Attunity Announces Second Quarter 2003 Results.Business Editors/High-Tech Writers WAKEFIELD, Mass.--(BUSINESS WIRE)--July 28, 2003 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 leading provider of standards-based integration middleware A redundant term for "middleware." The concept of middleware is integration. See middleware. for accessing mainframe, enterprise data sources and legacy applications, today announced financial results for the second quarter ended June 30, 2003. Total revenues in the second quarter of 2003 were $4,333,000, compared with $4,321,000 for the same period in the prior year and compared with $4,202,000 in the first quarter of 2003. Gross profit in the second quarter of 2003 was $2,878,000 compared with gross profit of $2,813,000 for the same period in 2002 and $2,749,000 in the first quarter of 2003. Excluding non-recurring expenses, net income was $198,000 or $0.01 per share in the second quarter of 2003. Net loss, including non-recurring expenses, was $(212,000) or $(0.01) per share compared with a net income of $437,000 or $0.03 per share in the second quarter of 2002 and a net income of $155,000 or $0.01 in the first quarter of 2003. Total revenues in the first six months of 2003 were $8,535,000 compared with $8,529,000 for the same period in the prior year. Gross profit in the first six months of 2003 was $5,627,000 compared with gross profit of $5,606,000 for the same period in 2002. Excluding non-recurring expenses, net income in the first six months of 2003, was $353,000 or $0.02 per share. Net loss in the first six months of 2003, including non-recurring expenses, was $(57,000) or $(0.00) per share compared with net income of $842,000 or $0.06 per share in the first six months of 2002. As a result of an inability to reach a mutual agreement in the termination of the lease for our former offices in Massachusetts, which had a commencement date of May 1, 2003, the company has been served with legal papers. The company believes that it has good and valid defense to the claim and intends to vigorously defend itself. The company recorded a non-recurring charge of $410,000 in the second quarter of 2003 related to this claim. "We are executing our strategy to maintain the company's operating profitability while investing in extending channel partners which is a key element for the growth of our company," said Arie Gonen, chairman of Attunity. "Earlier this year we announced an 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 agreement with Oracle to provide Attunity Connect as part of their Application Server and integration products. In addition, our new reseller agreement with HP is yet another proof point that Attunity Connect is rapidly becoming the de facto standard Hardware or software that is widely used, but not endorsed by a standards organization. Contrast with de jure standard. de facto standard - A widespread consensus on a particular product or protocol which has not been ratified by any official standards body, such as ISO, for enterprise connectivity." "During the quarter we strengthened our management team by adding Ofer Segev as CFO/COO for the company. Ofer resides in the US and is responsible for managing the Attunity operation with an emphasis on improving our execution across all matrices and on our relationships with the investment community. Ofer joined our company two months ago and I am confident that he will have a substantial impact on Attunity's results," said Arie Gonen. Highlights of Attunity's Second Fiscal Quarter 2003 Customer Wins New customers this quarter included Sprint, Visa USA, Pelton & Crane, Medtronic, Landata, Inova Health System Inova Health System is a non-profit health organization based in Northern Virginia, USA. Hospitals under Inova provide most of the healthcare needs for citizens in Northern Virginia. The flagship hospital, Inova Fairfax Hospital, has won acclaims as one of the best hospitals in the nation. , Trans International Company, Telvent, Phoenix Controls Corporation, Coalfire, Valassis, Group Health Cooperative Group Health Cooperative, based in Seattle, Washington, is a consumer-governed nonprofit healthcare system. Established in 1947, it today provides coverage and care for about 540,000 people in Washington and Idaho and is one of the largest private employers in Washington. , Continuum Health Partners, ETI (Embed The Internet) An earlier consortium that was devoted to putting Web servers into microcontrollers used in embedded systems. Using a Web server enables access to the device via any Web browser. See Web server and microcontroller. Canada, and Rocla. Channel Partnerships Hewlett Packard's services organization has entered into a reseller agreement with Attunity to offer the full line of Attunity Connect products. HP Services employs 65,000 professionals and has been endorsed by Microsoft as a Worldwide Prime Integrator. This new relationship will expand the market reach of Attunity Connect in both the Microsoft and BEA BEA - Basic programming Environment for interactive-graphical Applications, from Siemens-Nixdorf. solutions implemented by HP Services. Oracle signed a new OEM licensing agreement with Attunity to offer industry-leading integration adapters to a broad range of mainframe data and transaction systems for the Oracle 9i Application Server. With support for J2EE (Java 2 Platform, Enterprise Edition) A platform from Sun for building distributed enterprise applications. J2EE services are performed in the middle tier between the user's machine and the enterprise's databases and legacy information systems. standard interfaces such as JDBC (Java DataBase Connectivity) A programming interface that lets Java applications access a database via the SQL language. Since Java interpreters (Java Virtual Machines) are available for all major client platforms, this allows a platform-independent database and JCA (1) (Java Cryptography Architecture) An umbrella term from Sun for implementing security functions for the Java platform. It includes Sun's Java Security API as well as the Java Cryptography Extension (JCE), which adds more programming interfaces for encryption , these Attunity Connect based adapters provide real-time, read-write access to support the full range of capabilities of Oracle 9iAS including enterprise portals, business intelligence, rapid application development, application and business integration, 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. . As a result of the close technical collaboration with Microsoft, Attunity was one of a select few vendors to introduce adapters for the beta distribution Not to be confused with Beta function. In probability theory and statistics, the beta distribution is a family of continuous probability distributions defined on the interval [0, 1] parameterized by two non-negative shape parameters, typically denoted by α and β. of the Jupiter product. This upcoming Microsoft product will incorporate BizTalk integration, portal and commerce capabilities into a unified platform that will provide a greater market need for the connectivity adapters provided by Attunity. IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Attunity entered into cooperative sales and marketing partnership for Attunity Connect adapters for IBM WebSphere Application Server This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. . The Attunity Adapter Suite for IBM WebSphere allows enterprises to seamlessly integrate with existing systems (e.g. CICS (Customer Information Control System) A TP monitor from IBM that was originally developed to provide transaction processing for IBM mainframes. It controls the interaction between applications and users and lets programmers develop screen displays without , IMS (1) See IP Multimedia Subsystem. (2) (Information Management System) An early IBM hierarchical DBMS for IBM mainframes. IMS was widely implemented throughout the 1970s under MVS and continues to be used under z/OS. , VSAM (Virtual Storage Access Method) An IBM access method for storing data, widely used in IBM mainframes. It uses the B+tree method for organizing data. VSAM - Virtual Storage Access Method , NonStop SQL NonStop SQL is a relational database product originally produced at Tandem Computers. NonStop is the brand name for Tandem's suite of high-availability products, a brand that survived Tandem's takeover by Compaq, and today after Compaq's takeover by HP. ) by exposing their functions and data as reusable services. The suite includes a comprehensive prebuilt pre·built adj. Of, relating to, or constituting a structure or a portion of a structure that is constructed or assembled before being transported to its site of installation; prefabricated: a prebuilt home. adapter library, support for WebSphere interfaces including J2EE Connector See Java Connector. Architecture (JCA), and the Attunity Studio plug-in to IBM WebSphere Studio to increase user productivity and easy of use. New Product Offerings Attunity announced the release of Attunity Connect 4.0 and Attunity Connect Studio, an integrated GUI (Graphical User Interface) A graphics-based user interface that incorporates movable windows, icons and a mouse. The ability to resize application windows and change style and size of fonts are the significant advantages of a GUI vs. a character-based interface. console for complete life-cycle management of legacy systems integration. The Attunity Connect Studio facilitates the design, configuration and management of adapters to legacy data sources and applications. With a market-leading level of ease of use, the Attunity Connect Studio enables enterprises to leverage their existing systems faster and with greater reuse. Attunity will conduct a teleconference tomorrow at 11:00 a.m. US Eastern Standard Time. To take part in the conference call, please dial (800) 299-7089 or (617) 801-9714 ten minutes prior to the 11:00 a.m. start and enter participant code 97649373. 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 (888) 286-8010 or (617) 801-6888 and enter participant code 36102303. About Attunity Ltd. Attunity(TM) is a leading provider of standards-based integration middleware for accessing mainframe, enterprise data sources and legacy applications. Founded in 1988 and traded on the NASDAQ exchange, Attunity's worldwide operations support over 1,000 direct end-users including many of the Fortune 1000. Through distribution and OEM agreements with global-class partners such as Oracle and HP, Attunity-based solutions are deployed on tens of thousands of systems worldwide. The Attunity Connect product family provides standards-based access to over 35 data sources on 20 different computing platforms. Attunity Connect adapters reside natively on each target platform and provide enterprise-class integration capabilities such as real-time read/write access, distributed transaction A distributed transaction is an operations bundle, in which two or more network hosts are involved. Usually, hosts provide transactional resources, while the transaction manager management, heterogeneous joins between relational and non-relational data sources, and optimized query execution. Attunity Connect makes legacy systems accessible through SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. and XML based interfaces including JDBC, ODBC (Open DataBase Connectivity) A database programming interface from Microsoft that provides a common language for Windows applications to access databases on a network. , JCA, COM and SOAP. Attunity's 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. , the United Kingdom, France, Israel, 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 distributors in Japan, S.E. Asia, Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . For more information, visit www.attunity.com or email info@attunity.com. Copyright (C) 2003 Attunity Ltd. All rights reserved. Attunity, the Attunity logo, Application Adapter 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. This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, product technology developments, market acceptance of our products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, release and sales of new products by strategic resellers and customers, changes in demand for products, the timing and amount or cancellation of orders and other risks detailed from time to time in our filings with the Securities Exchange Commission, including our Form 20-FAnnual Report. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.
Attunity Ltd.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATION
(in thousands of US Dollars)
Three Months Ended Six Months
June 30, Ended June 30,
2003 2002(a) 2003(a) 2002(a)
Revenues
Licenses $1,691 $1,763 $3,197 $3,656
Maintenance 1,520 1,460 3,051 2,765
Services 1,122 1,098 2,287 2,108
4,333 4,321 8,535 8,529
Cost of revenues
Licenses 480 420 944 831
Maintenance 132 193 261 380
Services 843 895 1,703 1,712
1,455 1,508 2,908 2,923
Gross profit 2,878 2,813 5,627 5,606
Operating expenses
Selling and marketing 1,718 1,309 3,299 2,582
General and administrative 500 538 970 1,102
Research and development, net 551 517 1,113 1,064
Non-recurring expenses 410 - 410 -
3,179 2,364 5,792 4,748
Operating income (loss) (301) 449 (165) 858
Financial income - net 98 22 147 19
Income (loss) before taxes (203) 471 (18) 877
Income taxes 9 34 39 35
Net income (loss) (212) $437 (57) 842
Basic and diluted net income
(loss) per share ($0.01) $0.03 ($0.00) $0.06
Number of shares used to
compute basic and diluted net
income (loss) per share 14,767 14,675 14,767 14,644
(a) Reclassified
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars)
June 30, December 31,
2003 2002
ASSETS
Current Assets
Cash and cash equivalents $4,376 $2,693
Short-term deposits 118 88
Marketable securities 210 -
Accounts receivable - net 3,667 3,377
Other receivables and prepaid expenses 1,049 1,233
Total current assets 9,420 7,391
Severance Pay Fund 1,539 1,189
Property and Equipment, net 899 1,145
Other assets, net 11,776 11,759
Total assets 23,634 $21,484
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars)
June 30, December 31,
2003 2002
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank debt $243 $175
Current maturities of long-term debt 106 205
Trade payables 425 645
Deferred revenues 3,505 1,986
Accrued expenses and other
Liabilities 4,450 3,713
Total current liabilities 8,729 6,724
Long term liabilities
Long term debt 35 55
Accrued severance pay 1,868 1,625
Total long term liabilities 1,903 1,680
Shareholders equity
Share capital: Authorized 30,000,000
ordinary shares of NIS 0.1 par value
Issued and Outstanding:
14,767,432 shares at March 31, 2003
and December 31, 2002 525 525
Capital surplus 86,504 86,504
Accumulated deficit (73,398) (73,341)
Foreign currency translation adjustment (629) (608)
Total Shareholders' equity 13,002 13,080
Total liabilities and shareholders 23,634 $21,484
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