Tuesday, Israel-based software tool developer Cimatron Ltd. (CIMT) reported a wider loss for the first quarter, on lower revenues owing to significant softness in market and one-time costs.
Net loss widened to US$563 thousand or US$0.06 per share from US$298 thousand or US$0.03 per share in the year-ago period. On a non-GAAP basis, net loss was US$407 thousand or US$0.04 per share, compared to profit of US$235 thousand or US$0.02 per share in the prior-year quarter.
Total revenue fell to US$7.84 million from US$10.01 million in the comparable year-ago quarter.
Operating loss widened to US$512 thousand from US$218 thousand in the same period last year.
Commenting on the results, Danny Haran, president and chief executive officer of Cimatron stated, "As our products address markets that have been affected by the current economic downturn, the first quarter of 2009 was very challenging, in line with our expectations."
Haran added that the company was experiencing significant softness in all its markets, especially in the closing of new deals.
CIMT closed Friday's regular trading session at US$0.86.
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