Attunity Reports Fourth Quarter 2005 Results; Attunity Sets All-Time Q4 Sales Record.BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , 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 information integration software, today reported its financial results for the fourth quarter ended December December: see month. 31, 2005. Revenues for the fourth quarter of 2005 were $3,973,000, representing an increase of 16% over revenues of $3,426,000 in the fourth quarter of 2004. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the fourth quarter of 2005 was $658,000 compared with an operating loss for the fourth quarter of 2004 of $820,000. Net loss from continued operations for the fourth quarter of 2005 was $1,047,000 or ($0.06) per share compared with net loss from continued operations for the fourth quarter of 2004 of $1,007,000 or ($0.07) per share. Revenues in fiscal 2005 increased 11% to $15,149,000 from $13,637,000 for the same period in the prior year. Operating loss for 2005 was $2,493,000 compared with an operating loss for 2004 of $3,387,000. Net loss from continued operations in 2005 was $3,500,000 or ($0.21) per share, compared with net loss from continued operations of $3,892,000 or ($0.26) per share in 2004. "I am extremely pleased with our record-setting quarterly results," stated Aki AKI Authority Key Identifier (digital certificates) AKI Anti Knock Index (fuel octane ratings) AKI August Krogh Institute (Denmark) Ratner, Attunity 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. . "More importantly however, we achieved all our major goals for 2005. First, we released Attunity InFocus, which is a major milestone towards achieving our strategic vision. Secondly, we presided over significant improvements in our overall sales execution. And not the least, we signed a major 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 one of the world's key software vendors. Clearly we have built solid foundations for the future." Highlights of the Quarter --License revenue increased 36% over the fourth quarter of 2004 --Direct license sales growth of over 28% year over year --Record license sales in USA --New product - first customer win for Attunity InFocus --Major customer wins across industry segments, as represented by: State of New Jersey, Dole dole, distribution to the poor, usually of food or money. In medieval times doles were usually from bequests of money or land, and the income was given to charity or distributed to the local poor at funerals. , Michelin Michelin in full Compagnie Générale des Etablissments Michelin Leading French manufacturer of tires and other rubber products. It was founded in 1888 by the Michelin brothers, André (1853–1931) and Édouard (1859–1940), to , LaBarge, Johnson & Johnson, Barclays and Mercer mer·cer n. Chiefly British A dealer in textiles, especially silks. [Middle English, from Old French mercier, trader, from merz, merchandise, from Latin merx Highlights of the Year --Released Attunity InFocus, one of the first Operational Business Intelligence solutions that enables managers to have full control of their daily operations --License revenue increased 15% over 2004 --Completed a strategic OEM agreement with one of the world's leading software vendors --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 "Moving forward," continued Mr. Ratner, "2006 will be a key transition year for Attunity. The company will move from being primarily a provider of enabling technology, to a reliable source of business solutions that quickly meet critical needs. Together with the foundations laid in 2005, Attunity finds itself in a strong position for 2006." Attunity Conference Call The company has scheduled a conference call and simultaneous Webcast on Wednesday Wednesday: see week. , January January: see month. 25, 2006, at approximately 10 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . To participate in the call, U.S. callers can dial 800-291-5365 and international callers can dial +1-617-614-3922 and enter the pass code 15868325 five minutes prior to the start time. The call will be available for replay through the end of February February: see month. 24, 2006 by dialing 888-286-8010 (in the US) or +1-617-801-6888 (international) and entering the pass code 48252862. 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 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. Attunity software solutions are used world-wide for Data Warehousing See data warehouse. data warehousing - data warehouse , Operational Data Stores, and a variety of Information Integration initiatives, including service-oriented Different ideas of service-orientation are found in different domains.
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. Based on its robust information integration platform, Attunity also provides a software solution specifically architected for the Operational Business Intelligence requirements of executives and business managers. The solution delivers an innovative approach to business operation management focused on the enterprise business manager. It can be quickly adapted to the way enterprise business managers, at all levels, manage and monitor their daily operation, and is designed to enable them to be pro-actively informed, evaluate, act upon and follow up on key daily operational business issues and topics in real-time and within context. 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 This press release contains 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. within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and Federal Securities laws. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results could differ materially from Attunity's 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 on which Attunity may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Attunity, reference is made to Attunity's Annual Report on Form 20-F, which is on file with the Securities and Exchange Commission. Attunity assumes no obligation to update any information concerning any of its expectations.
CONSOLIDATED BALANCE SHEETS
---------------------------
U.S. dollars in thousands
December 31, December 31,
2005 2004
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,635 $ 1,717
Restricted cash 70 73
Trade receivables, net 2,308 2,160
Other current assets 1,297 1,250
Assets of discontinued operation 51 521
------------ ------------
Total current assets 5,361 5,721
-------------------- ------------ ------------
LONG-TERM PREPAID EXPENSES 203 64
------------ ------------
SEVERANCE PAY FUND 705 698
------------ ------------
PROPERTY AND EQUIPMENT, NET 751 834
------------ ------------
OTHER ASSETS, NET 10,335 10,826
------------ ------------
Total assets $ 17,355 $ 18,143
------------ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 41 $ 70
Trade payables 758 611
Deferred revenues 2,440 2,298
Employees and payroll accruals 1,163 1,156
Accrued expenses and other liabilities 1,890 2,097
Liabilities of discontinued operation 36 892
------------ ------------
Total current liabilities 6,328 7,124
------------------------- ------------ ------------
LONG-TERM LIABILITIES:
Long-term debts 684 339
Accrued severance pay 1,043 1,008
------------ ------------
Total long-term liabilities 1,727 1,347
--------------------------- ------------ ------------
SHAREHOLDERS' EQUITY:
Share capital 584 539
Additional paid-in capital 93,355 89,618
Accumulated other comprehensive loss (512) (148)
Accumulated deficit (84,127) (80,337)
------------ ------------
Total shareholders' equity 9,300 9,672
-------------------------- ------------ ------------
Total liabilities and shareholders' equity $ 17,355 $ 18,143
------------------------------------------ ============ ============
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
U.S. dollars in thousands, except share and per share data
Year ended Three months ended
December 31, December 31,
-------------------- -------------------
2005 2004 2005 2004
-------- -------- ------- --------
Revenues:
Software licenses $ 8,356 $ 7,258 $2,313 $ 1,698
Services 6,793 6,379 1,660 1,728
-------- -------- ------- --------
15,149 13,637 3,973 3,426
-------- -------- ------- --------
Cost of revenues:
Software licenses 1,577 2,164 406 509
Services 1,812 1,503 407 432
-------- -------- ------- --------
3,389 3,667 813 941
-------- -------- ------- --------
Gross profit 11,760 9,970 3,160 2,485
-------- -------- ------- --------
Operating expenses:
Research and development,
net 2,671 1,475 914 464
Selling and marketing 9,190 7,703 2,341 2,167
General and administrative 2,192 2,465 563 605
Termination of management
and others - 1,714 - 69
Liquidation damages related
to January private
placement 200 - - -
-------- -------- ------- --------
Total operating expenses 14,253 13,357 3,818 3,305
------------------------ -------- -------- ------- --------
Operating loss (2,493) (3,387) (658) (820)
Financial expenses, net (790) (466) (202) (227)
Other income (Loss) (52) 40 (60) 40
-------- -------- ------- --------
Loss before income taxes (3,335) (3,813) (920) (1,007)
Taxes on income (165) (79) (127) -
-------- -------- ------- --------
Loss from continued
operations (3,500) (3,892) (1,047) (1,007)
Discontinued operations:
Profit (loss) on disposal
of segment, net of income
taxes (290) (148) 90 (123)
-------- -------- ------- --------
Net loss $(3,790) $(4,040) $ (957) $(1,130)
======== ======== ======= ========
Basic and diluted net loss
per share from continued
operations $ (0.21) $ (0.26) $(0.06) $(0.07)
======== ======== ======= ========
Basic and diluted net profit
(loss) per share from
discontinued operations, net
of income taxes $ (0.02) $ (0.01) $ 0.01 $ (0.01)
======== ======== ======= ========
Basic and diluted net loss
per share $ (0.22) $ (0.27) $(0.06) $ (0.07)
======== ======== ======= ========
Weighted average number of
shares used in computing
basic and diluted net loss
per share 16,939 15,151 17,246 15,322
======== ======== ======= ========
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