Cimatron Limited Reports Third Quarter Results

Significantly Improved Results Compared to Q3 2001

GIVAT SHMUEL, Israel - November 18, 2002 - /PRNewswire-FirstCall/ -- Cimatron Limited (NASDAQ:CIMT), a leading developer of CAD/CAM solutions for the tooling industry, today announced its results for the third quarter ending September 31, 2002.

Third quarter revenues were $5 million, a 5.2% decrease from $5.28 million for the same quarter last year. Revenues for the first nine months resulted in $15.74 million, a decrease of 2.2% compared to $16.1 million for the first nine months of 2001. Quarterly gross profit was $3.87 million or 77. 4% of the revenues, up 4% from the third quarter last year (73%).

Net loss for the quarter was $269,000 or 3 cents per share, as compared to the net loss of $980,000 or 12 cents per share for the third quarter last year. Net loss for the first nine months was $24,000, compared to a net loss of $4.53 million for the same period last year (or a loss 57 cents per share).

Selling, general and administrative expenses were $2.87 million, up 4.6% from $2.74 million for the same period a year ago, which reflects our continued investment in the Company's international distribution network. Research and development expenses were reduced to $1.27 million from $1.55 million in the second quarter 2002, and $1.7 million in the third quarter last year, a reduction of 18% compared to Q2 2002, and a reduction of 25.4% compared to Q3 2001. Operating loss was $262,000, the same as Q2 2002, down from an operating loss of $589,000 for the same quarter in 2001.

Micha Ronen, VP Finance and CFO of Cimatron, commented, "We have managed to maintain and even improve our gross profit to a level of over 77% and reduce our total operating expenses (R&D, SG&A), two elements that accounted for improved operating results."

"Although the third quarter is commonly our slower quarter, and in spite of decreased investments in technology, our quarterly results show that our customers believe in Cimatron's solution and in our contribution to their business," said Nitzan Sapir, President and CEO of Cimatron.

About Cimatron Ltd.

Cimatron Ltd., (NASDAQ:CIMT) is a leading developer of integrated CAD/CAM solutions for the tooling industry. Through our Data-to-Steel product philosophy, Cimatron provides mold, tool and die makers with comprehensive, unique solutions that streamline manufacturing processes, support collaboration with outside vendors, and significantly shorten product delivery time. Founded in 1982, the company has over 8,000 customers, with over 14,000 installations in the automotive, consumer plastics and electronics industries worldwide. Cimatron provides comprehensive pre- and post-sales support to its customers in over 35 countries through its network of subsidiaries and distributors. For more information, please visit Cimatron's website at www.cimatron.com.

 

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