Abstract: Cutter apparatus is provided for sheet material, such as glass, plastic (e.g., plexiglass) or matte boards, particularly designed for use in picture framing, although also usable wherever such sheets need simple and reliable cutting apparatus. The cutter has means for holding a sheet of material in a position to be cut, a guide, and a cutter assembly or slide movable along said guide. The cutter assembly includes a movable cutter carrier resiliently urged toward said material. The cutter carrier holds two separate cutting elements, either one of which can be presented to the sheet material by pivoting the carrier. A lever moves the cutter carrier away from said material. A latch is provided for retaining the lever in a position with said cutter carrier retracted from said material, the latch being normally inoperative.