2019 was another exciting year for Cimetrix. In our journey as a Smart Manufacturing and Industrial IoT solutions provider, we were able to increase revenues year-over-year to a new record high during a year that saw double-digit revenue drops for capital equipment suppliers in the semiconductor industry. Also, our attention to fiscal discipline enabled us to achieve our tenth consecutive year of profitability and further strengthen our strong cash position.
Cimetrix continues to provide software that makes the world’s most sophisticated and expensive manufacturing equipment smarter, as well as an innovative IIoT platform for the world’s leading factories. We focus on ensuring the success of our worldwide customers with local presence and support. Our global team members in North America, Europe, Japan, Taiwan, Korea, China and Southeast Asia provide unmatched expertise and technical support to our customers.
For 2020, Cimetrix expects a double-digit increase in revenues as the results of our growth initiatives undertaken over the past several years gain further traction. We believe the foundation of Smart Manufacturing and Industrial IoT begins with smart equipment and smart connections. Furthermore, we believe that Cimetrix is uniquely positioned to help equipment manufacturers and factories in their pursuit of Smart Manufacturing. We will relentlessly pursue understanding our customers’ challenges and providing them with innovative solutions.
From all of us at Cimetrix, we thank our customers, partners and shareholders for the faith and confidence they have placed in us. We will continue to strive for excellence in satisfying our worldwide base of customers and delighting them with innovative new products and solutions.
President and Chief Executive Officer