Cimetrix, Incorporated News
Cimetrix Announces First Quarter Financial Results
Total revenues for the first quarter decreased 13% year-over-year to
The Company reported a net loss of
"We had a number of budgeted projects with repeat customers scheduled to start during the first quarter that were 'pushed out' due to industry and economic conditions. As a result of the predicted softness in capital expenditures in the semiconductor industry for the remainder of the year, we have taken steps to bring our cost structure in-line with anticipated lower quarterly revenues, which are more fully described in our quarterly SEC filing. In addition, we continue to look at other cost savings measures as we ride out the industry downturn," said
Highlights — Two Major Design Wins. Cimetrix was selected as a key supplier by two US based semiconductor equipment suppliers, which will each use certain connectivity products as well as focused professional services to assist in their product usage. — Successful delivery of Data Management solution. Cimetrix's Data Management System Framework was deployed into production at a semiconductor integrated device manufacturer. This first deployment instance should serve as a valuable reference customer for new business opportunities involving Integrated Yield Management Systems.
About Cimetrix Incorporated
Cimetrix 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. It also provides solutions to meet the 300mm SEMI communications standards, with OEM customer installations in all major 300mm fabs, and products designed for the new Interface A standards. 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(TM), CIM300(TM), CIMPortal and CODE(TM) (Cimetrix Open Development Environment). For more information, please visit http://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 reductions or delays in capital expenditures by semiconductor chip manufacturers, the economic climate in the markets in which the Company's products are sold, the ability of the Company to control its costs associated with providing products and services, market acceptance of the Company's products, the timing and degree of adoption of Interface A by the semiconductor industry, 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 filings on Forms 10-K and 10-Q, which further details such risk factors.
CIMETRIX INCORPORATED AND SUBSIDIARIES Consolidated Condensed Statements of Operations (Unaudited) Three Months Ended March 31, 2008 2007 Revenues: New software licenses $691,000 $606,000 Software license updates and product support 298,000 284,000 Total software revenues 989,000 890,000 Professional services 366,000 666,000 Total revenues 1,355,000 1,556,000 Operating costs and expenses: Cost of revenues 620,000 680,000 Sales and marketing 314,000 290,000 Research and development 252,000 257,000 General and administrative 475,000 434,000 Depreciation and amortization 54,000 113,000 Total operating costs and expenses 1,715,000 1,774,000 Income (loss) from operations (360,000) (218,000) Other income (expense): Interest income 1,000 4,000 Interest expense (20,000) (18,000) Gain on extinguishment of debt - - Other income (expense) - - Total other expense, net (19,000) (14,000) Income (loss) before income taxes (379,000) (232,000) Provision for income taxes - - Net income (loss) $(379,000) $(232,000) Income (loss) per common share: Basic $(0.01) $(0.01) Diluted $(0.01) $(0.01) Weighted average number of shares outstanding: Basic 31,927,000 31,927,000 Diluted 31,927,000 31,927,000 CIMETRIX INCORPORATED AND SUBSIDIARIES Consolidated Condensed Balance Sheets March 31, 2008 December 31, ASSETS (Unaudited) 2007 Current assets: Cash and cash equivalents $280,000 $339,000 Accounts receivable, net 972,000 1,035,000 Inventories 8,000 8,000 Prepaid expenses and other current assets 53,000 52,000 Total current assets 1,313,000 1,434,000 Property and equipment, net 142,000 165,000 Intangible assets, net 255,000 284,000 Goodwill 64,000 64,000 Other assets 29,000 29,000 $1,803,000 $1,976,000 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $290,000 $438,000 Accrued expenses 464,000 602,000 Deferred revenue 343,000 328,000 Notes payable - related parties, net 163,000 163,000 Notes payable and current portion of long-term liabilities, net 969,000 543,000 Total current liabilities 2,229,000 2,074,000 Long-term liabilities: Notes payable, net 36,000 38,000 Total long-term liabilities 36,000 38,000 Total liabilities 2,265,000 2,112,000 Commitments and contingencies Stockholders' equity: Common stock; $.0001 par value, 100,000,000 shares authorized, 31,952,432 shares issued 3,000 3,000 Additional paid-in capital 32,057,000 32,004,000 Treasury stock, at cost (49,000) (49,000) Accumulated deficit (32,473,000) (32,094,000) Total Stockholders' Deficit (462,000) (136,000) $1,803,000 $1,976,000
SOURCE Cimetrix, Incorporated
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