Attunity Announces 2002 Third Quarter Results; Third Consecutive Quarter with Sequential Growth in Revenue and Net Income.Business Editors/High-Tech Writers WAKEFIELD, Mass.--(BUSINESS WIRE)--Oct. 23, 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 third quarter ended September 30, 2002. Total revenues in the third quarter of 2002 were $4,402,000, an increase of 2% from $4,321,000 for the second quarter of 2002 and a decrease of 20% from $5,525,000 for the same period in the prior year. Gross profit in the third quarter of 2002 was $2,908,000 up 3% from $2,813,000 for the second quarter of 2002 but down 14% from $3,385,000 for the same period in the prior year. Net income for the third fiscal quarter increased by 42% to $619,000 or $0.04 per share from $437,000 or $0.03 per share in the second quarter 2002, but compared to a net loss of $1,279,000 or a loss of $0.12 per share for the same period in the prior year. Total revenues in the first nine months ended September 30, 2002 decreased by 12% to $12,931,000 from $14,767,000 in the first nine months of 2001. The Company earned a net profit of $1,461,000 compared with a loss of $7,455,000 in the first nine months of 2001. Earnings per share were $0.10 per share in the first nine months of 2002 compared to a loss of $0.70 per share in same period of 2001.
Q1/2002 Q2/2002 Q3/2002
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Revenues $4,208,000 $4,321,000 $4,402,000
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EBITDA $409,000 $449,000 $662,000
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Net profit $405,000 $437,000 $619,000
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"We are very pleased to deliver sequential growth throughout this year both in revenue and net income as forecasted," said Arie Gonen, chairman of Attunity. "Our execution continues to improve across all functions of Attunity. This quarter we closed major deals to large end user customers, OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and VAR partners. We had significant wins in competitive sales engagements that further validates our superior solution for data integration." Highlights of Attunity's Third Fiscal Quarter 2002 Customer Wins New customers in Q3 2002 included Johns Hopkins University Johns Hopkins University, mainly at Baltimore, Md. Johns Hopkins in 1867 had a group of his associates incorporated as the trustees of a university and a hospital, endowing each with $3.5 million. Daniel C. , Fortunoff, Sharp HealthCare Sharp HealthCare is a not-for-profit integrated regional health care delivery system located in San Diego. Sharp includes four acute care hospitals, three specialty hospitals, three affiliated medical groups and a health plan. , Mercator, Henry Ford Health System, Brook Mays Brook Mays Music Group known generally just as Brook Mays, was a Dallas, Texas-based retailer of musical instruments, sheet music, and supplies. It was founded as the Brook Mays Music Company , Yavapai College Yavapai College is a community college located in Yavapai County, Arizona. The main Campus is in Prescott, with locations in Clarkdale, Prescott Valley, Chino Valley, and Sedona. History Yavapai College was established in 1965 by means of a countywide election. , Esprit Soutron, Data True, MV Software, Western Australian Electoral Commission The Australian Electoral Commission, or the AEC, is the federal government agency in charge of organising and supervising federal elections. Local and state elections are overseen by electoral authorities of each state and territory. , Omnitel, Limestone District, Kibbutzim
New Product Offerings Attunity introduced an enhanced Adapter Suite for BizTalk Server Software from Microsoft that provides integration between business processes within an enterprise and between different organizations. BizTalk Server uses protocol implementations called "adapters" to communicate with applications and includes built-in adapters and a framework for that plugs-in as a native extension of BizTalk Server. The Attunity Adapter Suite for BizTalk Server facilitates integration with legacy data and systems by supporting all the recommended interfaces to BizTalk Server and by offering an extensive adapter library to over 20 computing platforms See platform. . Channel Partnerships IDX (IDX Systems Corporation, South Burlington, VT, www.idx.com) One of the largest health care information systems companies in the country, acquired in 2006 by GE Healthcare (www.gehealthcare.com), a unit of the General Electric Company. (Nasdaq:IDXC) has signed an OEM agreement to embed Attunity Connect into their Carecast healthcare application. IDX provides solutions for the healthcare industry and is considered to be one of the largest VARs on the HP NonStop HP's brand name for its fault-tolerant servers, which range in size from four CPUs to 4,000 CPUs. The NonStop line was created by Tandem Computers, which was acquired by Compaq, which later became part of HP. (Tandem) platform. Attunity's relationship with Oracle (Nasdaq: ORCL ORCL Oracle (stock symbol) ) continues to generate significant royalty revenue due to Attunity Connect being embedded Inserted into. See embedded system. 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 and this quarter sold to customers including Henry Ford Health System. 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. announced the successful delivery of a pilot project for the U.S. Navy. Attunity will conduct a teleconference tomorrow at 11:00am U.S. Eastern Standard Time. To take part in the conference call, please dial (719) 457-2641 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 655511. 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. 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 (Legato Systems, Inc., Mountain View, CA, www.legato.com) A leading provider of storage management and high-availability software founded in 1988 and acquired by EMC Corporation in 2003. Legato software, including Celestra data management (data mining, data migration, etc. 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 (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Nine Months Ended
September 30, September 30,
------------------ ------------------
2002 2001 2002 2001
------------------ ------------------
Revenues
Licenses $2,058 $2,509 $5,892 $6,545
Maintenance 1,293 1,226 3,880 3,577
Services 1,051 1,790 3,159 4,645
------------------ ------------------
4,402 5.525 12,931 14,767
Cost of revenues
Licenses 423 529 1,254 1,657
Maintenance 193 252 573 781
Services 878 1,359 2,590 3,783
------------------ ------------------
1,494 2,140 4,417 6,221
Gross profit 2,908 3,385 8,514 8,546
Operating expenses
Selling and marketing 1,238 2,908 3,820 9,352
General and administrative 507 563 1,609 2,021
Research and development, net 501 578 1,565 3,334
Goodwill amortization 0 243 0 729
------------------ ------------------
2,246 4,292 6,994 15,436
Operating profit (loss) $662 ($907) $1,520 ($6,890)
Financial income (expenses) -
net (14) (114) 5 (48)
------------------ ------------------
Profit (loss) before taxes $648 ($1,021) $1,525 ($6,938)
Income taxes 29 258 64 517
------------------ ------------------
Net profit (loss) $619 ($1,279) $1,461 ($7,455)
Basic net profit (loss) per
share $0.04 ($0.12) $0.10 ($0.70)
Weighted average number of
shares used to compute basic
net profit (loss) per share 14,767 10,697 14,681 10,681
Diluted net profit (loss) per
share $0.04 ($0.12) $0.10 ($0.70)
Weighted average number of
shares used to compute diluted
net profit (loss) per share 14,767 10,697 14,767 10,681
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CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars - unaudited)
September 30, December 31,
2002 2001
------------- ------------
ASSETS
Current Assets
Cash and cash equivalents $3,350 $3,045
Marketable securities 21
Restricted cash 202
Accounts receivable - net 2,568 2,800
Other receivables and prepaid expenses 1,209 1,082
------------- ------------
Total current assets 7,127 7,150
Severance Pay Fund 1,172 1,207
Fixed Assets
Cost 7,495 7,330
Less: accumulated depreciation (6,092) (5,660)
------------- ------------
1,403 1,670
Other assets
Computer software costs - net 6,040 6,070
Intangible assets, net of accumulated
amortization 5,398 5,197
------------- ------------
11,438 11,267
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$21,140 $21,294
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CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars - unaudited)
September 30, December 31,
2002 2001
------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank debt $90 $174
Current maturities of long-term debt 189 231
Trade payables 650 1,320
Deferred revenues 2,334 2,221
Employees and payroll accruals 1,060 1,200
Accrued expenses and other
Liabilities 1,237 1,944
-------------- -------------
Total current liabilities 5,560 7,090
Long term liabilities
Long term debt 131 211
Accrued severance pay 1,449 1,668
-------------- -------------
Total long term liabilities 1,580 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 September 30, 2002
14,580,160 shares at December 31, 2001 436 432
Capital surplus 86,614 86,614
Accumulated deficit (72,384) (73,845)
Foreign currency translation adjustment (666) (876)
-------------- -------------
Total Shareholders' equity 14,000 12,325
$21,140 $21,294
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