Cimetrix Incorporated has Positive Mid-Year News
SALT LAKE CITY, July 18, 2017 /PRNewswire/ -- Cimetrix continues to build its global brand as the leader in innovative factory automation software for equipment connectivity and control solutions. Cimetrix is benefiting from a combination of an industry upcycle and the hard work of our employees to improve our products, build long-term relationships with our clients, and provide the highest level of support to our growing base of international clients. In addition, the benefits that Cimetrix is experiencing after going private in 2014 are higher than originally anticipated. As expected, the company is saving a significant amount per year in accounting, legal and consulting fees that were necessary for SEC filings, Sarbanes-Oxley compliance, and investor relations activities. Bob Reback, company President and CEO, said "However, in addition to these (financial) benefits, there has also been a tremendous increase in focus and energy on our clients, markets and growth initiatives, the results of which have greatly exceeded our expectations."
Cimetrix revenues for the first six months of 2017 were up more than 40% year-over-year. Much of this increase was associated with strong increases in machine shipments from our growing client base. Cimetrix also gained over a dozen new design wins during the first half of 2017, which positions the Company for continued growth. In the same period, Cimetrix introduced two new products, which are already gaining traction in the marketplace.
While Cimetrix no longer submits SEC filings, strong internal controls and financial accounting are still a major focus. A leading regional accounting firm completed its audit of the 2016 financial statements and required no audit adjustments, which Reback said is a "source of pride for our finance team." Cimetrix continues to operate profitably on a quarterly basis, while increasing investments in growth initiatives. For the first six months of 2017, adjusted EBITDA increased to over 15% of revenues, and all indicators show the markets Cimetrix serves should remain strong for the second half of 2017. The robust growth in revenues has enabled Cimetrix to further strengthen its cash position, balance sheet and stockholders' equity.
Reback said, "We thank our clients for their business and trust in our products and people. We thank our employees for their dedication, hard work and quest for continuous improvement to provide the industry's best products and services. And we also thank our shareholders for the confidence they have placed in us, as well as their patience and support."
Kimberly Daich, [email protected]
SOURCE Cimetrix Incorporated
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