Cimatron announces first quarter results.TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--May 9, 1996--Cimatron Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :CIMTF) today announced results for the first quarter ended March 31, 1996. Sales for the first quarter of 1996 increased 39% to $4,045,000, compared to $2,907,000 for the same period in 1995. Net income for the first quarter of 1996 increased 58% to $635,000, compared to $401,000 in the first quarter of 1995. The increase in sales is due to an increase in international product and services revenue related to the company's Cimatron IT product, and an increase in product and services revenue in Israel. Earnings per share increased 43% to 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the first quarter of 1996 from 7 cents per share for the first quarter of 1995, based on 6,224,000 weighted average of shares outstanding at March 31, 1996 and 6,000,000 weighted average of shares outstanding at March 31, 1995. In March 1996, the company consummated an initial public offering of an aggregate of 1,850,000 Ordinary Shares at an initial public offering price of $7.50 per share. The shares were offered in the United States by a syndicate managed by Oppenheimer & Co. and Needham & Co. Inc., and outside the United States by a syndicate managed by Oppenheimer, Needham and Clal Capital Markets (International) B.V. In April 1996, the underwriters exercised an overallotment option overallotment option See greenshoe. granted by the company in connection with the initial public offering with respect to 100,000 Ordinary Shares. The aggregate net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this offering (including exercise of the overallotment option) were $12,300,000. Maiki (Meir) Yoeli, the company's president and chief executive officer, stated that "he is pleased with the results of the first quarter of 1996. These financial results reflect an increase in the Company's international base and continued acceptance of the Company's integrated technology product line." Cimatron Ltd. is primarily engaged in the design, development, manufacture, marketing and support of a family of modular, high-performance, fully integrated computer aided design/computer-aided manufacturing ("CAD/CAM CAD/CAM in full computer-aided design/computer-aided manufacturing. Integration of design and manufacturing into a system under direct control of digital computers. ") software products. The company's products have been sold to end-users in numerous industries, including automotive, aviation and aerospace, household goods, mold and die making, machinery and tools, and telecommunications. CONTACT: Cimatron Ltd. Efi Lebel, 972-3-531-2121 |
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