Attunity Reports Second Quarter 2005 Results; Operating Results Continue to Improve Sequentially.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. -- Please replace the graf headlined Attunity Conference Call due to multiple revisions with the following corrected version. The corrected release reads: ATTUNITY REPORTS SECOND QUARTER 2005 RESULTS; OPERATING RESULTS CONTINUE TO IMPROVE SEQUENTIALLY 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 second quarter ended June June: see month. 30, 2005. Total revenues for the second quarter of 2005 were $3,971,000, representing an increase of 3% over total revenues of $3,859,000 in the first quarter of 2005 and a decrease of 4% from $4,123,000 in the second quarter of 2004. Net loss from continued operations for the second quarter of 2005 was $555,000 or ($0.03) per share compared with a net loss from continued operations for the first quarter of 2005 of $735,000 or ($0.05) per share and net income from continued operations of $169,000 or $0.01 per share in the second quarter of 2004. As reported previously, in the second quarter of 2004, license revenues included one contract, which amounted to $995,000. Total revenues in the first six months of 2005 increased 7% to $7,830,000 from $7,294,000 for the same period in the prior year. Net loss from continued operations in the first six months of 2005 was $1,292,000 or ($0.08) per share, compared with net loss from continued operations of $71,000 or $0.00 per share in the first six months of 2004. "I am pleased that we continue to execute our plan of growing revenues and improving operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: while we develop our new innovative solution which will transform the way managers and decision makers use information" 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 --Operating margins continue to improve sequentially; 19% decrease in 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. from $483,000 in the first quarter of 2005 to $392,000. --License sales from our direct sales force continue to grow. --Continuously improving relationships with our strategic 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 partners. --Developments are on plan to introduce new innovative solution to the market by end of 2005. --Major customer wins across industry segments, as represented by: Sungard (SunGard Data Systems Inc., Wayne, PA, www.sungard.com) A computer software and services company specializing in financial services, investment support systems and business continuity. SunGard was formed in 1983 from four subsidiaries of the Philadelphia-based Sun Company. , Johnson & Johnson, Nortel See Nortel Networks. , Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. National Police, China Stock Exchange, Government of Singapore The Government of Singapore is formed by the political party which gains a simple majority in the general elections held in Singapore at least once every five years. It is part of Singapore's political system and supported by the Singapore Civil Service. and Cellcom Cellcom could be referring to the following:
Mr. Ratner continued, "I am very encouraged by the feedback we are receiving from our development partners on our new solution as we continue on track to have trial installations in the third quarter and a general release at the end of this year. As our integration platform is being implemented for more mission critical operations, we see increased interest from major software vendors to boost the use of our products to complement their offerings " Attunity Conference Call The company has scheduled a conference call and simultaneous Web-cast at 10am Eastern Time on July July: see month. 27. To participate in the call, U.S. callers can dial 800-259-0251 and international callers can dial +1-617-614-3671 and entering the pass code 84369987 five minutes prior to the start time. The call will be available for replay through the end of August, 2005 by dialing 888-286-8010 (in the US) or +1-617-801-6888 (international) and entering the pass code 94961528. 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. 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 hos·til·i·ty n. pl. hos·til·i·ties 1. The state of being hostile; antagonism or enmity. See Synonyms at enmity. 2. a. A hostile act. b. hostilities Acts of war; overt warfare. 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, uncertainty as to the timing of obtaining effectiveness of the registration statements Attunity has filed with the Securities and Exchange Commission 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
June 30, December 31,
2005 2004
------------- -------------
Unaudited
-------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 4,768 $ 1,717
Restricted cash 63 73
Trade receivables, net 2,083 2,160
Other current assets 1,034 1,250
Assets of discontinued operation 428 521
--------- ---------
Total current assets 8,376 5,721
----- --------- ---------
LONG-TERM PREPAID EXPENSES 85 64
--------- ---------
SEVERANCE PAY FUND 677 698
--------- ---------
PROPERTY AND EQUIPMENT, NET 680 834
--------- ---------
OTHER ASSETS, NET 10,680 10,826
--------- ---------
Total assets $ 20,498 $ 18,143
----- ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 56 $ 70
Trade payables 396 611
Deferred revenues 3,844 2,298
Employees and payroll accruals 1,086 1,156
Accrued expenses and other liabilities 1,877 2,097
Liabilities of discontinued operation 264 892
-------- --------
Total current liabilities 7,523 7,124
----- -------- --------
LONG-TERM LIABILITIES:
Long-term debts 487 339
Accrued severance pay 995 1,008
-------- --------
Total long-term liabilities 1,482 1,347
----- -------- --------
SHAREHOLDERS' EQUITY:
Share capital 580 539
Additional paid-in capital 93,075 89,618
Accumulated other comprehensive loss (155) (148)
Accumulated deficit (82,007) (80,337)
-------- --------
Total shareholders' equity 11,493 9,672
----- -------- --------
Total liabilities and shareholders' equity $ 20,498 $ 18,143
----- ======== ========
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
U.S. dollars in thousands, except share and per share data
Six months ended Three months ended
June 30, June 30,
------------------- -------------------
2005 2004 2005 2004
---------- ------- ---------- -------
Revenues:
Software licenses $ 4,368 $ 4,190 $ 2,110 $ 2,574
Services 3,462 3,104 1,861 1,549
------- ------- ------- -------
7,830 7,294 3,971 4,123
------- ------- ------- -------
Cost of revenues:
Software licenses 781 1,120 390 587
Services 962 791 478 385
------- ------- ------- -------
1,743 1,911 868 972
------- ------- ------- -------
Gross profit 6,087 5,383 3,103 3,151
------- ------- ------- -------
Operating expenses:
Research and development,
net 1,184 676 615 353
Selling and marketing 4,569 3,358 2,248 1,828
General and administrative 1,131 1,239 552 646
Liquidation damages related
to January private
placement 80 - 80 -
------- ------- ------- -------
Total operating expenses 6,964 5,273 3,495 2,827
------------------------ ------- ------- ------- -------
Operating profit (loss) (877) 110 (392) 324
Financial expenses, net (380) (126) (154) (117)
Other income (expenses) (10) - 3 -
------- ------- ------- -------
Profit (loss) before income
taxes (1,267) (16) (543) 207
Taxes on income (25) (55) (12) (38)
------- ------- ------- -------
Profit (loss) from continued
operations (1,292) (71) (555) 169
Discontinued operations:
Loss on disposal of segment,
net of income taxes (378) (183) (27) (166)
------- ------- ------- -------
Net profit (loss) $(1,670) $ (254) $ (582) $ 3
======= ======= ======= =======
Basic and diluted net profit
(loss) per share from
continued operations $ (0.08) $ (0.00) $ (0.03) $ 0.01
======= ======= ======= =======
Basic and diluted net loss per
share from discontinued
operations, net of income
taxes $ (0.02) $ (0.01) $ (0.00) $ (0.01)
======= ======= ======= =======
Basic and diluted net loss per
share $ (0.10) $ (0.02) $ (0.03) $ (0.00)
======= ======= ======= =======
Weighted average number of
shares used in computing
basic and diluted net loss
per share 16,678 15,002 17,087 15,165
======= ======= ======= =======
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