EXHIBIT 99.1
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Press Release
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Company Contact: Editorial Contact:
David P. Faulkner Stewart Chalmers
Cimetrix, Inc. Positio
Phone: (801) 256-6500 Phone: (408) 453-2400
Fax: (801) 256-6510 Fax: (408) 453-2404
faulkner@cimetrix.com stew@positiopr.com
Cimetrix Reports First Quarter Financial Results
SALT LAKE CITY, Utah - May 17, 2004 - Cimetrix, Inc. (OTC: CMXX) a leading
provider of factory automation software for the global semiconductor and
electronics industries, today reported financial results for its first quarter
ended March 31, 2004. The Company reported net income of $20,000, or less than
one cent per share, on revenue that increased 17% to $1.1 million compared with
a net loss of $126,000, or $.01 per share, on revenue of $909,000 in the first
quarter last year. Revenue mix in the first quarter included $735,000 in
software and $330,000 in application services, customer support and training.
The Company added three new major OEM customers during the quarter, further
increasing the number of OEMs who are shipping equipment that uses Cimetrix
software.
Total operating expenses increased three percent for the quarter to
$970,000 versus $942,000 in the first quarter of 2003. The increase in general
and administrative expense was due to approximately $92,000 in expenses
associated with a legal action that was resolved in April. Accordingly, the
Company will incur minimal legal expenses related to this action in the second
quarter and none in the second half of the year. Cost of sales in the first
quarter was higher due to the overall increase in revenue and to the nature of
revenue mix in the period. Selling, marketing and customer support expenses
declined as the Company implemented a more streamlined sales process, both
domestically and in its European office. Research and development expenses also
declined slightly as the Company re-aligned some of its technical staff to focus
on servicing new customers. Cimetrix closed the quarter with $1.3 million in
cash and cash equivalents and its accounts receivables increased from $920,000
at year-end to more than $1.3 million due to the sales momentum the Company has
generated, coupled with the continued growth of the semiconductor industry.
Bob Reback, president and CEO, said, "Our financial performance in the
first quarter and in particular our return to profitability is a positive sign
for the company and an indication that our plan is working. Our technology is
recognized as a leader in its field and we continue to add major new OEM
customers. We believe that we are well positioned to achieve profitable growth
in 2004."
About Cimetrix, Inc.
Cimetrix (OTC: CMXX) designs, develops, markets and supports factory
automation software for the global semiconductor and electronics industries.
Cimetrix's connectivity software allows equipment manufacturers to quickly
implement the SECS/GEM standards, with over 10,000 connections shipped
worldwide, and provides best in class solutions to meet the 300 mm SEMI
communications standards, with OEM customer installs in all major 300 mm fabs.
Cimetrix's PC based motion control software is used by leading equipment
manufacturers for demanding robotic applications. Cimetrix provides total
solutions for its customers with engineering services and passionate technical
support. Major products include CIMConnect, CIM300 and CODE (Cimetrix Open
Development Environment). For more information, please visit www.cimetrix.com.
Safe Harbor Statement:
The matters discussed in this news release include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The comments made by the
company's senior management in regards to future earnings involve risks and
uncertainties including but not limited to the pending sales of Cimetrix
software, which include CODE, CIM300 and CIMConnect product families, that could
be effected by economic climate, technological improvements, and other risks
discussed more fully in filings by the Company with the Securities and Exchange
Commission. Reference is made to the Company's most recent Forms 10K and 10Q,
which detail such risk factors.
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Exhibit 1
Cimetrix, Inc. Condensed Consolidated Statement of Operations
(In thousands, expect per share and share amounts)
(Unaudited)
Three Months Ended
March 31,
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2004 2003
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SALES
Software $ 735 $ 559
Services and support 330 350
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Total net sales 1,065 909
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OPERATING EXPENSES
Cost of sales 154 69
Selling, marketing and customer support 252 303
Research and development 213 264
General and administrative 351 306
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Total operating expenses 970 942
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INCOME (LOSS) FROM OPERATIONS 95 (33)
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OTHER INCOME (EXPENSES)
Interest and other income 8 2
Interest expense (83) (95)
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Total other income (expenses) (75) (93)
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INCOME (LOSS) BEFORE INCOME TAXES 20 (126)
PROVISION FOR INCOME TAXES - -
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NET INCOME (LOSS) $ 20 $ (126)
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INCOME (LOSS) PER
COMMON SHARE:
BASIC $ - $ (.01)
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DILUTED $ - $ (.01)
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WEIGHTED AVERAGE SHARES
OUTSTANDING:
BASIC 27,627,000 24,065,000
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DILUTED 27,798,000 24,065,000
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Exhibit 2
Cimetrix, Inc. Consolidated Balance Sheets
(In thousands, except share amounts)
ASSETS
March 31, December 31,
2004 2003
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(Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 1,328 $ 1,389
Marketable Securities 31 234
Accounts receivable, net 1,310 920
Inventories 7 7
Prepaid expenses and other current assets 77 89
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Total Current Assets 2,753 2,639
Property and equipment, net 60 84
Technology, net 264 276
Other assets 29 33
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Total Assets $ 3,106 $ 3,032
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LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable $ 326 $ 167
Accrued expenses 271 192
Deferred revenue 609 562
Current portion of long-term debt 511 752
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Total Current Liabilities 1,717 1,673
LONG TERM DEBT, net of current portion 1,849 1,865
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Total Liabilities 3,566 3,538
STOCKHOLDERS' DEFICIT
Common stock, $.0001 par value:
100,000,000 shares authorized,
27,652,246 shares issued 3 3
Additional paid-in capital 28,660 28,634
Treasury stock, at cost (49) (49)
Accumulated deficit (29,074) (29,094)
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Total Stockholders' Deficit (460) (506)
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Total liabilities and stockholders' deficit $ 3,106 $ 3,032
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