Attunity Announces Third Quarter 2004 Results.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 third quarter ended September September: see month. 30, 2004. Total revenues for the third quarter 2004 were $3,869,000, an increase of 2.8% from $3,762,000 in the third quarter of 2003. Gross profit for the third quarter 2004 was $2,145,000, compared with $2,063,000 in the third quarter of 2003. Net loss was $2,656,000 or $0.17 per share in the third quarter of 2004 compared with net loss of $318,000 or $0.02 per share in the third quarter of 2003. In the third quarter the company has taken a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $1,645,000 related to the termination of its 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. and other executives. Total revenues in the first nine months of 2004 increased 7.5% to $13,222,000 from $12,297,000 for the same period in the prior year. Gross profit in the first nine months of 2004 was $7,677,000 compared with gross profit of $7,166,000 for the same period in 2003. Net loss in the first nine months of 2004 was $2,910,000 or $0.19 per share, compared to net loss of $375,000 or $0.03 per share in the first nine months of 2003. "The last quarter has been a period of transition for the company," said Aki AKI Authority Key Identifier (digital certificates) AKI Anti Knock Index (fuel octane ratings) AKI August Krogh Institute (Denmark) Ratner, Chief Executive Officer of Attunity. "In addition to my accepting the position of CEO in the middle of the quarter, we have also made other significant changes to the leadership of the company--including the hiring of a new VP EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. , VP R&D, and VP Finance. Over the last two months I was pleased to find a very large and loyal customers base who are successfully using our products; a growing marketplace and channel partners that need our products; and very talented employees." "In order to build a strong and growing company, our focus is on better execution. We have begun to aggressively implement new strategies in our sales operation to more effectively sell both direct and through our channel partners, and to better capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our distributors in rapidly emerging markets including Japan and China. We will also introduce new products to expand our market opportunities and sell more into our existing customer base." "To grow the EMEA market, Attunity has appointed Dirk Craen as the Vice President for the territory. Dirk brings over 20 years of successful IT sales and executive management experience from companies including Precise Software, Olivetti and Hewlett Packard. As part of the EMEA restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , Attunity has also filled key executive and sales positions throughout the region." "The operational loss this past quarter is a reflection of our commitment to invest for the future and our confidence in our ability to significantly grow our business. With our typical sales cycle of approximately six months, we believe the improvements we are making in execution across the company will begin to yield results in the next few months," said Mr. Ratner. Highlights of Attunity's Third Quarter 2004 Through the new Attunity products introduced last quarter and recent channel partner agreements, Attunity is rapidly gaining momentum as the vendor of choice for real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. integration for business intelligence. Attunity announced an expansion of the relationship with Microsoft to provide EII (Enterprise Information Integration) Similar to an EIS (executive information system), an EII aggregates current information from all data sources within an organization. capabilities for Microsoft SQL Server A relational DBMS from Microsoft that is a major component of the Windows Server System. It is Microsoft's high-end client/server database and is closely integrated with Microsoft Visual Studio and the Microsoft Office System. 2000 Reporting Services to reach the massive installed base of SQL Server An earlier relational DBMS from Sybase and from Microsoft. Sybase introduced SQL Server in 1988 for various Unix versions. In that same year, with help from IBM, Sybase created an OS/2 version that Microsoft licensed and branded as Microsoft SQL Server. users. Attunity also announced a reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. agreement with Hummingbird hummingbird, common name for members of the family Trochilidae, small, strictly New World birds, related to the swifts, and found chiefly in the mountains of South America. Hummingbirds vary in size from a 2 1-4-in. to provide real-time data integration with the Hummingbird Integration Suite. Other new partnerships announced this quarter include Motorola, who entered into reseller agreement with Attunity to extend the capabilities of its Premier Computer-Aided Dispatch A dispatch or dispatches can refer to:
(Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. ") application. Attunity Conference Call The company has scheduled a conference call and simultaneous Webcast at 5:00 pm EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Thursday October 28. To participate in the call, U.S. callers can dial (866) 761-0748 and international callers can dial +1 (617) 614-2706 and entering the passcode 60423907 five minutes prior to the start time. The call will be available for replay through Monday, Nov. 4, 2004 by dialing (888) 286-8010, or +1 (617) 801-6888, and entering the passcode 26611970. This call will also be broadcast live on www.attunity.com. An online replay will be available approximately two hours after the call. 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 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. 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 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. 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)
September 30 December 31
2004 2003
--------------------------
ASSETS
Current Assets
Cash and Cash Equivalents $3,418 $2,073
Restricted Cash 70 902
Short-Term Deposits 133 120
Marketable Securities - 200
Trade Receivables, net 2,288 2,845
Other Receivables 1,078 1,006
--------------------------
Total Current Assets 6,987 7,146
--------------------------
SEVERANCE PAY FUND 1,263 1,592
--------------------------
PROPERTY, PLANT and EQUIPMENT, net 926 926
--------------------------
OTHER ASSETS, net 10,577 10,548
--------------------------
--------------------------
$19,753 $20,212
--------------------------
LIABILITIES AND SHAREHOLDER EQUITY
CURRENT LIABILITIES
Short-Term Bank Debt $- $206
Current Maturities of Long-Term Loans 46 102
Trade Payables 744 583
Deferred Revenues 2,754 2,090
Employee and Payroll Accruals 964 1,239
Accrued Expenses and other
Liabilities 2,743 3,479
--------------------------
Total Current Liabilities 7,251 7,699
--------------------------
LONG-TERM LIABILITIES
Long-Term Debt 287 99
Accrued Severance Pay 1,675 1,941
--------------------------
Total Long-Term Liabilities 1,962 2,040
--------------------------
SHAREHOLDERS' EQUITY
Share Capital 538 525
Additional Paid-In Capital 89,532 86,504
Accumulated Other Comprehensive Loss (323) (259)
Accumulated Deficit (79,207) (76,297)
--------------------------
Total Shareholder's Equity 10,540 10,473
--------------------------
--------------------------
$19,753 $20,212
--------------------------
ATTUNITY Ltd
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per-share amounts)
Three Months ended Nine Months ended
Sept. 30 Sept. 30
2004 (a)2003 2004 (a)2003
------------------ ------------------
REVENUES
Products $1,370 $1,272 $5,560 $4,469
Maintenance & Support 1,428 1,428 4,256 4,479
Services 1,071 1,062 3,406 3,349
------------------ ------------------
3,869 3,762 13,222 12,297
------------------ ------------------
COST OF REVENUES
Products 535 516 1,655 1,460
Maintenance & Support 237 201 722 578
Services 952 982 3,168 3,093
------------------ ------------------
1,724 1,699 5,545 5,131
------------------ ------------------
GROSS PROFIT 2,145 2,063 7,677 7,166
OPERATING EXPENSES
Research & Development,
net 335 355 1,011 1,071
Selling & Marketing 2,025 1,384 5,667 4,321
General & Administrative 659 521 1,946 1,726
Termination of Management
& others 1,645 - 1,645 -
Lawsuit - - - 410
------------------ ------------------
Operating Loss (2,519) (197) (2,592) (362)
Financial Income (expenses), net (113) (97) (239) 50
------------------ ------------------
Loss before Income Taxes (2,632) (294) (2,831) (312)
Taxes on Income (24) (24) (79) (63)
------------------ ------------------
------------------ ------------------
Net loss ($2,656) $(318) $(2,910) $(375)
------------------ ------------------
Basic loss per Share ($0.17) $(0.02) $(0.19) $(0.03)
Number of Shares Used in
computing per share amounts 15,220 14,767 15,094 14,767
(a) Reclassified
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