There is no difference between GAAP and non-GAAP revenues in 2009.Revenues on a non-GAAP basis in 2008 excluded the effect of businesscombination accounting rules on the acquired deferred maintenance revenuebalance of Gibbs System
CAD/CAM provider Cimatron Limited and Gibbs System Inc.--also known as Gibbs & Associates, developer of GibbsCAM for CNC machine tools--have crafted an agreement under which Gibbs will be merged with and into a newly established U.S.
Gibbs System's estimated non-GAAP (generally accepted accounting principles) revenues in 2007 were approximately $12 million and estimated non-GAAP pre-tax profit was above 10 percent of revenues.
In consideration for the transaction, the statement says, Cimatron will pay Gibbs--chairman and CEO of Gibbs System and its sole shareholder--a cash consideration of $5 million, as well as 1.5 million newly issued ordinary shares of Cimatron.
Cimatron will pay William "Bill" Gibbs, founder, chairman, and CEO of Gibbs System, and its sole shareholder, a cash consideration of $5 million, as well as 1.5 million newly issued ordinary shares of Cimatron.
Gibbs & Associates, also known as Gibbs Systems, Inc., Moorpark, CA, developer of GibbsCAM, will merge with Cimatron, an Israel-based, international CAD/CAM software company.
Gibbs and Associates of Chatsworth, Calif., developed its Gibbs System
exclusively for Macintoshes.
Using the Gibbs system, followed by Virtual Gibbs and then the solid-based, 3D SolidSurfacer module, JPL increased proficiency in the main shop by 60%.
Looking ahead, Mr Houser would like to equip all the shop's workstations with Gibbs systems. "I don't want any machinist waiting in line to use the SolidSurfacer module," says Mr Houser.
Ed Janos, machine shop supervisor at Warner Lambert, says that using an Gibbs System NC programming package from Gibbs and Associates of Moorpark, CA, has enabled the shop to create more complex designs and turnaround parts faster, allowing for even greater creativity in the making of parts.
They chose the full-featured, PC-based Gibbs System NC programming system with modules for milling, turning, surfacing, multi-axis lathe and wire EDM.
Gibbs with the Gibbs Systems
was the major vendor delivering on a Macintosh and IBM/Dassault with CATIA was the primary vendor on a mainframe.