Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Entity Registrant Name | 'CIMATRON LTD |
Entity Central Index Key | '0001008595 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' | ' | ' |
Total revenue | $11,754 | $11,039 | $22,717 | $21,197 |
Total cost of revenue | 1,450 | 1,391 | 2,953 | 2,717 |
Gross profit | 10,304 | 9,648 | 19,764 | 18,480 |
Research and development expenses | 1,871 | 1,758 | 3,786 | 3,486 |
Selling, general and administrative expenses | 6,761 | 6,477 | 13,235 | 12,803 |
Operating income | 1,672 | 1,413 | 2,743 | 2,191 |
Financial income (expenses), net | 35 | -40 | -4 | -24 |
Taxes on income | -409 | -377 | -759 | -569 |
Other | -5 | 3 | -26 | 5 |
Net income | 1,293 | 999 | 1,954 | 1,603 |
Less: Net (income) loss attributable to the noncontrolling interest | ' | 3 | -10 | 3 |
Net income attributable to Cimatron's shareholders | $1,293 | $1,002 | $1,944 | $1,606 |
Net income per share - basic and diluted | $0.12 | $0.11 | $0.18 | $0.17 |
Weighted average number of shares outstanding | ' | ' | ' | ' |
Basic EPS (in thousands) | 10,751 | 9,362 | 10,741 | 9,355 |
Diluted EPS (in thousands) | 10,761 | 9,362 | 10,744 | 9,360 |
RECONCILIATION_BETWEEN_GAAP_AN
RECONCILIATION BETWEEN GAAP AND NON-GAAP INFORMATION (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Total revenue | $11,754 | $11,039 | $22,717 | $21,197 | ||||
Total cost of revenue | 1,450 | 1,391 | 2,953 | 2,717 | ||||
Gross profit | 10,304 | 9,648 | 19,764 | 18,480 | ||||
Research and development expenses | 1,871 | 1,758 | 3,786 | 3,486 | ||||
Selling, general and administrative expenses | 6,761 | 6,477 | 13,235 | 12,803 | ||||
Non-cash amortization of acquired intangible assets | ' | ' | ' | ' | ||||
Stock-based compensation | ' | ' | ' | ' | ||||
Operating income | 1,672 | 1,413 | 2,743 | 2,191 | ||||
Financial income (expenses), net | 35 | -40 | -4 | -24 | ||||
Taxes on income | -409 | -377 | -759 | -569 | ||||
Other | -5 | 3 | -26 | 5 | ||||
Net income | 1,293 | 999 | 1,954 | 1,603 | ||||
Less: Net (income) loss attributable to the noncontrolling interest | ' | 3 | -10 | 3 | ||||
Net income attributable to Cimatron's shareholders | 1,293 | 1,002 | 1,944 | 1,606 | ||||
Net income per share - basic and diluted | $0.12 | $0.11 | $0.18 | $0.17 | ||||
Weighted average number of shares outstanding | ' | ' | ' | ' | ||||
Basic EPS (in thousands) | 10,751 | 9,362 | 10,741 | 9,355 | ||||
Diluted EPS (in thousands) | 10,761 | 9,362 | 10,744 | 9,360 | ||||
Adjustment [Member] | ' | ' | ' | ' | ||||
Total revenue | ' | ' | ' | ' | ||||
Total cost of revenue | -147 | [1] | -147 | [1] | -294 | [1] | -294 | [1] |
Gross profit | 147 | 147 | 294 | 294 | ||||
Research and development expenses | -12 | [2] | ' | [2] | -24 | [2] | ' | [2] |
Selling, general and administrative expenses | ' | ' | ' | ' | ||||
Non-cash amortization of acquired intangible assets | ' | -32 | ' | -85 | ||||
Stock-based compensation | -147 | ' | -284 | ' | ||||
Operating income | 306 | 179 | 602 | 379 | ||||
Financial income (expenses), net | ' | ' | ' | ' | ||||
Taxes on income | -85 | [3] | ' | [3] | -168 | [3] | -91 | [3] |
Other | ' | ' | ' | ' | ||||
Net income | 221 | 179 | 434 | 288 | ||||
Less: Net (income) loss attributable to the noncontrolling interest | ' | ' | ' | ' | ||||
Net income attributable to Cimatron's shareholders | 221 | 179 | 434 | 288 | ||||
Non-GAAP [Member] | ' | ' | ' | ' | ||||
Total revenue | 11,754 | 11,039 | 22,717 | 21,197 | ||||
Total cost of revenue | 1,303 | 1,244 | 2,659 | 2,423 | ||||
Gross profit | 10,451 | 9,795 | 20,058 | 18,774 | ||||
Research and development expenses | 1,859 | 1,758 | 3,762 | 3,486 | ||||
Selling, general and administrative expenses | 6,614 | 6,445 | 12,951 | 12,718 | ||||
Non-cash amortization of acquired intangible assets | ' | ' | ' | ' | ||||
Stock-based compensation | ' | ' | ' | ' | ||||
Operating income | 1,978 | 1,592 | 3,345 | 2,570 | ||||
Financial income (expenses), net | 35 | -40 | -4 | -24 | ||||
Taxes on income | -494 | -377 | -927 | -660 | ||||
Other | -5 | 3 | -26 | 5 | ||||
Net income | 1,514 | 1,178 | 2,388 | 1,891 | ||||
Less: Net (income) loss attributable to the noncontrolling interest | ' | 3 | -10 | 3 | ||||
Net income attributable to Cimatron's shareholders | $1,514 | $1,181 | $2,378 | $1,894 | ||||
Net income per share - basic and diluted | $0.14 | $0.13 | $0.22 | $0.20 | ||||
Weighted average number of shares outstanding | ' | ' | ' | ' | ||||
Basic EPS (in thousands) | 10,751 | 9,362 | 10,741 | 9,355 | ||||
Diluted EPS (in thousands) | 10,761 | 9,362 | 10,744 | 9,360 | ||||
[1] | Non-GAAP adjustment to exclude non-cash amortization of acquired intangible assets | |||||||
[2] | Non-GAAP adjustment to exclude stock-based compensation | |||||||
[3] | Non-GAAP adjustment to exclude the effect of deferred taxes and other non-current tax provisions. |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Total cash, cash equivalents and short-term investments | $20,427 | $13,052 |
Trade receivables | 4,971 | 6,838 |
Other current assets | 2,423 | 2,434 |
Total current assets | 27,821 | 22,324 |
Deposits with insurance companies and severance pay fund | 3,820 | 3,725 |
Net property and equipment | 1,021 | 977 |
Net other assets | 10,113 | 10,407 |
Total assets | 42,775 | 37,433 |
CURRENT LIABILITIES: | ' | ' |
Short-term bank credit | 13 | 5 |
Trade payables | 1,035 | 1,356 |
Accrued expenses and other liabilities | 5,592 | 6,297 |
Deferred revenues | 7,107 | 2,974 |
Total current liabilities | 13,747 | 10,632 |
LONG-TERM LIABILITIES: | ' | ' |
Accrued severance pay | 5,186 | 5,018 |
Deferred tax liability | ' | 69 |
Total long-term liabilities | 5,186 | 5,087 |
Total shareholders' equity | 23,842 | 21,714 |
Total liabilities and shareholders' equity | $42,775 | $37,433 |
STATEMENTS_OF_CHANGES_IN_SHARE
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Noncontrolling interest [Member] | Share capital [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income [Member] | Retained earnings [Member] | Treasury stock [Member] | Comprehensive income [Member] |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2013 | $21,714 | $33 | $350 | $17,172 | $88 | $4,823 | ($752) | ' |
Changes during the six months ended June 30, 2014: | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,954 | 10 | ' | ' | ' | 1,944 | ' | 1,954 |
Issuance of Restricted Shares | 1 | ' | 1 | ' | ' | ' | ' | ' |
Stock based compensation | 308 | ' | ' | 308 | ' | ' | ' | ' |
Other | -191 | -43 | ' | ' | -148 | ' | ' | -191 |
Foreign currency translation adjustment | 56 | ' | ' | ' | 56 | ' | ' | 56 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | 1,819 |
Balance at Jun. 30, 2014 | $23,842 | ' | $351 | $17,480 | ($4) | $6,767 | ($752) | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $1,954 | $1,603 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 475 | 557 |
Increase in accrued severance pay | 142 | 232 |
Stock based compensation | 308 | ' |
Deferred taxes, net | -178 | -90 |
Changes in assets and liabilities: | ' | ' |
Decrease (increase) in accounts receivable and prepaid expenses | 1,910 | -258 |
Increase in inventory | -1 | -8 |
Increase in deposits with insurance companies and severance pay fund | -95 | -122 |
Increase in trade payables, accrued expenses and other liabilities | 3,132 | 1,264 |
Net cash provided by operating activities | 7,647 | 3,178 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of property and equipment | ' | 9 |
Purchase of property and equipment | -175 | -83 |
Net cash used in investing activities | -175 | -74 |
Cash flows from financing activities: | ' | ' |
Short-term bank credit | 8 | 2,499 |
Purchase of non-controlling interest | -92 | ' |
Cash distributions to shareholders | ' | -7,916 |
Proceeds from issuance of restricted shares | 1 | 47 |
Net cash used in financing activities | -83 | -5,370 |
Net increase (decrease) in cash and cash equivalents | 7,389 | -2,266 |
Effect of exchange rate changes on cash | -14 | -60 |
Cash and cash equivalents at beginning of period | 13,052 | 11,903 |
Cash and cash equivalents at end of period | 20,427 | 9,577 |
Appendix A - Non-cash transactions | ' | ' |
Purchase of property on credit | $54 | $122 |