|By Marketwired .||
|August 12, 2014 04:30 PM EDT||
SALT LAKE CITY, UT -- (Marketwired) -- 08/12/14 -- Cimetrix Incorporated (OTCQB: CMXX) (www.cimetrix.com), a leading provider of factory automation and equipment control software solutions for the global semiconductor, photovoltaic, LED, and other electronics industries, today reported financial results for the second quarter of 2014.
Second Quarter 2014 Financial Results
- Total software revenue was $1,469,000, up 19% compared to the second quarter of 2013 and up 4% compared to the first quarter of 2014
- Total revenue was $1,588,000, an increase of 20% compared to the second quarter of 2013 and up 8% compared to the first quarter of 2014
- Income before taxes was $116,000
Six Month 2014 Financial Results
- Total software revenue was $2,888,000, up 12% compared to the first half of 2013
- Total revenue was $3,061,000, up 13% compared to the first half of 2013
- Income before taxes was $169,000, up from $48,000 in the prior year period
Commenting on the quarterly results, Bob Reback, president and chief executive officer of Cimetrix, stated, "We are pleased to report strong year-over-year revenue growth that was better than the industry average. Particularly gratifying is the gain in market share as we captured eleven design wins for our products worldwide, which enabled us to report revenue growth better than the industry. As expected, our profitability is also growing during this up cycle, even as we increase investments in both continual improvements for higher customer satisfaction and R&D for new products."
Second Quarter 2014 Highlights
- Continuing design win momentum. Eleven new design wins for Cimetrix factory connectivity and equipment control products worldwide. These design wins help develop the Company's long-term runtime license revenue stream once customers begin shipping the equipment.
- Larger market for CIMControlFramework equipment automation software. Market feedback suggests more equipment makers are open to buying versus building equipment control software, and Cimetrix's string of design wins confirms that its flagship CIMControlFramework product is the best solution to get OEMs to market faster with a higher level of sophisticated functionality.
- Increasing adoption of EDA/Interface A. The industry continues to adopt this SEMI connectivity standard to collect equipment data to increase productivity and reduce costs. The Company's CIMPortal Plus and EDAConnect products are aligned to support this demand for OEMs and semiconductor fabs. In addition, the Company announced the availability of its ECCE Plus EDA Reference Client to support the testing of EDA/Interface A connectivity.
Third Quarter 2014 Outlook
Mr. Reback concluded, "We continue to see indications from industry analysts that 2014 will be a year of solid growth. While this is not the case for all of our customers, our broad customer base and the investments we have made to support our customers bolster our position to attain continued growth. Consequently, we are able to reiterate our expectation to remain profitable on a quarterly basis while providing solid double-digit revenue growth year-over-year. We will also continue to aggressively pursue new business opportunities to position the Company for sustainable long-term growth."
About Cimetrix Incorporated
Cimetrix (OTCQB: CMXX) develops and supports factory automation software products for the global semiconductor, photovoltaic, LED, and other electronics industries. Cimetrix factory connectivity software allows for rapid and reliable implementation of the SEMI SECS/GEM, GEM300, PV2, and EDA standards. Our flexible equipment control framework software is the latest technology that enables equipment suppliers to design and implement their supervisory control, material handling, operator interface, platform and process control, and automation requirements of manufacturing facilities. Cimetrix products can be found in virtually every 300mm semiconductor factory worldwide and include CIMControlFramework, CIMConnect, CIM300, and CIMPortal Plus. The added value of Cimetrix passionate Support and Professional Services delivers an outstanding solution for precision equipment companies worldwide.
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. Statements about the Company's prospects for future growth and results of operations are forward-looking statements. The comments made by the Company's senior management in regards to future revenue and results are based on current expectations and involve risks and uncertainties that may adversely affect expected results including but not limited to the strength of the economic markets into which the Company sells products, increased capital expenditures by semiconductor chip manufacturers, market acceptance of the Company's products, the timing and degree of adoption of Interface A by the semiconductor industry, the ability of the Company to control its costs associated with providing products and services, the mix between products and services (which generally have higher associated costs of revenue) provided by the Company, the competitive position of the Company and its products, which include CODE, CIMConnect, CIM300 and CIMPortal product families, the economic climate in the markets in which the Company's products are sold, technological improvements, and other risks discussed more fully in filings by the Company with the Securities and Exchange Commission. Many of these factors are beyond the control of the Company. Reference is made to the Company's most recent filing on Form 10-K, which further details such risk factors.
CIMETRIX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, ASSETS 2014 2013 ------------- ------------- Current assets: Cash $ 1,200,000 $ 887,000 Accounts receivable, net 899,000 797,000 Inventories 44,000 56,000 Prepaid expenses and other current assets 96,000 72,000 Deferred tax asset - current portion 250,000 144,000 ------------- ------------- Total current assets 2,489,000 1,956,000 Property and equipment, net 53,000 48,000 Goodwill 64,000 64,000 Deferred tax asset - long-term portion 1,005,000 1,194,000 Other assets 6,000 6,000 ------------- ------------- $ 3,617,000 $ 3,268,000 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 61,000 $ 56,000 Accrued expenses 231,000 178,000 Deferred revenue 415,000 273,000 ------------- ------------- Total liabilities 707,000 507,000 ------------- ------------- Commitments and contingencies Stockholders' equity: Common stock: $.0001 par value, 100,000,000 shares authorized, 45,042,006 and 45,042,006 shares issued, respectively 4,000 4,000 Additional paid-in capital 33,837,000 33,774,000 Treasury stock: 25,000 shares at cost (49,000) (49,000) Accumulated deficit (30,882,000) (30,968,000) ------------- ------------- Total stockholders' equity 2,910,000 2,761,000 ------------- ------------- $ 3,617,000 $ 3,268,000 ============= =============
CIMETRIX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ----------------------- ----------------------- 2014 2013 2014 2013 ----------- ----------- ----------- ----------- Revenues: New software licenses $ 1,204,000 $ 962,000 $ 2,309,000 $ 2,077,000 Software license updates and product support 265,000 271,000 579,000 505,000 ----------- ----------- ----------- ----------- Total software 1,469,000 1,233,000 2,888,000 2,582,000 revenues Professional services 119,000 85,000 173,000 135,000 ----------- ----------- ----------- ----------- Total revenues 1,588,000 1,318,000 3,061,000 2,717,000 ----------- ----------- ----------- ----------- Operating costs and expenses: Cost of revenues 549,000 558,000 1,051,000 1,141,000 Sales and marketing 268,000 232,000 525,000 498,000 Research and development 268,000 206,000 551,000 397,000 General and 378,000 292,000 746,000 607,000 administrative Depreciation and 9,000 17,000 19,000 34,000 amortization ----------- ----------- ----------- ----------- Total operating costs 1,472,000 1,305,000 2,892,000 2,677,000 and expenses ----------- ----------- ----------- ----------- Income from operations 116,000 13,000 169,000 40,000 ----------- ----------- ----------- ----------- Other income (expenses): Interest income - 1,000 - 1,000 Other income - 4,000 - 7,000 ----------- ----------- ----------- ----------- Total other income, - 5,000 - 8,000 net ----------- ----------- ----------- ----------- Income before income taxes 116,000 18,000 169,000 48,000 Provision (benefit) for 77,000 (1,371,000) 83,000 (1,370,000) income taxes ----------- ----------- ----------- ----------- Net income $ 39,000 $ 1,389,000 $ 86,000 $ 1,418,000 =========== =========== =========== =========== Net income per common share: Basic $ 0.00 $ 0.03 $ 0.00 $ 0.03 =========== =========== =========== =========== Diluted $ 0.00 $ 0.03 $ 0.00 $ 0.03 =========== =========== =========== =========== Weighted average number of shares outstanding: Basic 45,227,000 45,530,000 45,227,000 45,718,000 Diluted 45,908,000 46,144,000 45,888,000 46,338,000
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