Attunity Announces Second Quarter 2004 Results; Record Revenues; License Revenue Up 52% from Q2 2003.WAKEFIELD Wakefield, estate, United States Wakefield, family estate of George Washington, on the Potomac River, E Va.; part of the George Washington Birthplace National Monument (see National Parks and Monuments, table). , Mass. -- 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 enterprise data integration software, today reported its financial results for the second quarter ended June June: see month. 30, 2004. Total revenues for the second quarter 2004 were $5,180,000, an increase of 19.5% from $ 4,333,000 in the second quarter of 2003 and an increase of 24% from $4,173,000 in the first quarter of 2004. Gross profit for the second quarter 2004 was $3,225,000, compared with $2,629,000 in the second quarter of 2003. Net income was $3,000 or $0.00 per share in the second quarter of 2004 compared with net income (excluding a non-recurring charge of $410,000) of $198,000 or $0.01 per share in the second quarter of 2003 and a net loss of ($257,000) or ($0.02) in the first quarter of 2004. Total revenues in the first six months of 2004 increased 9.6% to $9,353,000 from $8,535,000 for the same period in the prior year. Gross profit in the first six months of 2004 was $5,532,000 compared with gross profit of $5,103,000 for the same period in 2003. Net loss in the first six months of 2004 was $254,000 or ($0.02) per share, compared with net income (excluding a non-recurring charge of $410,000) of $353,000 or $0.02 per share in the first six months of 2003. This past quarter, Attunity further strengthened its financial position through the sale of a $2 million convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. to an investment group headed by Shimon Alon, Aki Ratner, Ron Zuckerman, and GF Capital. Attunity also obtained a $3 million line of credit from Plenus Technologies Ltd. "This quarter we achieved record revenues. We are particularly encouraged by the significant increase in license revenue, which is largely the result of our expanded efforts to address the business intelligence markets," said Arie Gonen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Attunity. "Attunity has also been recognized by industry analysts as a leader in the emerging EII (Enterprise Information Integration) Similar to an EIS (executive information system), an EII aggregates current information from all data sources within an organization. (Enterprise Information Integration) market. As these data integration markets converge con·verge v. con·verged, con·verg·ing, con·verg·es v.intr. 1. a. To tend toward or approach an intersecting point: lines that converge. b. , Attunity is uniquely qualified to provide comprehensive data access, federation and real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. change data capture. We will further extend our leadership next quarter as we announce new customers and partnerships in these markets." Highlights of Attunity's Second Quarter 2004 Customer Wins Attunity has been selected as part of a major healthcare application deployment through one of its channel partners. Attunity is being utilized to provide enterprise information integration for real-time business intelligence. As a result of this new contract, Attunity recognized $995,000 of license revenue in the quarter ended June 30, 2004. During the second quarter, Attunity also closed new and follow-on business with customers such as AK Steel, Allegheny Ludlum, Cass Information Services See Information Systems. , Data Systems and Solutions, Eastern Arizona College Eastern Arizona College (EAC),is an Arizona community college located in Graham County, Arizona. The main campus is in Thatcher, with satellite locations in Gila County, and Greenlee County. , Emerson College Emerson College was founded in 1880 by Charles Wesley Emerson as a "school of oratory," in Boston, Massachusetts. Emerson's main campus is located near the Boston Common, at the gateway to the Theatre District; it also maintains buildings in Los Angeles and the town of Well, , Iowa Health System, Kanebridge Corporation, Nacan Products Limited, National Oil, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Baptist Hospitals, NYPD NYPD New York City Police Department (since 1845; New York City, NY, USA) NYPD New York Play Development , RBC Dominion Securities
New Product Offerings During the second quarter, Attunity expanded its product lines to provide offerings for data access, federation and change capture: --Attunity Federate fed·er·ate v. fed·er·at·ed, fed·er·at·ing, fed·er·ates v.tr. To cause to join into a league, federal union, or similar association. v.intr. To become united into a federal union. is an enterprise information integration (EII) solution that provides unmatched performance through its distributed architecture and native execution --Attunity Stream is a change data capture solution that minimizes impact on operational systems through non-invasive Non-invasive A procedure that does not penetrate the body. Mentioned in: Multiple-Gated Acquisition Scan non-invasive 1. not penetrating the skin, e.g. a non-invasive test. 2. and real-time monitoring of data sources --Attunity Connect is a family of pre-built, standards-based adapters that provides unmatched performance and reliability Effect of CEO resignation Subject to shareholders approval of the termination agreement with the company's CEO, at a shareholders meeting expected to be held in September 2004, the company will take a charge of approximately $845,000 in the third quarter of 2004 related to the resignation of its CEO. Attunity Conference Call The company has scheduled a conference call and simultaneous web-cast today, July 28, at 10:00 am EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To participate in the call North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. callers can dial 800-510-0146 and international callers can dial +1-617-614-3449 five to ten minutes prior to the scheduled start time and entering the PIN # 38565497. The call will be available for replay through August 2, 2004 by dialing 888-286-8010 (in 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. ) and +1-617-801-6888 and entering the PIN # 94378251. About Attunity Ltd. Attunity is a leading provider of enterprise data integration software. Using Attunity's products, companies can seamlessly connect to data sources, stream data changes across the enterprise, and federate heterogeneous Not the same. Contrast with homogeneous. heterogeneous - Composed of unrelated parts, different in kind. Often used in the context of distributed systems that may be running different operating systems or network protocols (a heterogeneous network). information to achieve a single view of their business. Employing a unique distributed architecture, Attunity software runs natively on enterprise data servers, turning locked data silos (1) A separate database or set of data files that are not part of an organization's enterprise-wide data administration. See siloed application. (2) An external storage array or cabinet. See disk array. into an efficient Information Grid. The result is significantly enhanced performance and reduced cost of ownership. More then a 1000 customers are using Attunity software world-wide for data integration initiatives such as service-oriented integration to the mainframe as part of EAI (Enterprise Application Integration) Refers to various techniques used to share data and business processes in large enterprises. When companies acquire another organization, disparate information systems have to be made to work together. projects, legacy data access for business intelligence and reporting, real-time and efficient ETL (Extract, Transform, Load) The functions performed when pulling data out of one database and placing it into another of a different type. ETL is used to migrate data, often from relational databases into decision support systems. based on change data capture, and single customer views from disparate information sources. Also, Attunity is a trusted partner for industry leaders like Oracle and HP who embed em·bed also im·bed v. em·bed·ded, em·bed·ding, em·beds v.tr. 1. To fix firmly in a surrounding mass: embed a post in concrete; fossils embedded in shale. Attunity software into their products and solution offerings. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements in this press release are 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. . Because such statements deal with future events, they are subject to various risks and uncertainties and actual results could differ materially from Attunity current expectations. Factors that could cause or contribute to such differences include, but are not limited to: the impact on revenues of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. of hostilities or acts of terrorism; any unforeseen developmental or technological difficulties with regard to Attunity's products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; a shift in demand for products such as Attunity's; unknown factors affecting third parties with which Attunity has formed business alliances; timely availability and customer acceptance of Attunity's new and existing products, and other factors and risks discussed in Attunity's Report on Form 20-F for the year ended December 31, 2003, which is on file with the Securities and Exchange Commission. Attunity assumes no obligation to update information concerning its expectations.
ATTUNITY Ltd
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30 December 31
2004 2003
--------------- ----------------
ASSETS
Current Assets
Cash and Cash Equivalents $4,021 $2,073
Restricted Cash 70 902
Short-Term Deposits 132 120
Marketable Securities 95 200
Trade Receivables, net 3,958 2,845
Other Receivables 1,022 1,006
--------------- ----------------
Total Current Assets 9,298 7,146
--------------- ----------------
SEVERANCE PAY FUND 1,604 1,592
--------------- ----------------
PROPERTY, PLANT and EQUIPMENT, net 947 926
--------------- ----------------
OTHER ASSETS, net 10,670 10,548
--------------- ----------------
$22,519 $20,212
--------------- ----------------
LIABILITIES AND SHAREHOLDER EQUITY
CURRENT LIABILITIES
Short-Term Bank Debt $- $206
Current Maturities of Long-
Term Loans 50 102
Trade Payables 589 583
Deferred Revenues 3,686 2,090
Employee and Payroll Accruals 1,241 1,239
Accrued Expenses and other
Liabilities 1,572 3,479
--------------- ----------------
Total Current Liabilities 7,138 7,699
--------------- ----------------
LONG-TERM LIABILITIES
Long-Term Debt 200 99
Accrued Severance Pay 2,058 1,941
--------------- ----------------
Total Long-Term Liabilities 2,258 2,040
--------------- ----------------
SHAREHOLDERS' EQUITY
Share Capital 536 525
Additional Paid-In Capital 89,458 86,504
Accumulated Other
Comprehensive Loss (320) (259)
Accumulated Deficit (76,551) (76,297)
--------------- ----------------
Total Shareholder's Equity 13,123 10,473
--------------- ----------------
$22,519 $20,212
--------------- ----------------
ATTUNITY Ltd
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per-share amounts)
Three Months Six Months
ended June 30 ended June 30
2004 (a)2003 2004 (a)2003
------- ------- ------- -------
REVENUES
Products $2,574 $1,691 $4,190 $3,197
Maintenance 1,416 1,520 2,828 3,051
Services 1,190 1,122 2,335 2,287
------- ------- ------- -------
5,180 4,333 9,353 8,535
------- ------- ------- -------
COST OF REVENUES
Products 587 480 1,120 944
Maintenance 258 188 485 377
Services 1,110 1,035 2,216 2,111
------- ------- ------- -------
1,955 1,703 3,821 3,432
------- ------- ------- -------
GROSS PROFIT 3,225 2,630 5,532 5,103
OPERATING EXPENSES
Research & Development, net 353 385 676 716
Selling & Marketing 2,031 1,537 3,642 2,937
General & Administrative 683 599 1,287 1,205
Non- Recurring Charges - 410 - 410
------- ------- ------- -------
3,067 2,931 5,605 5,268
------- ------- ------- -------
Operating loss 158 (301) (73) (165)
Financial Income (loss), net (117) 98 (126) 147
------- ------- ------- -------
Loss before Income Taxes 41 (203) (199) (18)
Taxes on Income (38) (9) (55) (39)
------- ------- ------- -------
------- ------- ------- -------
Net income (loss) $3 $(212) $(254) $(57)
------- ------- ------- -------
Basic income (loss) per Share $0.00 $(0.01) $(0.02) $(0.00)
Number of Shares Used in computing
per share amounts 15,165 14,767 15,002 14,767
(a) Reclassified
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