Attunity Reports First Quarter 2005 Results; License Revenue Growth of 40% year over year and 33% sequentially Operating loss reduced by 41% from previous quarter.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 first quarter ending March 31, 2005. Total revenues for the first quarter 2005 were $3,859,000, representing an increase of 22% over total revenues of $3,171,000 in the first quarter of 2004, and an increase of 13% over total revenues of $3,426,000 in the fourth quarter of 2004. License revenue was $2,258,000, an increase of 40% over $1,616,000 in the first quarter of last year and an increase of 33% over $1,698,000 in the previous quarter. The net loss from continued operations for the first quarter of 2005 was $735,000 or ($0.05) per share, compared with a net loss from continued operations of $239,000 or ($0.02) per share in the first quarter of 2004, and compared with a net loss from continued operations of $1,007,000 or ($0.07) per share in the fourth quarter of 2004. "We are very encouraged that the plan we launched in September September: see month. of 2004 to focus the company on growing license revenues and improve operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: is yielding the results we expected," said Aki AKI Authority Key Identifier (digital certificates) AKI Anti Knock Index (fuel octane ratings) AKI August Krogh Institute (Denmark) Ratner, 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. Highlights of the Quarter --License revenue growth of 40% compared to the first quarter of 2004 and 33% sequentially --License revenue growth in our major geographic regions, 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 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. --Record license revenue and number of contracts in North America --Operating loss reduced by 41% from $820,000 in the fourth quarter of 2004 to $483,000 --Signed two additional partners in the Business Intelligence and Data Archiving space --Discontinued all non-core business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets --Cash and cash equivalents increased to $6.5 million --Major customer wins across industry segments, as represented by Sprint, Polkomstell, Fortunoff Fortunoff is a New York-based retailer of home, jewelry and furniture stores. The original Fortunoff store was in Brooklyn, founded in 1922 by Max and Clara Fortunoff. , John Hancock, DuPont Dupont, DuPont, Du Pont, or du Pont may refer to: Companies
Mr Ratner continued, "We will continue to focus on seeing our plan through to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. . We have seen increased demand for our products, which have become strategic solutions for our customers. Attunity is uniquely positioned to 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>. the growth in On Demand Business Intelligence that is driving the market 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." Attunity Conference Call The company has scheduled a conference call and simultaneous Web-cast at 4:30 pm Eastern Time on April 20. To participate in the call, U.S. callers can dial 866-761-0749 and international callers can dial +1-617-614-2707 and entering the passcode 19473389 five minutes prior to the start time. The call will be available for replay through the end of April, 2005 by dialing 888-286-8010 (in the US) or +1-617-801-6888 (international) and entering the passcode 23244327. This call will also be broadcast live on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . To register and view the Webcast, go to http://www.attunity.com/investors. 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 Annual Report on Form 20-F, which is on file with the Securities and Exchange Commission. Attunity assumes no obligation to update information concerning its expectations.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
March 31, December 31,
2005 2004
---------------------------
Unaudited
-----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $6,393 $1,717
Restricted cash 72 73
Trade receivables, net 2,074 2,160
Other current assets 1,511 1,250
Assets of discontinued operation 558 521
---------------------------
Total current assets 10,608 5,721
-------------------- ---------------------------
LONG-TERM PREPAID EXPENSES 77 64
---------------------------
SEVERANCE PAY FUND 677 698
---------------------------
PROPERTY AND EQUIPMENT, NET 667 834
---------------------------
OTHER ASSETS, NET 10,758 10,826
---------------------------
Total assets $22,787 $18,143
------------ ===========================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $83 $70
Trade payables 484 611
Deferred revenues 4,819 2,298
Employees and payroll accruals 1,451 1,156
Accrued expenses and other liabilities 2,014 2,097
Liabilities of discontinued operation 531 892
---------------------------
Total current liabilities 9,382 7,124
------------------------- ---------------------------
LONG-TERM LIABILITIES:
Long-term debts 392 339
Accrued severance pay 983 1,008
---------------------------
Total long-term liabilities 1,375 1,347
--------------------------- ---------------------------
SHAREHOLDERS' EQUITY:
Share capital 577 539
Additional paid-in capital 93,065 89,618
Accumulated other comprehensive loss (190) (148)
Accumulated deficit (81,422) (80,337)
---------------------------
Total shareholders' equity 12,030 9,672
-------------------------- ---------------------------
Total liabilities and shareholders' equity $22,787 $18,143
------------------------------------------ ===========================
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data
Three months ended
March 31,
--------------------
2005 2004
--------------------
Unaudited
--------------------
Revenues:
Software licenses $2,258 $1,616
Services 1,601 1,555
--------------------
3,859 3,171
--------------------
Cost of revenues:
Software licenses 390 533
Services 484 406
--------------------
874 939
--------------------
Gross profit 2,985 2,232
--------------------
Operating expenses:
Research and development, net 569 323
Selling and marketing 2,321 1,529
General and administrative 578 593
--------------------
Total operating expenses 3,468 2,445
------------------------ --------------------
Operating loss (483) (213)
Financial expenses, net (225) (9)
Other expenses (14) -
--------------------
Loss before income taxes (722) (222)
Taxes on income (13) (17)
--------------------
Loss from continued operations (735) (239)
Discontinued operations:
Loss, net of income taxes (350) (18)
--------------------
Net loss $(1,085) $(257)
====================
Basic and diluted net loss per
share from continued operations $(0.05) $(0.02)
====================
Basic and diluted net loss per
share from discontinued
operations, net of income taxes $(0.02) $(0.00)
====================
Basic and diluted net loss per
share $(0.07) $(0.02)
====================
Weighted average number of shares
used in computing basic and
diluted net loss per share 16,176 15,007
====================
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