Attunity Announces 2002 Second Quarter Results; Second Consecutive Quarter of Profitability.Business/Technology Editors BURLINGTON, Mass.--(BUSINESS WIRE)--July 31, 2002 Attunity Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATTU Attu, island: see Aleutian Islands. ), a leader in business process, application and data integration solutions for the extended enterprise, today announced financial results for the second quarter ended June 31, 2002. Total revenues in the second quarter of 2002 were $4,321,000, an increase of 2.7% from $4,208,000 for the first quarter of 2002 and a decrease of 15.7% from $5,123,000 for the same period in the prior year. Gross profit in the second quarter of 2002 was $2,813,000, up 1.0% from $2,793,000 for the first quarter of 2002 but down 8.8% from $3,085,000 for the same period in the prior year. Net income for the second fiscal quarter was $437,000 or $0.03 per share compared to $405,000 or $0.03 per share in the first quarter 2002, but compared to a net loss of ($1,949,000) or ($0.18) per share for the same period in the prior year. Cash balances and securities increased $759,000 from $3,337,000 at the end of Q1 2002 to $4,096,000 at the end of Q2 2002. "Attunity's profitable operation puts it in a very select group amongst the public software companies focused on the integration market," said Paul MacKay, chief executive officer of Attunity. "In the current economic climate, enterprises are looking to maximize the value of existing mainframe and legacy investments. Attunity's core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
"The second consecutive quarter of growth, profitability and cash flow positive operations mark another significant step in Attunity's turnaround. Although we expect the third quarter to be challenging, our outlook is again for profitability." Highlights of Attunity's Second Fiscal Quarter 2002 Customer Wins New customers in Q2 2002 included Coherent Inc., Nebraska Health Systems, Sealy Incorporated, Sterling Commerce, State of Washington, EPSON EPSON Son of Electronic Printer Australia Pty Limited, Chbah, Groupe Ponticelli, INLHC-Intertechnique, Coflexip-Tehnip, Ionis, Innovations Successful Salon Services Inc., Landata, and OneSteel. Additional license sales to the installed customer base in Q2 2002 included Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. , Fisher Scientific Fisher Scientific, formally Fisher Scientific International, Inc. and colloquially Fisher was a biotechnology company that provided products and services to the global scientific research and United States clinical laboratory markets. , Haldex Brake Products,
Perceptron 1. perceptron - A single McCulloch-Pitts neuron.2. perceptron - A network of neurons in which the output(s) of some neurons are connected through weighted connections to the input(s) of other neurons. A multilayer perceptron is a specific instance of this. , Shaw Cable Systems, State of Connecticut, State of Michigan, Korea Stock Exchange Korea Stock Exchange The major securities market of Korea. , Jewish National Fund, Israel Land Authority, University of Sellenbosch, QDC QDC Quality, Delivery, Cost QDC Quiet-Day-Curve QDC Qatar Distribution Company QDC Quantum Data Compression QDC Qatar Data Center QDC Quadratic Double Circulant (code) QDC Quantized Dc QDC Quick Direct Connect Lara, Illawarra Area Health Service and University of Otago The University of Otago (Māori: Te Whare Wānanga o Otāgo) in Dunedin is New Zealand's oldest university with over 20,000 students enrolled during 2006. . Channel Partnerships Attunity announced a partnership with Embarcadero Technologies, Inc. (Nasdaq: EMBT EMBT Emergency Main Ballast Tank EMBT European Mountain Bicycling Trails EMBT Explosive Minefield Breacher Trainer ), a leading provider of application and database lifecycle management solutions, to deliver advanced data integration solutions to the enterprise including relational, mainframe and legacy data. Attunity's relationship with Oracle (Nasdaq: ORCL ORCL Oracle (stock symbol) ) continues to generate significant royalty revenue due to Attunity Connect being embedded in Oracle 9i database and Oracle Transparent Gateways. Attunity and Microsoft Corp. (Nasdaq: MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ) partnership on BizTalk continues to yield success with customers including EPSON Australia Pty Limited, who selected Attunity to provide AS/400 connectivity as part of a B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business initiative. Attunity and BAE SYSTEMS BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. successfully delivered an extensive data integration pilot project this past quarter. Attunity will conduct a teleconference today at 11:00am U.S. Eastern Standard Time. To take part in the conference call, please dial (913) 981-5571 ten minutes prior to the 11:00am start. This call will also be broadcast live on www.attunity.com and an online replay will be available approximately one hour after the call by dialing (719) 457-0820 and enter confirmation code 395789. About Attunity Ltd. Attunity(TM) is a leading provider of eBusiness Integration solutions that deliver dynamic business process, application and data integration within and across enterprises. Attunity gives organizations the power to leverage their IT investments by automating and managing business processes within the enterprise and with partners, suppliers and customers over the Internet. The company's portfolio of software and services work in concert. Its eBusiness Integration Suite utilizes the standards-based technologies of Attunity Connect(TM) and Attunity BPI(TM) to insure rapid ROI while maintaining business agility for the future. Attunity delivers production-proven software and services to more than 1,000 companies worldwide and has strategic alliances with Oracle, Compaq and other world-class partners. Attunity products are available through direct sales and support offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Israel, the United Kingdom, France, the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China and Australia, as well as through full-service distributors: Mitsui, in Japan; IDISA, in Mexico; Legato Solutions & Services Pte Ltd PTE LTD Private Limited , in Singapore; SPL (1) (Systems Programming Language) The assembly language for the HP 3000 series. See assembly language for an SPL program example. (2) (Structured Programming Language) See structured programming. 1. , in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. ; Chang-Sung Systems, Inc. and Innodigital Company Ltd. in Korea; Netmaker Technology Company, in Taiwan, Consist International in Mexico, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Germany and Spain, CrossZ Solutions S.p.A. in Italy, and Opera Technologies in Turkey. For more information, visit www.attunity.com or send email to info@attunity.com. Copyright (c) 2002 Attunity Ltd. All rights reserved. Attunity, the Attunity logo, Application Adapter A layer of software that converts the data from the application into a common form acceptable for integration with other applications. See application integration and integration server. Framework, Attunity AAF AAF abbr. Army Air Forces , Attunity Connect and Web Services Process Integration are trademarks of Attunity Ltd. All other marks are the property of their respective owners. (Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors, including but not limited to risks and product technology development, market acceptance of the products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.)
ATTUNITY Ltd
CONSOLIDATED STATEMENTS OF OPERATION
(in thousands of US Dollars - unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
Revenues
Licenses $ 1,852 $ 2,647 $ 3,834 $ 4,036
Maintenance 1,371 1,128 2,587 2,351
Services 1,098 1,348 2,108 2,855
4,321 5,123 8,529 9,242
Cost of revenues
Licenses 420 599 831 1,128
Maintenance 193 273 380 529
Services 895 1,166 1,712 2,424
1,508 2,038 2,923 4,081
Gross profit 2,813 3,085 5,606 5,161
Operating expenses
Selling and marketing 1,309 2,896 2,582 6,444
General and administrative 538 772 1,102 1,994
Research and development, net 517 1,214 1,064 2,706
2,364 4,882 4,748 11,144
Operating income (loss) 449 (1,797) 858 (5,983)
Financial income - net 22 106 19 66
Income (loss) before taxes 471 (1,691) 877 (5,917)
Income taxes 34 258 35 259
Net income (loss) $ 437 ($ 1,949) $ 842 ($ 6,176)
Basic and diluted net
earnings (loss) per share $ 0.03 ($ 0.18) $ 0.06 ($ 0.58)
Number of shares used to
compute basic and diluted
net earnings (loss) per
share 14,675 10,673 14,644 10,671
CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars - unaudited)
June 30, Dec. 31,
2002 2001
ASSETS
Current Assets
Cash and cash equivalents $ 3,885 $ 3,045
Marketable securities -- 21
Restricted cash 211 202
Accounts receivable - net 2,811 2,800
Other receivables and prepaid expenses 765 1,082
Total current assets 7,672 7,150
Severance Pay Fund 1,139 1,207
Fixed Assets
Cost 7,510 7,330
Less: accumulated depreciation (5,951) (5,660)
1,559 1,670
Other assets
Computer software costs - net 6,050 6,070
Goodwill, net 5,280 5,197
11,330 11,267
$ 21,700 $ 21,294
CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars - unaudited)
June 30, Dec. 31,
2002 2001
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank debt $ 28 $ 174
Current maturities of long-term debt 215 231
Trade payables 778 1,320
Deferred revenues 3,510 2,221
Accrued expenses and other
Liabilities 2,369 3,144
Total current liabilities 6,900 7,090
Long term liabilities
Long term debt 164 211
Accrued severance pay 1,446 1,668
Total long term liabilities 1,610 1,879
Shareholders' equity
Share capital: Authorized 30,000,000
ordinary shares of NIS 0.1
par value Issued and Outstanding:
14,767,432 shares at June 30, 2002
14,580,160 shares at December 31,
2001 436 432
Capital surplus 86,614 86,614
Accumulated deficit (73,003) (73,845)
Foreign currency translation adjustment (857) (876)
Total Shareholders' equity 13,190 12,325
$ 21,700 $ 21,294
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