Cimatron Limited (CIMT), an Israeli provider of computer-aided design and manufacturing (CAD/CAM) solutions for the toolmaking and manufacturing industries, reported second quarter 2008 financial results this afternoon after the close. Revenues rose to $10.7 million, an increase of 94% year-over-year from $5.5 million. Non-GAAP net income rose to $0.74 million, or 8 cents per diluted share, an increase of 146% from $0.30 million, or 4 cents per diluted share, for the same period a year ago. Excluding adjustments, net income on a GAAP basis fell to $0.20 million, or 2 cents per share, from $0.29 million, or 4 cents per share, a year ago.

“We are pleased to present another quarter of record revenues and year-over-year record revenue growth,” said Danny Haran, President and Chief Executive Officer of Cimatron. “Ninety-eight percent net income growth on a non-GAAP basis in the first half of 2008 and 101% growth in net cash generated from operating activities in the same period represent the continuous improvement of our core business attributed both to the merger transactions with Microsystem and Gibbs, as well as to continuous organic growth. Cimatron’s global distribution network is broadening its product offering with GibbsCam solutions and already recorded initial GibbsCam sales. We face a challenging currency environment, and are continuously monitoring and dealing with its effects on our financial results.”

Shares of CIMT closed at $2.09 today and have traded in a 52-week range of $1.58 – $4.40. With 9.4 million shares outstanding, CIMT has a market cap of approximately $19.6 million and shareholder’s equity of $15.5 million. Although CIMT has a 3-month daily trading volume average of only 11,000 shares, several trades totaling 3900 shares occurred after hours, with 3000 shares changing hands 5% higher at $2.20.

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