<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2000
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period From____ to ___
Commission File Number: 0-16454
CIMETRIX INCORPORATED
(Exact name of registrant as specified in its charter)
Nevada 87-0439107
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6979 South High Tech Drive, Salt Lake City, Utah 84047-3757
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (801) 256-6500
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [x] No [_]
APPLICABLE ONLY TO CORPORATE ISSUERS:
The number of shares outstanding of the registrant's common stock as of
November 13, 2000:Common stock, par value $.0001 - 24,456,690
<PAGE>
CIMETRIX INCORPORATED
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000
INDEX
PART I Financial Information
Item 1. Financial Statements
a) Condensed Statements of Operations................................1
b) Balance Sheets....................................................2
c) Statements of Cash Flows..........................................3
d) Notes to Financial Statements.....................................4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................5
PART II Other Information
Item 1. Legal Proceedings..............................................10
Item 2. Changes in Securities..........................................10
Item 3. Defaults Upon Senior Securities................................11
Item 4. Submission of Matters to a Vote of Security Holders............11
Item 5. Other Information..............................................11
Item 6. Exhibits and Reports on Form 8-K...............................11
Signature...............................................................12
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
CIMETRIX INCORPORATED
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share and share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ----------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
NET SALES $ 1,775 $ 981 $ 4,120 $ 2,935
---------- ---------- ------------- -------------
OPERATING EXPENSES
Cost of sales 90 4 161 35
Selling, marketing and customer support 332 150 837 532
Research and development 345 401 1,280 1,141
General and administrative 434 288 1,261 887
---------- ---------- ------------- -------------
Total operating expenses 1,201 843 3,539 2,595
---------- ---------- ------------- -------------
INCOME (LOSS) FROM OPERATIONS 574 138 581 340
---------- ---------- ------------- -------------
OTHER INCOME (EXPENSES)
Interest income 49 16 126 49
Interest expense (67) (67) (200) (203)
----------- ----------- -------------- --------------
Total other income (expense) (18) (51) (74) (154)
----------- ----------- -------------- --------------
INCOME(LOSS) BEFORE INCOME TAXES 556 87 507 186
CURRENT INCOME TAX EXPENSE
(BENEFIT) - - - -
NET INCOME (LOSS) $ 556 $ 87 $ 507 $ 186
========== ========== ============= =============
BASIC INCOME PER COMMON SHARE $ .02 $ .00 $ .02 $ .00
=== === === ===
DILUTED INCOME PER COMMON SHARE $ .02 -- $ .02 --
=== ===
WEIGHTED AVERAGE SHARES
OUTSTANDING, BASIC 24,579,506 21,208,968 24,189,862 21,624,299
========== ========== ========== ==========
WEIGHTED AVERAGE SHARES
OUTSTANDING, DILUTED 24,918,868 -- 24,863,183 --
========== ==========
</TABLE>
See notes to condensed financial statements
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CIMETRIX INCORPORATED
CONDENSED BALANCE SHEETS
(In thousands, except share amounts)
ASSETS
September 30, December 31,
2000 1999
------------- ------------
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 4,102 $ 1,042
Accounts receivable, net 1,310 1,440
Inventories 171 102
Prepaid expenses and other current assets 34 6
-- --
Total current assets 5,617 2,590
Property and equipment, net 286 340
Capitalized software costs, net 49 119
Technology, net 5,752 6,149
Investment in affiliate, net 522 44
Related party note receivable 415 --
Other assets 186 132
--- ---
$ 12,827 $ 9,374
====== =====
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 158 $ 170
Accrued expenses 266 643
Customer deposits 85 70
-- --
Total current liabilities 509 883
LONG TERM DEBT, net of current portion 2,681 2,681
----- -----
Total Liabilities 3,190 3,564
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value: 100,000,000 shares
Authorized; 24,456,690 and 23,125,690 shares issued
and outstanding, respectively 2 2
Additional paid-in capital 28,130 24,810
Treasury stock, at cost (1) (1)
Accumulated deficit (18,494) (19,001)
------ ------
Net Stockholders' Equity 9,637 5,810
----- -----
$ 12,827 $ 9,374
====== =====
See notes to condensed financial statements
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<PAGE>
CIMETRIX INCORPORATED
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
---- ----
Cash Flows to Operating Activities:
<S> <C> <C>
Net Income (Loss) $ 507 $ 186
Adjustments to reconcile net income (loss) to net cash (used in)
provided by operating activities:
Amortization and depreciation 619 257
Common stock retired as payment for product (1,000) --
Increase in receivables allowance account 34 --
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 66 (360)
(Increase) decrease in inventory (69) (102)
(Increase) decrease in prepaid expenses (28) 10
(Increase) decrease in other assets (54) 4
Increase (decrease) in accounts payable (12) 14
Increase (decrease) in accrued expenses (377) 117
Increase (decrease) in customer deposits 15 43
------- -------
Net Cash Flow Provided by (Used in)
Operating Activities (299) 169
------- -------
Cash Flows to Investing Activities:
Purchase of property and equipment, net of retirements (68) (8)
Investment in affiliates (478) --
Principal advances on note receivable (415) --
Net Cash Flow Used in Investing Activities (961) (8)
------- --
Cash Flows from Financing Activities:
Proceeds from issuance of common stock 4,320 --
Sale (purchase) of treasury stock -- (351)
Retirement of long-term debt -- (10)
------- -------
Net Cash Flow Provided by (Used in)
Financing Activities 4,320 (361)
------- -------
Net Increase (Decrease) in Cash and Cash Equivalents 3,060 (200)
Cash and Cash Equivalents at the Beginning of Period 1,042 1,645
Cash and Cash Equivalents at the End of Period 4,102 1,445
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ 135 $ 136
Income taxes $ --- $ ---
Supplemental Schedule of Noncash Investing and Financing
Activities:
During the nine months ended September 30, 2000, the $ 30 $ ---
Company acquired equipment in satisfaction of accounts
receivable.
</TABLE>
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<PAGE>
CIMETRIX INCORPORATED
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying unaudited condensed financial
statements of Cimetrix Incorporated have been prepared in accordance with
the Securities and Exchange Commission's instructions to Form 10-Q and,
therefore, omit or condense footnotes and certain other information
normally included in financial statements prepared in accordance with
generally accepted accounting principles. The accounting policies followed
for quarterly financial reporting conform with generally accepted
accounting policies disclosed in Note 1 to the Notes to Financial
Statements included in the Company's Annual Report on Form 10-K for the
year ended December 31, 1999. In the opinion of management, all adjustments
of a normal recurring nature that are necessary for a fair presentation of
the financial information for the interim periods reported have been made.
The results of operations for the nine month period ended September 30,
2000 are not necessarily indicative of the results that can be expected for
the entire year ending December 31, 2000. The unaudited condensed financial
statements should be read in conjunction with the financial statements and
the notes thereto included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1999.
NOTE 2 - STOCK OPTIONS AND WARRANTS
As of November 13, 2000, there were issued and outstanding, options
for the purchase of 1,470,000 shares of the Company's common stock, under
the Company's 1998 Stock Option Plan. The following table summarizes the
quantity and exercise price of the options.
Option Price Quantity
$2.50 805,000
$3.00 415,000
$3.50 270,000
-------
Total Options 1,490,000
Approximately 452,000 of these outstanding options are registered for
resale, pursuant to a Form S-3 Registration Statement, which became
effective December 9, 1998. A total of 2,000,000 shares of common stock
have been reserved for issuance under the plan. These options will begin to
expire in December 2002, and continue to expire through August 2005.
As of November 13, 2000, there were issued and outstanding, options
for the purchase of 354,000 shares of the Company's common stock, under the
Company's Director Stock Option Plan. Of these options, 258,000 are
exercisable at $2.50 per share, and 96,000 are exercisable at $3.50 per
share. Approximately 162,000 of these options are registered for resale,
pursuant to the Form S-3 Registration Statement discussed earlier in this
section. These options will begin to expire in January 2003, and continue
to expire through July 2004.
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<PAGE>
As of November 13, 2000, there were $2,681,000 of the Company's Senior
Notes issued and outstanding, held by 52 bondholders. The Senior Notes are
due and payable September 30, 2002. There were also 3,306 warrants issued
with the Senior Notes, all of which are outstanding, held by 52 warrant
holders. The number of potential shares represented by these outstanding
warrants is 826,500, or 250 shares for each warrant. The exercise price for
the warrants is $2.50 per share, with the warrants expiring October 1,
2002. On December 9, 1998, the underlying shares from the outstanding
warrants were registered for resale pursuant to the Form S-3 Registration
Statement discussed earlier in this section.
NOTE 3 - COMMON STOCK
On November 13, 2000, the closing quotation for the Company's common
stock on the NASDAQ Bulletin Board was $1.97 per share. Potential investors
should be aware that the price of the common stock in the trading market
can change dramatically over short periods as a result of factors unrelated
to the earnings and business activities of the Company.
On November 13,2000,there were 24,456,690 shares of common stock
issued and outstanding,held by approximately 3,000 beneficial shareholders.
On September 20, 2000, Cimetrix announced that its Board of Directors
has approved the purchase of up to one million of its shares of common
stock in either privately negotiated transactions or in the public market.
As of November 13, 2000, 414,500 shares have been acquired.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Following is a brief discussion and explanation of significant
financial data, which is presented to help the reader better understand the
results of the Company's financial performance for the third quarter of 2000.
The information includes discussions of sales, expenses, capital resources and
other significant items. Generally the information is presented in a two-year
comparison format using the third quarter data of 2000 and 1999.
Management's Discussion and Analysis of Financial Condition and Results
of Operations should be read in conjunction with the Company's Condensed
Financial Statements and Notes thereto included elsewhere in this Quarterly
Report. The ensuing discussion and analysis contains both statements of
historical fact and forward-looking statements. Forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, generally are
identified by the words "expects," "believes" and "anticipates" or words of
similar import. Examples of forward-looking statements include: (a) projections
regarding sales, revenue, liquidity, capital expenditures and other financial
items; (b) statements of the plans, beliefs and objectives of the Company or its
management; (c) statements of future economic performance, and (d) assumptions
underlying statements regarding the Company or its business. Forward-looking
statements are subject to certain factors and uncertainties that could cause
actual results to differ materially from the forward-looking statements,
including, but not limited to, those factors and uncertainties described below
under "Liquidity and Capital Resources" and "Factors Affecting Future Results."
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<PAGE>
Overview
The Company is the developer of the world's first open
architecture, standards-based, personal computer (PC) software for
controlling machine tools, industrial robots and industrial automation
equipment that operates on the factory floor. The Cimetrix Open Development
Environment (CODE(TM)) software products are based on standard computer
platforms using Microsoft Windows NT operating system. Cimetrix believes
that manufacturing companies will increasingly demand open architecture,
PC-based controllers on the equipment they purchase, transforming the
worldwide controller market from proprietary solutions to open
architecture, PC-based solutions.
<TABLE>
<CAPTION>
The following table sets forth the percentage of costs and
expenses to net revenues derived from the Company's Condensed Statements of
Operations for the three and nine months ended September 30, 2000 and 1999:
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
NET SALES 100% 100% 100% 100%
---- ---- ---- ----
OPERATING EXPENSES
Cost of sales 5 1 4 1
Selling, marketing and customer support 19 15 20 18
Research and development 19 41 31 39
General and administrative 24 29 31 30
---------- ---------- ------------ ------------
Total operating expenses 68 86 86 88
---------- ---------- ------------ ------------
INCOME (LOSS) FROM OPERATIONS 32 14 14 12
Interest income 3 2 3 2
Interest expense (4) (7) (5) (7)
----------- ----------- ------------- -------------
NET INCOME (LOSS) 31% 9% 12% 7%
----------- ----------- ------------- -------------
</TABLE>
Results of Operations
Three and Nine Months Ended September 30, 2000 Compared to Three and Nine Months
Ended September 30, 1999
Net Sales
Net sales increased by $794,000, or 81%, to $1,775,000 for the three
months ended September 30, 2000 from $981,000 for the three months ended
September 30, 1999. Net sales for the three months ended September 30, 2000
consisted of sales of software (91%), engineering services (4%), and support and
training (5%). Net sales for the same period in 1999 consisted of sales of
software (90%), engineering services (1%), and support and training (9%). The
increase in quarterly sales is primarily the result of a significant increase in
software revenues, which includes sales to new customers.
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<PAGE>
Net sales increased by $1,185,000, or 40%, to $4,120,000 for the nine
months ended September 30, 2000 from $2,935,000 for the nine months ended
September 30, 1999. Net sales for the nine months ended September 30, 2000
consisted of sales of software (81%), engineering services (10%), and support
and training (09%). Net sales for nine months ended September 30, 1999,
consisted of sales of software (84%), engineering services (5%), and support and
training (11%). The increase in overall year to date sales is the combination of
a significant increase in software sales, modest increases in engineering
services and support revenues from the Company's existing customers as well as
new customers.
Major Customers
Companies A, B, C, and D accounted for 13% and 15%, 14% and 13%, 19% and less
than 10%, 43% and 44%, of the Company's revenue for the three and nine months
ended September 30, 1999, respectively. Company E accounted for 57% and 27% of
the Company's revenues for the three and nine months ended September 30, 2000,
respectively. Company F accounted for 21% of the Company's revenue for the nine
months ended September 30, 2000. All other sales to the Company's customers, for
the three and nine months ended September 30, 1999 and 2000, were less than 10
percent of the Company's revenues.
Cost of Sales
Cost of sales increased by $86,000, or 2,150%, to $90,000 for the three
months ended September 30, 2000 from $4,000 for the comparable period in 1999.
Cost of sales increased by $126,000, or 360%, to $161,000 for the nine months
ended September 30, 2000, from $35,000 for the comparable period in 1999. This
increase is attributable to cost of sales related to the sale of engineering
services. As service revenue increases, related cost of sales increase. These
large percentage increases are not expected to continue.
Selling, Marketing and Customer Support
Selling, marketing and customer support costs increased by $182,000, or
121%, to $332,000 for the three months ended September 30, 2000, from $150,000
for the comparable period in 1999. Selling, marketing and customer support costs
increased by $305,000, or 57%, to $837,000 for the nine months ended September
30, 2000, from $532,000 for the comparable period in 1999. These increases are
due to the addition of sales personnel to cover new areas in Europe and in the
Semiconductor market place. The European market place is expected to yield
additional motion control software sales, while the Semiconductor market place
is expected to yield additional communications software sales. The Company
expects to add additional sales personnel in both of these markets in order to
meet anticipated demand.
Research and Development
Research and development expenses decreased by $56,000, or 14%, to
$345,000 for the three months ended September 30, 2000 from $401,000 for the
comparable period in 1999. Research and development expenses increased by
$139,000, or 12%, to $1,280,000 for the nine months ended September 30, 2000
from $1,141,000 for the comparable period in 1999. The slight decrease for the
quarter is within expected limits of normal quarterly fluctuations. The year to
date increase is due to increased personnel costs. The Company will continue to
make significant investments in research and development and expects to incur
research and development expenses of approximately $2.0 million during 2000.
Research and development expenses include only direct costs for wages, benefits,
materials and education of technical personnel. All indirect costs such as
rents, utilities, depreciation and amortization are reflected in general and
administrative costs.
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<PAGE>
General and Administrative
General and administrative expenses increased by $146,000, or 51%, to
$434,000 for the three months ended September 30, 2000 from $288,000 for the
comparable period in 1999. General and administrative expenses increased by
$374,000, or 42%, to $1,261,000 for the nine months ended September 30, 2000
from $887,000 for the comparable period in 1999. These large increases are due
entirely to the increase in amortization expense of acquired software
technologies.
General and administrative expenses include all direct costs for
administrative and accounting personnel, all rents and utilities for maintaining
company offices. These costs also include all indirect costs such as
depreciation of fixed assets and amortization of intangible assets, such as
capitalized software and technology. Amortization and depreciation expense for
the three months ended September 30, 2000, was approximately $218,000, or 50% of
all general and administrative expenses, compared to $86,000, or 30%, for the
same period in 1999. Amortization and depreciation expense for the nine months
ended September 30, 2000, was approximately $619,000, or 49% of all general and
administrative expenses, compared to $257,000, or 29%, for the same period in
1999. Amortization expense increased due to the addition of approximately
$6,000,000 in intangible technology assets, being amortized over a 12 year
period, resulting in an additional $500,000 of expense annually. All other
general and administrative costs declined compared to the prior year.
Other Income (expenses)
Interest income increased by $33,000, or 206% to $49,000 for the three
months ended September 30, 2000, from $16,000 for the comparable period in 1999.
Interest income increased by $77,000, or 157% to $126,000 for the nine months
ended September 30, 2000, from $49,000 for the comparable period in 1999.
Improved operating results have allowed the Company to maintain a cash reserve.
In addition the Company raised an additional $4,250,000 in a private placement
in the first quarter of 2000. Cash reserves are invested in conservative money
market and bond mutual fund accounts.
Interest expense remained constant at $67,000 for the three months
ended September 30, 2000, compared to the same period in 1999. Interest expense
decreased by $3,000, or 1%, to $200,000 for the nine months ended September 30,
2000 from $203,000 for the comparable period in 1999. This decrease was
attributable to the retirement of a small portion of the Company's 10% Senior
Notes.
Other Items
The Company is involved in legal actions, which are discussed in Item
1. Legal Proceedings, of Part II - Other Information, below in this document.
These actions relate to intellectual property acquired in December 1999 for
which the Company has capitalized an intangible asset of approximately $3.8
million. Pending the outcome of these legal actions, the Company will evaluate
its valuation of the related intangible asset.
Liquidity and Capital Resources
The Company had approximately $5.1 million of working capital at
September 30, 2000, compared with approximately $1.71 million at December 31,
1999. This increase was a result of the sale of 1,700,000 shares of the
Company's common stock in a Private Placement in the first quarter of 2000 and
improved operating results in 2000.
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<PAGE>
Cash used in investing activities for the period ended September 30,
2000 was $961,000 compared with $8,000 for the same period in 1999. Investment
in affiliates and advances on notes receivable accounted for the majority of the
increase in the current period. An additional $68,000 was used to acquire new
equipment. Cash provided by financing activities for the period ended September
30, 2000, was $4,320,000, compared to cash used in financing activities of
$361,000 for the same period in 1999. This increase is a result of the sale of
common stock discussed earlier in this section.
The Company's future liquidity will continue to be dependent on the
Company's operating cash flow and management of trade receivables. Management
believes that the Company's existing working capital is sufficient to maintain
its current and foreseeable levels of operations. Management also believes that
the Company has sufficient funds to meet its capital expenditure requirements
for the remainder of 2000. The Company anticipates that capital expenditures for
fiscal year 2000, primarily for computer equipment and software, will be
approximately $75,000, compared to $25,000 for 1999.
Quantitative and Qualitative Disclosures about Market Risk
The Company has no activities in derivative financial or commodity
instruments. The Company's exposure to market risks, (i.e. interest rate risk,
foreign currency exchange rate risk, equity price risk) through other financial
instruments, including cash equivalents, accounts receivable, lines of credit,
is not material.
Factors Affecting Future Results
The Company's future operating results and financial condition are
difficult to predict and will be affected by a number of factors. The markets
for the Company's products are emerging and specialized, and the Company's
technology has been commercially available for a relatively short time.
Accordingly, the Company has limited experience with the commercial use and
acceptance of its products and the extent of the modifications, adaptations and
custom applications that are required to integrate its products and satisfy
customer performance requirements. There can be no assurance that the emerging
markets for industrial motion control that are served by the Company will
continue to grow or that the Company's existing and new products will satisfy
the requirements of those markets and achieve a successful level of customer
acceptance. Because of this, the Company continues to devote significant
research and development resources to improve its existing products and to the
development of new products.
Because of these and other factors, past financial performance is not
necessarily indicative of future performance, historical trends should not be
used to anticipate future operating results, and the trading price of the
Company's common stock may be subject to wide fluctuations in response to
quarter-to-quarter variations in operating results and market conditions.
-9-
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On December 1, 1999 the Company acquired the AART software products
from Plug n Work, Inc., a South Carolina corporation in exchange for 1,200,000
shares of its common stock and approximately $300,000 in cash. The software was
purchased so that the Company could provide its customers with a more complete
solution for developing various applications in conjunction with the Company's
CODE software products.
The Company capitalized an intangible asset of approximately $3.8
million as a result of the purchase of the AART products. This asset is being
amortized over a twelve-year period and the resulting amortization expense for
the nine months ended September 30, 2000 was approximately $240,000. In addition
the Company incurred development costs of approximately $204,000 for the same
period.
On April 5, 2000, the Company filed suit in Utah State Court against
Plug n Work, Scott McCrary and John Fisher (herein after the "Defendants"). The
Company brought this action alleging that the Defendants failed to disclose
significant material liabilities with respect to the intellectual property
purchased from Plug n Work in December 1999. The Company brought causes of
action for fraud in the inducement, common law fraud and civil conspiracy.
Although the Defendants have filed counterclaims, the Company believes that they
have no merit.
On September 19, 2000, the Company also filed suit in Utah State Court
against Advanced Automation. The Company brought this action alleging that
Advanced Automation failed to disclose significant material liabilities with
respect to the intellectual property purchased from Plug n Work in December
1999. The Company brought causes of action for fraud in the inducement and
common law fraud.
In both actions, the Company is seeking relief by asking the courts to
either rescind the transaction of December 1, 1999 or award the Company damages
in excess of $5 million. Although Management believes that there is a reasonable
likelihood that the Company will prevail and that its claims are meritorious,
the Company is unable to predict the outcome of the litigation. Management
believes that the litigation will have no material adverse effect on the
Company's financial condition.
Due to the actions above, the Company has not openly marketed the AART
products. Instead, it has sought and found an alternative solution. On November
6, 2000, the Company announced that it has reached agreement with Siemens Energy
& Automation, Inc., of Alpharetta, Ga., for the licensing and resale of the
Siemens 1131 programming products, which the Company will market and sell in
lieu of the AART products. Cimetrix expects to announce a new product line
featuring the integration of its CODE products with the Siemens' products in the
first quarter of 2001.
ITEM 2. CHANGES IN SECURITIES
None.
-10-
<PAGE>
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
On September 27, 2000, the Company filed a report on Form 8-K. The
report supplied information under Item 5 thereof, captioned "Other
Events", relating to changes in the Company's Board of Directors and
the announcement of a stock buyback.
On September 15, 2000, the Company accepted the resignation of Paul A.
Bilzerian, as a member of its Board of Directors. The Company has not
yet determined whether or not it will fill the vacancy on its Board
left by Mr. Bilzerian's resignation.
On September 20, 2000, Cimetrix announced that its Board of Directors
has approved the purchase of up to one million of its shares of common
stock in either privately negotiated transactions or in the public
market. As of November 13, 2000, 403,500 shares have been acquired.
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<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
REGISTRANT
CIMETRIX INCORPORATED
Dated: November 14, 2000 By: /s/ Riley G. Astill
-----------------------
RILEY G. ASTILL
Vice President of Finance
and Chief Financial Officer
(Principal Financial and Accounting Officer)
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