Attunity Reports Third Quarter 2005 Results; License revenue increased 22% over third quarter 2004; Completed a strategic OEM agreement with one of the world leading software vendors.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 third quarter ended September September: see month. 30, 2005. Revenues for the third quarter of 2005 were $3,346,000, representing an increase of 15% over revenues of $2,917,000 in the third 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 third quarter of 2005 was $958,000 compared with an operating loss for the third quarter of 2004 of $2,676,000. Net loss from continued operations for the third quarter of 2005 was $1,161,000 or ($0.07) per share compared with net loss from continued operations for the third quarter of 2004 of $2,813,000 or ($0.18) per share. Revenues in the first nine months of 2005 increased 10% to $11,176,000 from $10,211,000 for the same period in the prior year. Operating loss for the first nine months of 2005 was $1,835,000 compared with an operating loss for the first nine months of 2004 of $2,567,000. Net loss from continued operations in the first nine months of 2005 was $2,453,000 or ($0.15) per share, compared with net loss from continued operations of $2,885,000 or ($0.19) per share in the first nine months of 2004. "We are pleased with the continued year over year growth in license revenue, especially via direct sales, which grew over 50% from the same period last year. I believe this is a direct result of the efforts we have been implementing in that direction since last year," 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. "In addition, I am happy to announce the completion of a 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 agreement with one of the world's leading software vendors. This agreement is further proof of the faith the industry's leading corporations have in Attunity's technology, vision and future. The agreement will start generating revenue from the fourth quarter." Highlights of the Quarter --License revenue increased 22% over the third quarter of 2004. --Direct license sales growth of over 50% year over year. --Completed a strategic OEM agreement with one of the world's leading software vendors. --New product - trial installations were implemented quickly and received much enthusiastic feedback. --Released Attunity Integration Suite (AIS (1) (Accounting Information System) The human and machine resources within an organization that are responsible for collecting and processing the daily transactions and preparing financial reports. ) version 4.8, with significant enhancements to Attunity Stream software. --Major customer wins across industry segments, as represented by: L'Oreal, Orange Mobile, CanWest, LexisNexis A service that provides online legal and business information. Lexis was the first full-text information service for the legal profession. Nexis provides the archives of The New York Times as well as Wall Street industry analysis, public records, tax information, political analysis, SEC , Texas Gas and Standard Life. "Regarding our new and innovative software solution, I am very encouraged from the excitement and positive feedback we have received from the trial users, as we continue on track to launch the new product within the next two months," continued Mr. Ratner, "the immense interest in our new product, which targets business managers at all levels, has led us to shift company resources towards accelerating its adoption in the market." Attunity Conference Call The company has scheduled a conference call and simultaneous Web-cast at 10 AM Eastern Time on November November: see month. 2, 2005. To participate in the call, U.S. callers can dial 800-329-9097 and international callers can dial +1-617-614-4929 and enter the pass code 16883676 five minutes prior to the start time. The call will be available for replay through the end of November 9, 2005 by dialing 888-286-8010 (in the US) or +1-617-801-6888 (international) and entering the pass code 41828156. 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 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.
Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, 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 IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , 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 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 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 terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. ; any unforeseen developmental or technological difficulties with regard to Attunity's products; changes in the competitive landscape, including new competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. 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. For example, when we say that we continue on track to launch our new product within the next two months, we are using a forward looking statement subject to all of the foregoing risks. 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
September 30, December 31,
2005 2004
------------- ------------
Unaudited
-------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 3,135 $ 1,717
Restricted cash - 73
Trade receivables, net 1,721 2,160
Other current assets 1,121 1,250
Assets of discontinued operation 113 521
------- -------
Total current assets 6,090 5,721
----- ------- -------
LONG-TERM PREPAID EXPENSES 177 64
------- -------
SEVERANCE PAY FUND 787 698
------- -------
PROPERTY AND EQUIPMENT, NET 771 834
------- -------
OTHER ASSETS, NET 10,757 10,826
------- -------
Total assets $18,582 $18,143
----- ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 55 $ 70
Trade payables 396 611
Deferred revenues 2,920 2,298
Employees and payroll accruals 951 1,156
Accrued expenses and other liabilities 1,850 2,097
Liabilities of discontinued operation 185 892
-------- ---------
Total current liabilities 6,357 7,124
----- -------- ---------
LONG-TERM LIABILITIES:
Long-term debts 584 339
Accrued severance pay 1,082 1,008
-------- ---------
Total long-term liabilities 1,666 1,347
----- -------- ---------
SHAREHOLDERS' EQUITY:
Share capital 583 539
Additional paid-in capital 93,318 89,618
Accumulated other comprehensive loss (172) (148)
Accumulated deficit (83,170) (80,337)
-------- ---------
Total shareholders' equity 10,559 9,672
----- -------- ---------
Total liabilities and shareholders' equity $18,582 $18,143
----- ======== =========
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data
Nine months ended Three months ended
September 30, September 30,
-------------------- --------------------
2005 2004 2005 2004
------- ------- ------- -------
Unaudited Unaudited
-------------------- --------------------
Revenues:
Software licenses $ 6,043 $ 5,560 $ 1,675 $ 1,370
Services 5,133 4,651 1,671 1,547
------- ------- ------- -------
11,176 10,211 3,346 2,917
------- ------- ------- -------
Cost of revenues:
Software licenses 1,171 1,655 390 535
Services 1,405 1,071 442 279
------- ------- ------- -------
2,576 2,726 833 814
------- ------- ------- -------
Gross profit 8,600 7,485 2,513 2,103
------- ------- ------- -------
Operating expenses:
Research and development,
net 1,757 1,011 573 335
Selling and marketing 6,849 5,536 2,280 2,178
General and administrative 1,629 1,860 498 621
Termination of management
and others - 1,645 - 1,645
Liquidation damages
related to January
private placement 200 - 120 -
------- ------- ------- -------
Total operating expenses 10,435 10,052 3,471 4,779
---------------------------- ------- ------- ------- -------
Operating loss (1,835) (2,567) (958) (2,676)
Financial expenses, net (588) (239) (208) (113)
Other income 8 - 18 -
------- ------- ------- -------
Loss before income taxes (2,415) (2,806) (1,148) (2,789)
Taxes on income (38) (79) (13) (24)
------- ------- ------- -------
Loss from continued
operations (2,453) (2,885) (1,161) (2,813)
Discontinued operations:
Profit (loss) on disposal
of segment, net of income
taxes (380) (25) (2) 157
------- ------- ------- -------
Net profit (loss) $(2,833) $(2,910) $(1,163) $(2,656)
======= ======= ======= =======
Basic and diluted net profit
(loss) per share from
continued operations $ (0.15) $ (0.19) $ (0.07) $ (0.18)
======= ======= ======= =======
Basic and diluted net profit
(loss) per share from
discontinued operations,
net of income taxes $ (0.02) $ (0.00) $ (0.00) $ 0.01
======= ======= ======= =======
Basic and diluted net loss
per share $ (0.17) $ (0.19) $ (0.07) $ (0.17)
======= ======= ======= =======
Weighted average number of
shares used in computing
basic and diluted net loss
per share 16,832 15,094 17,137 15,220
======= ======= ======= =======
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