities and Exchange Commission on September 8, 2009 and July 2, 2013, respectively, and in the Registrant’s Registration Statements on Form S-8, File Numbers Nos. 333-12458, 333-140809 and 333-190468, respectively.
 
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
CIMATRON LIMITED
  
       
 
By:
/s/ Ilan Erez  
   
Ilan Erez
  
   
Chief Financial Officer
  
       
Dated: November 12, 2013
 
 
 
 
 
EXHIBIT INDEX

The following exhibit is furnished as part of this Form 6-K:

Exhibit
No.
Description
   
99.1
Press release announcing results of operations of Cimatron Limited for the quarter and nine months ended September 30, 2013.
 


 EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_1.htm
Exhibit 99.1
 
 
FOR IMMEDIATE RELEASE
 
Cimatron Reports Best Ever Third Quarter with Record
Q3 Revenues, Operating Profit and Net Profit

Givat Shmuel, Israel, – November 12th, 2013 – Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated CAD/CAM software solutions for the toolmaking and manufacturing industries, today announced financial results for the third quarter and first nine months of 2013.
 
Highlights of Cimatron’s results for the third quarter of 2013 include the following:
 
 
·
45% increase in y-o-y non-GAAP operating profit, to a Q3 record of $1.4 million
 
·
62% increase in y-o-y non-GAAP net profit, to a Q3 record of $1.1 million
 
·
Record Q3 revenues of $10.3 million, a 9% y-o-y increase (6% in constant currencies)
 
·
88% gross margin and 14% operating margin on a non-GAAP basis
 
·
$0.11 non-GAAP EPS
 
·
$12.9 million end of quarter net cash balance

Commenting on the results, Danny Haran, President and Chief Executive Officer of Cimatron, noted, “We are very pleased to report Q3/13 as a record third quarter in practically all parameters. In particular, we are pleased that the year-over-year revenue growth in the quarter was translated to significant year-over-year growth in operating and net profits.
 
“We remain faithful to our long term product strategy, striving to bring ever more value to our customers via internal development as well as through new third party partnerships. Our recent agreement with MachineWorks, to incorporate their Polygonica software inside CimatronE, is a perfect example. We believe that our enhanced investment in R&D, as well as in sales and marketing, will support further revenue and profit growth going forward. In parallel, we continue to explore M&A opportunities, where synergy can be found in terms of product, technology or distribution channels,” concluded Mr. Haran.
 
 
 
 
 
 
The following provides details on Cimatron’s GAAP and non-GAAP results for the third quarter and first nine months of 2013:
 
GAAP:
 
Revenues for the third quarter of 2013 were $10.3 million, compared to $9.5 million recorded in the third quarter of 2012. For the first nine months of 2013, revenues were $31.5 million, compared to $30.0 million in the same period of 2012.
 
Gross Profit for the third quarter of 2013 was $8.9 million, as compared to $8.2 million in the same period in 2012. Gross margin in the third quarter of 2013 was 86% of revenues, compared to 87% in the third quarter of 2012. For the first nine months of 2013, gross profit was $27.4 million, compared to $26.4 million in the same period of 2012. Gross margin for the nine months ended September 30, 2013 was 87% of revenues, compared to a gross margin of 88% of revenues for the first nine months of 2012.
 
The higher gross margin in the first nine months of 2012 as compared to the parallel period of 2013 mainly reflect the agreement with the Office of Chief Scientist in the Israeli Ministry of Industry, Trade and Labor (OCS), that was announced last year. As a result of that agreement, the Company recorded an additional one-time income of approximately $0.4 million in the second quarter of 2012, reflected as a lower cost of revenue in the GAAP Statements of Income for the first nine months of 2012. Such income was excluded from the non-GAAP results for the first nine months of 2012, in order to ensure that comparisons to comparable periods of previous years better reflect the results of ongoing operations.
 
Operating Profit in the third quarter of 2013 increased 70% to $1.2 million, as compared to $0.7 million in the same period of 2012. In the first nine months of 2013, Cimatron recorded an operating profit of $3.4 million, the same as in the first nine months of 2012.
 
Net Profit for the third quarter of 2013 increased 83% to $1.0 million, or $0.10 per diluted share, compared to a net profit of $0.5 million, or $0.06 per diluted share, recorded in the same quarter of 2012.  In the first nine months of 2013, net profit was $2.6 million, or $0.27 per diluted share, compared to a net profit of $2.4 million, or $0.25 per diluted share, in the first nine months of 2012.
 
 
 
 

 
Non-GAAP:
 
Revenues for the third quarter of 2013 were $10.3 million, compared to $9.5 million recorded in the third quarter of 2012. For the first nine months of 2013, revenues were $31.5 million, compared to $30.0 million in the same period of 2012.
 
Gross Profit for the third quarter of 2013 was $9.0 million, as compared to $8.4 million in the same period of 2012. Gross margin in the third quarter of 2013 was 88% of revenues, compared to 89% in the third quarter of 2012. In the first nine months of 2013, gross profit was $27.8 million, compared to $26.4 million in the first nine months of 2012. Gross margin for the nine months ended September 30, 2013 was 88% of revenues, the same as in the first nine months of 2012.
 
Operating Profit in the third quarter of 2013 increased 45% to $1.4 million, as compared to $1.0 million in the same period in 2012. In the first nine months of 2013, Cimatron recorded an operating profit of $4.0 million, compared to an operating profit of $3.8 million in the first nine months of 2012.
 
Net Profit for the third quarter of 2013 increased 62% to $1.1 million, or $0.11 per diluted share, compared to a net profit of $0.7 million, or $0.07 per diluted share, recorded in the same quarter of 2012. In the first nine months of 2013, net profit was $3.0 million, or $0.32 per diluted share, compared to a net profit of $2.7 million, or $0.29 per diluted share, in the first nine months of 2012.
 
 
 
 

 
Conference Call
 
Cimatron's management will host a conference call today, November 12, 2013, at 9:00 EST, 16:00 Israel time. On the call, management will review and discuss the results, and will 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
International: +972-3-9180610
Israel: 03-9180610
 
For those unable to listen to the live call, a replay of the call will be available beginning on the day after the call at the investor relations section of Cimatron's website, at: www.cimatron.com
 
Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income included herein. Non-GAAP financial measures consist of GAAP financial measures adjusted to include recognition of deferred revenues of acquired companies and to exclude amortization of acquired intangible assets and deferred income tax, as well as certain business combination and other accounting entries. The purpose of such adjustments is to give an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. We believe that these non-GAAP measures help investors to understand our current and future operating performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.
 
About Cimatron
 
With over 30 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM software 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 and ultimately shorten product delivery time.
 
 
 
 
 
 
The Cimatron product line includes the CimatronE and GibbsCAM brands with software solutions for mold design, die design, electrode design, 2.5 to 5 Axis milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.
 
Cimatron's shares are publicly traded on the NASDAQ under the symbol CIMT. For more information, please visit Cimatron’s web site at: http://www.cimatron.com
 
Safe Harbor Statement
 
This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to Cimatron’s plans, objectives and expected financial and operating results. The words "may," "could," "would," “will,” "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cimatron’s ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycles, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties related to Cimatron’s business, refer to Cimatron’s filings with the Securities and Exchange Commission. Cimatron cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
 
Company Contact:  
Ilan Erez, Chief Financial Officer
Cimatron Ltd.
Tel.; 972-73-237-0114
Email: ilane@cimatron.com  
Investor Relations contact
Ehud Helft/Kenny Green
CCG Investor Relations
Tel: (US) 1 646 201 9246
Email: Cimatron@ccgisrael.com
 
 
 
 
 
                                                    
CIMATRON LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(US Dollars in thousands, except for per share data)
 
   
Three months ended
    
Nine months ended
  
   
September 30,
    
September 30,
  
   
2013
    
2012
    
2013
    
2012
  
                         
Total revenue
     10,301       9,463       31,498       29,957  
                                 
Total cost of revenue
     1,405       1,218       4,122       3,570  
Gross profit
     8,896       8,245       27,376       26,387  
                                 
   Research and development expenses
     1,790       1,613       5,276       4,935  
                                 
   Selling, general and administrative expenses
     5,891       5,918       18,694       18,019  
Operating income
     1,215       714       3,406       3,433  
                                 
   Financial income (expenses), net
     15       41       (9 )     (51 )
                                 
   Taxes on income
     (265 )     (199 )     (834 )     (999 )
                                 
   Other
     (1 )     (18 )     4       (7 )
Net income
     964       538       2,567       2,376  
                                 
   Less: Net income attributable to the noncontrolling interest
     (9 )     (15 )     (6 )     (24 )
                                 
Net income attributable to Cimatron's shareholders
   $ 955     $ 523     $ 2,561     $ 2,352  
Net income per share - basic and diluted
   $ 0.10     $ 0.06     $ 0.27     $ 0.25  
                                 
Weighted average number of shares outstanding
                                
                                 
Basic EPS (in thousands)
     9,727       9,314       9,480       9,308  
                                 
Diluted EPS (in thousands)
     9,740       9,331       9,488       9,325  
                                                                                                
                                                                        
 
 
 
 
CIMATRON LIMITED
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION
(US Dollars in thousands, except for per share data)
 
 
Three months ended
    
Nine months ended
  
   
September,
    
September,
  
      2013       2012       2013       2012  
   
GAAP
    
Adj.
    
NON-GAAP
    
GAAP
    
Adj.
    
NON-GAAP
    
GAAP
    
Adj.
    
NON-GAAP
    
GAAP
    
Adj.
    
NON-GAAP
  
                                                                         
Total revenue
     10,301       -       10,301       9,463       -       9,463       31,498       -       31,498       29,957       -       29,957  
                                                                                                 
Total cost of revenue
     1,405               1,258       1,218               1,071       4,122               3,681       3,570               3,548  
Non-cash amortization of acquired intangible assets
             (147 )                     (147 )                     (441 )                     (441 )        
One-time income from OCS agreement
                                                                                     419          
Gross profit
     8,896       147       9,043       8,245       147       8,392       27,376       441       27,817       26,387       22       26,409  
                                                                                                 
   Research and development expenses (1)
     1,790       (3 )     1,787       1,613       -       1,613       5,276       (3 )     5,273       4,935       -       4,935  
                                                                                                 
   Selling, general and administrative expenses
     5,891               5,861       5,918               5,819       18,694               18,579       18,019               17,723  
Non-cash amortization of acquired intangible assets
             -                       (99 )                     (85 )                     (296 )        
Stock-based compensation
             (30 )                     -                       (30 )                     -          
Operating income
     1,215       180       1,395       714       246       960       3,406       559       3,965       3,433       318       3,751  
                                                                                                 
   Financial income (expenses), net
     15       -       15       41       -       41       (9 )     -       (9 )     (51 )     -       (51 )
                                                                                                 
   Taxes on income (2)
     (265 )     (34 )     (299 )     (199 )     (90 )     (289 )     (834 )     (125 )     (959 )     (999 )     28       (971 )
                                                                                                 
   Other
     (1 )     -       (1 )     (18 )     -       (18 )     4       -       4       (7 )     -       (7 )
Net income
     964       146       1,110       538       156       694       2,567       434       3,001       2,376       346       2,722  
                                                                                                 
   Less: Net income attributable to the noncontrolling interest
     (9 )     -       (9 )     (15 )     -       (15 )     (6 )     -       (6 )     (24 )     -       (24 )
                                                                                                 
Net income attributable to Cimatron's shareholders
   $ 955     $ 146     $ 1,101     $ 523     $ 156     $ 679     $ 2,561     $ 434     $ 2,995     $ 2,352     $ 346     $ 2,698  
Net income per share - basic and diluted
   $ 0.10             $ 0.11     $ 0.06             $ 0.07     $ 0.27             $ 0.32     $ 0.25             $ 0.29  
                                                                                                 
Weighted average number of shares outstanding
                                                                                                
                                                                                                 
Basic EPS (in thousands)
     9,727               9,727       9,314               9,314       9,480               9,480       9,308               9,308  
                                                                                                 
Diluted EPS (in thousands)
     9,740               9,740       9,331               9,331       9,488               9,488       9,325               9,325  
 
(1) Non-GAAP adjustment to exclude stock-based compensation
                                            
(2) Non-GAAP adjustment to exclude the effect of deferred taxes and other tax provisions.
                                            
 
 
 
 
 
 
CIMATRON LIMITED
CONSOLIDATED BALANCE SHEETS
(US Dollars in thousands)
   
September 30,
    
December 31,
  
   
2013
    
2012
  
             
ASSETS
            
CURRENT ASSETS:
            
  Total cash, cash equivalents and short-term investments
   $ 12,914     $ 11,903  
  Trade receivables
     5,457       6,049  
  Other current assets
     2,033       1,788  
     Total current assets
     20,404       19,740  
                 
     Deposits with insurance companies and severance pay fund
     3,624       3,296  
                 
     Net property and equipment
     964       875  
                 
     Net other assets
     10,057       10,499  
                 
    Total assets
   $ 35,049     $ 34,410  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
CURRENT LIABILITIES:
                
    Short-term bank credit
   $ 21     $ 1  
    Trade payables
     1,023       1,169  
    Accrued expenses and other liabilities
     5,059       7,204  
    Deferred revenues
     4,802       2,843  
         Total current liabilities
     10,905       11,217  
                 
LONG-TERM LIABILITIES:
                
    Accrued severance pay
     4,889       4,453  
    Deferred tax liability
     127       275  
      Total long-term liabilities
     5,016       4,728  
                 
   Total shareholders’ equity
     19,128       18,465  
  Total liabilities and shareholders’ equity
   $ 35,049     $ 34,410  
 
 
 
 
 
 
CIMATRON LIMITED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(US Dollars in thousands)
 
   
  Noncontrolling
Interest
    
Share
capital
    
  Additional
paid-in capital
       Accumulated other comprehensive income (loss)    
  Retained
 earnings
(accumulated
 deficit)
    
  Treasury 
stock
      
Comprehensive
income
(loss)
    
  Total
shareholders’
equity
  
Balance at December 31, 2012
   $ 28     $ 313     $ 18,906     $ (6 )   $ (24 )   $ (752 )         $ 18,465  
Changes during the nine months ended September 30, 2013:
                                                          
Net income
     6                               2,561               2,567       2,567  
Cash distribution to shareholders
                     (7,916 )                                     (7,916 )
Issuance of shares
             28       5,758                                       5,786  
Issuance of restricted shares
             9                                               9  
Stock based compensation
                     80                                       80  
Other
                             73                       73       73  
Foreign currency translation adjustment
                             64                       64       64  
Total comprehensive income
                                                     2,704          
Balance at September 30, 2013
   $ 34     $ 350     $ 16,828     $ 131     $ 2,537     $ (752 )           $ 19,128  
 
 
 
 
 
 
CIMATRON LIMITED
STATEMENTS OF CASH FLOWS
(US Dollars in thousands)
 
   
Nine months ended
  
   
September 30,
  
   
2013
    
2012
  
             
Cash flows from operating activities:
            
Net income
   $ 2,567     $ 2,376  
                 
Adjustments to reconcile net income
                
   to net cash provided by operating activities:
                
Depreciation and amortization
     796       1,007  
Increase in accrued severance pay
     415       63  
Stock based compensation
     33       -  
Deferred taxes, net
     (115 )     (272 )
                 
Changes in assets and liabilities:
                
Decrease in accounts receivable and prepaid expenses
     332       1,051  
Increase (decrease) in inventory
     12       (2 )
Increase in deposits with insurance companies and severance pay fund
     (328 )     (63 )
Decrease in trade payables, accrued expenses and other liabilities
     (425 )     (1,587 )
Net cash provided by operating activities
     3,287       2,573  
                 
Cash flows from investing activities:
                
Proceeds from sale of property and equipment
     -       1  
Purchase of property and equipment
     (346 )     (243 )
Net cash used in investing activities
     (346 )     (242 )
                 
Cash flows from financing activities:
                
Short-term bank credit
     20       (40 )
Long-term bank credit
     (3 )     (7 )
Cash distribution to shareholders
     (7,916 )     (1,863 )
Proceeds from issuance of shares upon exercise of options
     47       40  
Proceeds from issuance of restricted shares
     9       -  
Proceeds from issuance of shares
     5,786       -  
Net cash used in financing activities
     (2,057 )     (1,870 )
                 
Net increase in cash and cash equivalents
     884       461  
Effect of exchange rate changes on cash
     127       28  
Cash and cash equivalents at beginning of period
     11,903       11,787  
Cash and cash equivalents at end of period
   $ 12,914     $ 12,276  
                 
Appendix A - Non-cash transactions
                
Purchase of property on credit
   $ 7     $ 5  
 
 
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