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Attunity Reports Second Quarter 2009 Results
Continues to Post Non-GAAP Operational Profitability
Key financial metrics for the second quarter of 2009:
- Net Operating Profit - (Non-GAAP): $280,000 Non-GAAP net operating
profit compared to $24,000 in the second quarter of 2008. Non-GAAP
operating profit excludes equity-based compensation expenses (see
footnote 1 at the end of this release), and software development costs
capitalization and amortization (see footnote 2) and employment
termination costs.
- Net Operating Loss - (GAAP): $168,000, compared to $203,000 in the
second quarter of 2008.
- Revenues: $2,154,000, compared to $3,425,000 in the second quarter of
2008.
- Net Profit (Non-GAAP): $154,000 Non-GAAP net profit compared to net
loss (Non-GAAP) of
profit (loss) excludes equity-based compensation expenses (see footnote
1), software development costs capitalization and amortization (see
footnote 2) and amortization of debt discount, employment termination
costs and revaluation of warrants and deferred charges (see footnote
3).
- Net Loss (GAAP): $287,000, compared to $542,000 in the second quarter
of 2008.
- Net Profit per Diluted Share (Non-GAAP): $0.01, compared to $0.00 in
the second quarter of 2008.
- Net Loss per Diluted Share (GAAP): $0.01, compared to $0.02 in the
second quarter of 2008.
See "Use of Non-GAAP Financial Information" below for more information regarding Attunity's use of Non-GAAP financial measures.
"As we focus on profitability and positive cash flow, we continue to
achieve our goal of maintaining non-GAAP operational profitability," stated
Highlights of the Quarter:
Microsoft
We released the first tightly-packaged change-data-capture (CDC) product - Attunity Oracle-CDC for SSIS - specifically engineered for the large Microsoft SQL and Integration Services (SSIS) community connected with the Oracle data base server environment.
Attunity Oracle-CDC for SSIS was honored just few weeks after its launch with a Readers' Choice Merit Award in the product category of Middleware & Server-Based Tools from Visual Studio Magazine.
Major customer and partner wins
Major customer contracts across the world included Xerox, Capita
Registrar, GCI Communication, Electrolux and Bank Negara (
- A new business partnership with Syncsort, a global software company that speeds data processing, integration, protection and recovery in data-intensive environments with over 12,000 deployments worldwide, including 96 of the Fortune 100 companies.
Other Highlights
Total gross proceeds from the Rights Offering completed during the second quarter of 2009 were approximately $0.6 million and, when taken together with the conversion of approximately $0.4 million of short-term convertible loans (on the same terms as the Rights Offering), the Company increased its shareholders equity by approximately $1 million, excluding offering expenses.
About Attunity
Attunity is a leading provider of real-time data integration, replication and event capture software. Using our software solutions, Attunity' s customers enjoy dramatic business benefits by driving down the cost of managing their operational systems, creating flexible, service-based architectures for increased business agility, and by detecting critical actionable business events, as they happen, for faster business execution.
Attunity has supplied innovative software solutions to its
enterprise-class customers for nearly 20 years and has successful deployments
at thousands of organizations worldwide. Attunity provides software directly
and indirectly through a number of strategic and OEM agreements with partners
such as Microsoft, Oracle, IBM, HP and SAP/Business Objects. Headquartered in
Boston, Attunity serves its customers via offices in North America, Europe,
and Asia Pacific and through a network of local partners. For more
information, please visit us at www.attunity.com, the content of which is not
part of this press release.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Attunity uses non-GAAP measures of net loss, net operating profit (loss) and net loss per share, which are adjustments from results based on GAAP to exclude non-cash equity based compensation charges in accordance with SFAS 123(R), non-cash capitalization and amortization of software development costs in accordance with SFAS 86, expenses related to employment termination costs, and non cash financial expenses such as amortization of beneficial conversion features related to the convertible debt and deferred charges related to warrants granted in connection with a long term loan. Attunity' s management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Attunity' s on-going core operations and prospects for the future. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995 and other Federal Securities laws. Statements preceded by,
followed by or that otherwise include the words "believes", "expects",
"anticipates", "intends", "estimates", "plans", and similar expressions or
future or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical facts. For
example, when we discuss our working capital requirements in the challenging
market conditions in 2009, we are using a forward looking statement. 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 of hostilities or acts of
terrorism; our liquidity challenges and the need to raise additional capital
in the near future; 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 for the year ended December 31,
2008, which is on file with the Securities and Exchange Commission (SEC) and
the other risk factors discussed from time to time by Attunity in reports
filed or furnished to the SEC. Except as otherwise required by law, Attunity
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
(c) 2009 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity Inc.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
June 30, 2009 December 31, 2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 833 480
Restricted cash 200 206
Trade receivables and unbilled
revenues (net of allowance for doubtful
accounts of
and December 31, 2008) 954
Other accounts receivable and
prepaid expenses 228 221
Total current assets 2,215 1,409
LONG-TERM ASSETS:
Long-term prepaid expenses 94
Severance pay fund 977
1,121
Property and equipment, net 281
Software development costs, net 2,732
3,585
Goodwill 6,268 6,234
Deferred charges, net 204
Total long-term assets 10,352 11,621
Total assets 12,567 13,030
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt and
short term loans 418 412
- 1,781
Trade payables 287 389
Deferred revenues 2,639 2,220
Employees and payroll accruals 754
Accrued expenses and other liabilities 800
Total current liabilities 4,898
LONG-TERM LIABILITIES:
Long-term convertible debt 2,000 -
Long-term debt 1,583
2,063
Derivative instruments liability 68 -
Accrued severance pay 1,385
Total long-term liabilities 5,036
SHAREHOLDERS' EQUITY:
Share capital - Ordinary shares of NIS
0.1 par value - 919
720
Authorized: 130,000,000 shares at June 30
, 2009 and December 31, 2008. Issued and
outstanding: 31,454,990 shares at June
30, 2009 and 23,196,236 at December 31,
2008
Additional paid-in capital 101,994
104,279
Accumulated other comprehensive loss (473)
(455)
Accumulated deficit (99,807)
(101,722)
Total shareholders' equity 2,633
Total liabilities and shareholders'
equity 12,567 13,030
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data
6 months ended 3 months ended
June 30, June 30,
2009 2008 2009 2008
Software licenses 1,813 3,500 893 1,846
Maintenance and services 2,555 3,201 1,261 1,579
4,368 6,701 2,154 3,425
Operating expenses:
Cost of revenues 1,448 1,285 727 653
Research and
development, net 912 1,449 390 739
Selling and marketing 1,759 3,476 839 1,775
General and
administrative 836 916 365 461
Employment termination
and offices shutdown
costs - - -
Total operating expenses 4,955 7,126 2,322 3,628
Operating loss (587) (425) (168) (203)
Financial expenses, net 277 647 114 337
Other expense (income) (10) (3) (3)
Loss before income taxes (855) (1,069) (283) (537)
Taxes on income 26 26 4 5
Net loss (880) (1,095) (287) (542)
Basic and diluted net
loss per share $ (0.03) $ (0.05) $ (0.01) $ (0.02)
Weighted average number
of shares used in
computing basic and
diluted net loss per
share 25,432 23,196 27,643 23,196
(**) The above items are
inclusive of the
following equity-based
compensation expenses
resulting under SFAS
123(R):
Equity-based
compensation expense
included in "Research
and development" 12 63 1 32
Equity-based
compensation expense
included in "Selling and
marketing" 50 93 23 46
Equity-based
compensation expense
included in "General and
administrative" 35 29 17 16
97 185 41 94
Net basic and diluted
equity-based
compensation expense,
per share $ (0.03) $ (0.05) $ (0.01) $ (0.02)
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
U.S. dollars in thousands, except share data
Accumulated
Additional Other
Ordinary shares paid-in comprehensive
Shares Amount Capital loss
Balance as of
December 31,
2006 23,166,931 720 102,772 (569)
Exercise of
employee
stock options 29,305 *) 27 -
Warrants
issued in
consideration
of credit
line - - 495 -
Stock-based
compensation - - 630 -
Other
comprehensive
loss:
Foreign
currency
translation
adjustments - - - 138
Net loss - - - -
Total
comprehensive
loss
Balance as of
December 31,
2007 23,196,236 720 103,924 (431)
Stock-based
compensation - - 355 -
Other
comprehensive
loss:
Foreign
currency
translation
adjustments - - - (24)
Net loss - - - -
Total
comprehensive
loss
Balance as of
December 31,
2008
(unaudited) 23,196,236 720 104,279 (455)
Stock-based
compensation - 98
Other
comprehensive
loss:
Foreign
currency
translation
adjustments - - (3,117) 2
conversion of
short term
loan 79 314
issuance of
shares
(rights
offering) 120 420
Net loss - - (21)
Total
comprehensive
loss
Balance as of
June 30, 2009
(unaudited) 23,196,236 919 101,994 (474)
(Table Continued...)
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
U.S. dollars in thousands, except share data
Total Total
Accumulatedeficit comprehensive shareholders'
loss equity
Balance as of
December 31,
2006 (90,914) 12,009
Exercise of
employee
stock options 27
Warrants
issued in
consideration
of credit
line 495
Stock-based
compensation 630
Other
comprehensive
loss:
Foreign
currency
translation
adjustments 138 138
Net loss (6,936) (6,936) (6,996)
Total
comprehensive
loss (6,798)
Balance as of
December 31,
2007 (97,910) 6,303
-
Stock-based
compensation 355
Other
comprehensive
loss: -
Foreign
currency
translation
adjustments (24) (24)
Net loss (3,812) (3,812) (3,812)
Total
comprehensive
loss (3,836) 2,822
Balance as of
December 31,
2008
(unaudited) (101,722) 2,822
-
Stock-based
compensation 98
Other
comprehensive
loss: 2,796 (321)
Foreign
currency
translation
adjustments 2 4
conversion of
short term
loan
issuance of
shares
(rights
offering) 540
Net loss (880) (880) (1,782)
Total
comprehensive
loss (878) (878)
Balance as of
June 30, 2009
(unaudited) (99,806) 2,633
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
6 months ended
June 30,
2009 2008
Cash flows from operating activities:
Net loss from continued operations (880) (3,812)
Adjustments required to reconcile net loss to
net cash provided by (used in) operating
activities:
Decrease (increase) in restricted cash 6
Depreciation 95 243
Stock based compensation 98 322
Amortization of deferred expenses 26 219
Amortization of debt discount 126 682
Amortization of software development costs 1,138 1,659
Increase (decrease) in accrued severance pay,
net (17) 110
Decrease (increase) in trade receivables (441) 373
Decrease ( increase) in other accounts
receivable and prepaid expenses (6) 255
Increase (decrease) in long-term prepaid
expenses 12 (34)
Increase (decrease) in trade payables (105) (64)
Increase (decrease) in deferred revenues 362 (2)
Increase (decrease) in employees and payroll
accruals (333) (142)
Decrease(increase) in accrued expenses and
other liabilities 18 (128)
Increase (decrease) in Long term liabilities (21) 63
Increase in Dervative instruments liability 19 -
Net cash provided by (used in) operating
activities from continued operations
(reconciled from continuing operations) 97 (257)
Net cash provided by operating activities from
discontinued operations (reconciled from
discontinued operations)
Net cash provided (used) by operating
activating 97 (257)
Cash flows from investing activities:
Restricted cash, net - (47)
Purchase of property and equipment (6) (38)
Capitalization of software development costs (285) (837)
Proceeds from sale of property equipment - -
Net cash used in investing activities (291) (922)
Cash flows from financing activities:
Proceeds from exercise of employee stock
options - -
Issuance of shares
Receipt of Short term debt, net - convert to
Capital 540 402
Repayment of long-term debt (8) (17)
Net cash provided by (used in) financing
activities 532 385
Foreign currency translation adjustments on
cash and cash equivalents 15 (47)
Decrease (increase) in cash and cash
equivalents 353 (841)
Cash and cash equivalents at the beginning of
the period 480 1,321
Cash and cash equivalents at the end of the
period 833 480
Supplemental disclosure of cash flow
activities:
Cash paid during the period for:
Interest 65 175
Supplemental disclosure of non-cash investing
and financing activities:
Stock-based compensation that was capitalized
as part of capitalization of software
development costs 4 35
Issuance of warrant and extension of
contractual period of warrants in
consideration of long-term loan - -
U.S. dollars in thousands, except per share data
6 months ended 3 months ended
June 30, June 30,
2009 2008 2009 2008
GAAP operating
loss (587) (425) (168) (203)
Stock based
compensation (1) 97 185 41 94
Software
development costs
capitalization
and amortization (2) 852 (303) 407
133
Employment
termination cost
Non-GAAP
operating profit
(loss) 362 (543) 280 24
GAAP net loss (880) (1,095) (287) (542)
Stock based
compensation (1) 97 185 41 94
Software
development costs
capitalization
and amortization (2) 852 (303) 407
133
Employment
termination cost - -
Financial
expenses (3) 171 446 (8) 223
Non-GAAP net
profit (loss) 239 (767) 154 (92)
GAAP basic and
diluted net loss
per share (0.03) (0.05) (0.01) (0.02)
Stock based
compensation (1) 0.00 0.01 0.00 0.00
Software
development costs
capitalization
and amortization (2) 0.03 (0.01) 0.01
0.01
Financial
expenses (3) 0.01 0.02 (0.00) 0.01
Non-GAAP basic
and diluted net
loss per share 0.01 (0.03) 0.01 (0.00)
Weighted average
number of shares
used in computing
basic and diluted
net loss per
share 25,432 23,196 27,643 23,196
*) Less than
$0.01 per share
(1) Equity-based
compensation**
expenses
resulting under
SFAS 123(R):
Equity-based
compensation
expense included
in "Research and
development" 12 63 1 32
Equity-based
compensation
expense included
in "Selling and
marketing" 50 93 23 46
Equity-based
compensation
expense included
in "General and
administrative" 35 29 17 16
97 185 41 94
"Equity based
compensation
expenses" refer
to the amortized
fair value of all
equity based
awards granted to
employees.
(2) Software
development costs
capitalization
and amortization
resulting under
SFAS 86:
Capitalization (285) (755) (159) (241)
Amortization 1,137 452 566 374
852 (303) 407 133
(3) Financial
expenses:
Amortization of
debt discount 126 340 26 170
Revaluation of
warrants and
embedded
derivatives 19 (47)
Amortization of
deferred charges 26 106 13 53
171 446 -8 223
U.S. dollars in thousands, except
per share data
6 months ended 3 months ended
June 30, June 30,
2009 2008 2009 2008
GAAP operating loss (587) (425) (168) (203)
Stock based compensation (1) 97 185 41
Software development costs
capitalization and amortization (2) 852 (303) 407 133
Employment termination cost
Non-GAAP operating profit (loss) 362 (543) 280 24
GAAP net loss (880) (1,095) (287) (542)
Stock based compensation (1) 97 185 41
Software development costs
capitalization and amortization (2) 852 (303) 407 133
Employment termination cost - -
Financial expenses (3) 171 446 (8) 223
Non-GAAP net profit (loss) 239 (767) 154
GAAP basic and diluted net loss
per share (0.03) (0.05) (0.01)
(0.02)
Stock based compensation (1) 0.00 0.01 0.00 0.00
Software development costs
capitalization and amortization (2) 0.03 (0.01) 0.01 0.01
Financial expenses (3) 0.01 0.02 (0.00) 0.01
Non-GAAP basic and diluted net
loss per share 0.01 (0.03) 0.01
(0.00)
Weighted average number of shares
used in computing basic and
diluted net loss per share 25,432 23,196 27,643 23,196
*) Less than $0.01 per share
(1) Equity-based compensation**
expenses resulting under SFAS
123(R):
Equity-based compensation expense
included in "Research and
development" 12 63 1 32
Equity-based compensation expense
included in "Selling and
marketing" 50 93 23 46
Equity-based compensation expense
included in "General and
administrative" 35 29 17 16
97 185 41 94
"Equity based compensation
expenses" refer to the amortized
fair value of all equity based
awards granted to employees.
(2) Software development costs
capitalization and amortization
resulting under SFAS 86:
Capitalization (285) (755) (159) (241)
Amortization 1,137 452 566 374
852 (303) 407 133
(3) Financial expenses:
Amortization of debt discount 126 340 26 170
Revaluation of warrants and
embedded derivatives 19 (47)
Amortization of deferred charges 26 106 13 53
171 446 -8 223
For more information:
Dror Elkayam, VP Finance
Attunity
+972-9-899-3000
dror.elkayam@attunity.com
SOURCE Attunity Ltd