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Attunity Reports Third Quarter 2012 Results

Total Quarterly Revenues Increased 72%

BURLINGTON, Massachusetts, October 31, 2012 /PRNewswire/ --

Attunity, Ltd. (NASDAQ: ATTU), a leading provider of information availability software solutions, today reported its unaudited financial results for the three month period ended September 30, 2012.

Financial Highlights for the Third Quarter of 2012:

  • Total revenues increased 72% to $5.9 million in the third quarter of 2012, compared to $3.5 million for the same period last year
  • License revenues increased 73% to $3.0 million in the third quarter of 2012, compared to $1.8 million for the same period last year
  • Non-GAAP operating income increased 60% to $1.0 million in the third quarter of 2012, compared to $0.6 million for the same period last year
  • Net income increased to an income of $43,000 in the third quarter of 2012, compared to a loss of ($792,000) for the same period last year
  • Non-GAAP net income increased 90% to $0.9 million in the third quarter of 2012, compared to $0.5 million for the same period last year
  • Shareholders' equity increased to $8.1 million as of September 30, 2012 compared to $5.2 million as of December 31, 2011.

Recent Operational Highlights:

  • Successfully returned to trading ordinary shares on the NASDAQ Capital Market
  • Closed first deal of Attunity Replicate for EMC Greenplum Big Data analytics
  • Introduced Attunity Replicate to Oracle Exadata, continuing expansion into the Big Data market with Business Intelligence (BI) and enterprise analytics initiatives
  • Teamed with Teradata to optimize Attunity Replicate for Big Data warehouses to enable Big Data replication
  • Signed several major customer agreements for Attunity Replicate across all regions, including a major European financial institution, and a large telecommunication provider in Asia Pacific further improving its competitive advantage for Big Data with analytics
  • Expanded services for Amazon Web Services (AWS) Simple Storage Service (S3) with Attunity's new data replication SaaS solution, providing disaster recovery, backup and data distribution between different AWS regions
  • Awarded the #1 Data Replication Innovator distinction on the "Top 40 Companies We're Watching" List from Information Management Magazine.

We are quickly gaining market share and becoming a go-to-provider of replication software solutions amid growing demand from new customers deploying Big Data warehouses for Big Data analytics.  These customers are quickly recognizing the value and the advantages our solutions offer and have often chosen Attunity over other Big Data replication solution in today's market," stated Mr. Shimon Alon, Chairman and CEO of Attunity. "We are pleased to report a 72% increase in revenue compared to the third quarter of 2011. This strength in market demand for our solutions is also resulting in a continuous rise in our average sales price for our replication products.  And, while the third quarter is generally our weakest quarter of the year due to the seasonality of our business, we continue to demonstrate strong growth and profitability on a year-over-year basis. As a result, we expect our fourth quarter to be the strongest this year in terms of record quarterly revenues and profits."

"The Attunity Replicate has led to several new industry partnership and collaborations, including EMC Greenplum, Teradata, HP Vertica and Action Vectorwise, who have recognized the critical need and value of our solutions to enhance their BI and Big Data analytics capabilities. I am pleased that we already closed the first deal of Replicate for EMC Greenplum just several weeks after its introduction in the beginning of the third quarter. Additionally, we have launched the public beta of our SaaS upload and replication solutions for the cloud for Amazon Web Services (AWS) Simple Storage Service (S3), and will showcase these solutions with AWS in the November 2012 AWS re: Invent Conference, including new solutions for data automation and management for cloud replication."

Mr. Alon concluded, "Since our successful listing on NASDAQ, we have seen increased interest in the company from the capital markets, as demonstrated by our invitations to more investor conferences and general excitement within the investment community. We are also excited by the growth potential from the recent deals we have closed.  And we believe our penetration of the Big Data and BI markets will increase as our offerings now include solutions for major Big Data warehouse players, such as Oracle Exadata, Teradata and EMC Greenplum. As we look to the future, several of our new solutions for the Cloud and Big Data are expected to generate a new stream of customers in 2013."

Financial Results for Q3 2012

Total revenues for the third quarter of 2012 increased 72% to $5.9 million, compared to $3.5 million for the same period of 2011. This included license revenues for the third quarter of 2012, which increased 73% to $3.0 million, compared to $1.8 million for the same period of 2011. RepliWeb products contributed $2.4 million in total revenues and $1.0 million in license revenues in the third quarter of 2012.

Net operating income for the third quarter of 2012 was $569,000, compared to an operating loss of ($407,000) for the same period of 2011.

Non-GAAP operating income for the third quarter of 2012 was $993,000, compared to $620,000 for the same period last year. Non-GAAP operating income for the third quarter of 2012 excludes equity-based compensation and amortization of software development costs totaling $197,000, compared to $163,000 for the same period last year; and $227,000 in amortization and expenses related to the acquisition of RepliWeb compared to $864,000 for the same period last year (see footnotes 1 and 2 at the end of this release).

Net income for the third quarter of 2012 was $43,000, or $0.00 per diluted share, compared to a loss of ($792,000), or ($0.10) per diluted share (adjusted to reflect the recent reverse stock split), in the third quarter of 2011.

Non-GAAP net income for the third quarter of 2012 was $865,000, compared to $456,000 for the same period last year. Non-GAAP net income for the third quarter of 2012 excludes a total of $822,000 in expenses and amortization, including $414,000 of financial expenses associated with the revaluation of liabilities presented at fair value (attributed mainly to the rise of our share price) and the revaluation of the conversion feature related to the Company's convertible debt; $227,000 in amortization and expenses associated with acquisition of RepliWeb; and $157,000 in expenses related to stock based compensation (see footnotes 1 and 2 at the end of this release).

Cash and cash equivalents were $1.7 million as of September 30, 2012, compared to $1.5 million as of December 31, 2011.

Shareholders' equity increased to $8.1 million as of September 30, 2012, compared to $5.2 million as of December 31, 2011.

See "Use of Non-GAAP Financial Information" below for more information regarding Attunity's use of Non-GAAP financial measures.

Conference Call Information

The Company's management will host a conference call today, October 31, 2012, at 10:00 a.m. Eastern Time. The dial-in numbers for the conference call are 1-866-691-3082 (US Toll Free), +1-480-629-1941 (International) or 072-273-3197 (Israel). All dial-in participants must use the following code to access the call: 4569045. Please call at least five minutes before the scheduled start time.

The conference call will be available via webcast and can be accessed through the Events section of Attunity's website, http://www.attunity.com/events, and http://www.kcsa.com, the contents of which are not part of this press release. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast.

For interested individuals unable to join the conference call, a replay of the call will be available through November 30, 2012 at 1-800-406-7325 (US Toll Free), +1-303-590-3030 (International) or 072-273-3198 (Israel) . Participants must use the following code to access the replay of the call: 4569045. The online archive of the webcast will be available on http://www.attunity.com/events or http://www.kcsa.com for 30 days following the call.

About Attunity

Attunity is a leading provider of information availability software solutions that enable access, sharing and distribution of data, including Big Data, across heterogeneous enterprise platforms, organizations, and the cloud. Our software solutions include data replication, change data capture (CDC), data connectivity, enterprise file replication (EFR) and managed-file-transfer (MFT). Using Attunity's software solutions, our customers enjoy significant business benefits by enabling real-time access and availability of data and files where and when needed, across the maze of heterogeneous systems making up today's IT environment.

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 partners such as Microsoft, Oracle, IBM and HP. 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, visit http://www.attunity.com or our In Tune blog and join our community on Twitter, Facebook, LinkedIn and YouTube.

Use of Non-GAAP Financial Information

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Attunity uses Non-GAAP measures of net income, net operating income and net income per share, which are adjustments from results based on GAAP to exclude expenses and amortization associated with the acquisition of RepliWeb net of related tax, non-cash equity based compensation charges in accordance with ASC 718, amortization of software development costs in accordance with ASC 985-20, and non-cash financial expenses such as revaluation effect of liabilities presented at fair value and convertible debt inducement expenses. 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 expected revenues and profits or demand for our new solutions for cloud computing, 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: our reliance on strategic relationships with our distributors, OEM and VAR partners, including Microsoft; risks and uncertainties relating to the acquisition of RepliWeb, including costs and difficulties related to integration of acquired businesses, the combined companies' financial results and performance, and known or unknown contingent liabilities, including litigation, costs, tax and expenses; our liquidity challenges and the need to raise additional capital in the future; timely availability and customer acceptance of Attunity's new and existing products, including Attunity Replicate; 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 products; 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; 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/A for the year ended December 31, 2011, 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.

© 2012 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity Inc.

                     CONSOLIDATED BALANCE SHEETS
                      U.S. dollars in thousands
 
                               September 30,     December 31,
                                   2012              2011
 
                                 Unaudited
        ASSETS
 
        CURRENT ASSETS:
        Cash and cash
        equivalents        $       1,714      $     1,484
        Restricted cash               21              362
        Trade receivables
        (net of allowance
        for doubtful
        accounts of $15 at
        September 30, 2012
        and December 31,
        2011)                      3,036            1,988
        Other accounts
        receivable and
        prepaid expenses             260              158
 
        Total current
        assets                     5,031            3,992
 
        LONG-TERM ASSETS:
        Other long term
        assets                        89               72
        Severance pay fund         2,740            2,684
        Property and
        equipment, net               421              380
        Intangible assets
        ,net                       2,084            2,854
        Goodwill                  13,050           13,011
 
        Total long-term
        assets                    18,384           19,001
 
        Total assets       $      23,415     $     22,993


                    CONSOLIDATED BALANCE SHEETS
            U.S. dollars in thousands except share data
 
                                 September       December
                                    30,             31,
                                   2012            2011
 
        LIABILITIES AND
        SHAREHOLDERS'
        EQUITY                   Unaudited
        CURRENT
        LIABILITIES:
        Current maturities
        of long-term
        convertible debt      $        -       $      835
        Current maturities
        of long-term debt              6              115
        Trade payables               423              452
        Deferred revenues          4,835            5,733
        Employees and
        payroll accruals           2,015            2,151
        Accrued expenses
        and other current
        liabilities                1,016            1,906
        Bifurcated
        conversion feature
        , presented at fair
        value                          -              227
        Contingent payment
        obligation                 1,867                -
 
        Total current
        liabilities               10,162           11,419
 
        LONG-TERM
        LIABILITIES:
        Contingent payment
        obligation                     -            1,669
        Long term deferred
        tax liability, net           309              352
        Other long-term
        liabilities                  329              388
        Liabilities
        presented at fair
        value                        766              510
        Accrued severance
        pay                        3,742            3,467
 
        Total long-term
        liabilities                5,146            6,386
 
        SHAREHOLDERS'
        EQUITY:
        Share capital -
        Ordinary shares of
        NIS 0.4 par value -
        Authorized:
        32,500,000 shares
        at September 30,
        2012 and December
        31, 2011 Issued and
        outstanding:
        10,882,902 shares
        at September 30,
        2012 and 9,987,777
        at December 31,
        2011                       1,225           1,146
        Additional paid-in
        capital                  109,967         107,572
        Accumulated other
        comprehensive loss          (671)           (690)
        Accumulated deficit     (102,414)       (102,840)
 
        Total shareholders'
        equity                     8,107           5,188
 
        Total liabilities
        and shareholders'
        equity              $     23,415     $    22,993


*) On July 19 2012, the Company performed a reverse stock split of the Company's ordinary shares of four (4) for one (1).

The earning per share amounts and the share data presented for all prior periods were restated to reflect the effects of the reverse stock split.

                         CONSOLIDATED STATEMENTS OF OPERATIONS
                   U.S. dollars in thousands, except per share data
 
                             9 months ended                     3 months ended
                             September 30,                      September 30,
                             2012           2011                2012           2011
                        Unaudited      Unaudited           Unaudited      Unaudited
 
    Software
    licenses       $       10,185  $       4,959       $       3,044  $       1,754
    Maintenance
    and services            8,227          4,499               2,892          1,697
 
                           18,412          9,458               5,936          3,451
    Operating
    expenses:
    Cost of
    revenues                1,747            966                 574            353
    Research and
    development             5,827          2,741               1,899          1,161
    Selling and
    marketing               6,964          3,576               2,151          1,338
    General and
    administrative          2,274          2,112                 743          1,006
 
    Total
    operating
    expenses               16,812          9,395               5,367          3,858
 
    Operating
    Income /
    (Loss)                  1,600             63                 569           (407)
 
    Financial
    expenses , net          1,046            376                 489            329
 
    Income /
    (loss) before
    income taxes              554           (313)                 80           (736)
 
    Taxes on
    income                    128            122                  37             56
 
    Net income /
    (loss)         $          426  $        (435)       $         43  $        (792)
 
    Basic net
    income /
    (loss) per
    share          $         0.04 $        (0.05)      $        0.00 $        (0.09)
    Weighted
    average number
    of shares used
    in computing
    basic net
    income per
    share                  10,506          8,426              10,752          8,578
 
    Diluted net
    income /
    (loss) per
    share                    0.04 $        (0.06)      $        0.00 $        (0.10)
    Weighted
    average number
    of shares used
    in computing
    diluted net
    income per
    share                  11,782          8,426              12,356          8,578


*) On July 19, 2012, the Company performed a reverse stock split of the Company's ordinary shares of four (4) for one (1).

The earning per share amounts and the share data presented for all prior periods were restated to reflect the effects of the reverse stock split.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            U.S. dollars in thousands
                                                         9 months ended
                                                   September 30, September 30,
                                                       2012          2011
                                                     Unaudited     Unaudited
 
    Cash from operating activities:
    Net Income /( loss)                          $      426          (435)
    Adjustments required to reconcile net
    income ( loss) to net cash provided by
    (used in) operating activities:
 
    Depreciation                                        168            80
    Stock based compensation                            481           221
    Amortization of intangible assets                   770           328
    Accretion of contingent payment obligation          199             8
    Convertible debt inducement expenses                108             -
    Increase (decrease) in accrued severance
    pay, net                                            219            (4)
    Decrease (increase) in trade receivables         (1,048)          352
    Decrease ( increase) in other accounts
    receivable and prepaid expenses                    (127)           71
    Increase in other long term assets                  (17)          (11)
    Increase (decrease) in trade payables               (29)            7
    Increase (decrease) in deferred revenues           (898)        2,827
    Increase (decrease) in employees and
    payroll accruals                                   (136)          178
    Increase (decrease) in accrued expenses
    and other liabilities                              (890)        1,217
    Change in liabilities presented at fair
    value                                               742            76
    Change in deferred taxes, net                       (77)            -
 
    Net cash provided by (used in) operating
    activities                                         (109)        4,915
 
    Cash flows from investing activities:
    Purchase of property and equipment                 (209)         (117)
    decrease (increase) of restricted cash              341          (192)
    Cash paid in connection with the
    acquisition ,net of acquired cash                    -          1,499
 
    Net cash provided by investing activities           132         1,190
 
    Cash flows from financing activities:
 
    Receipt of short term bridge loan to
    finance the acquisition                              -          3,000
    Repayment of bridge loan                             -         (3,000)
    Proceeds from exercise of stock options,
    warrants and rights                                 475           240
    Receipt of long term loan                            -             57
    Repayment of long-term debt                        (109)         (785)
    Repayment of convertible debt                      (138)         (184)
 
    Net cash provided by (used in) financing
    activities                                          228          (672)
 
    Foreign currency translation adjustments
    on cash and cash equivalents                        (20)           34
 
    Increase in cash and cash equivalents               230         5,467
    Cash and cash equivalents at the beginning
    of the period                                     1,484           872
 
    Cash and cash equivalents at the end of
    the period                                   $    1,714         6,339
 
    Supplemental disclosure of cash flow
    activities:
    Cash paid during the period for:
    Interest                                     $      225            63
 
    Income tax                                   $      234            -
 
    Non cash activity
    Conversion of convertible debt and
    bifurcated conversion feature                $      630            -
 
    Shares Issued as part of the acquisition             -          2,500



   
                 RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION 
                     U.S. dollars in thousands, except per share data                                9 months ended               3 months ended
                                 September 30,                September 30,
                               2012              2011       2012              2011
                          September 30, September 30,  September 30, September 30,
                          Unaudited       Unaudited    Unaudited       Unaudited
 
    GAAP operating
    Income / (loss)     $     1,600   $            63        569   $          (407)
    Stock based
    compensation (1)            481               221        157                76
    Amortization of
    Software
    Development Costs           152               278         40                87
    Acquisition-related
    expenses,
    amortization and
    adjustments (2)             740               864        227               864
    Non-GAAP operating
    Income              $     2,973   $         1,426        993   $           620
 
    GAAP net Income             426              (435)        43              (792)
    Stock based
    compensation (1)            481               221        157                76
    Amortization of
    Software
    Development Costs           152               278         40                87
    Acquisition-related
    expenses,
    amortization and
    adjustments (2)             740               864        227               864
    Revaluation of
    liabilities
    presented at fair
    value                       850              (224)       414               (87)
    Acquisition related
    financial expense           199               308         66               308
    Tax related to the
    acquisition                (247)                -        (82)                -
    Non-GAAP net Income $     2,601   $         1,012        865   $           456
 
    GAAP diluted net
    Income (loss) per
    share:                     0.04             (0.05)      0.00             (0.09)
    Operating expenses
    GAAP                       0.12              0.16       0.03              0.12
    Financial expenses         0.09              0.01       0.04              0.03
    Taxes on income           (0.02)                -      (0.01)                -
 
    Non-GAAP diluted
    net Income per
    share               $      0.22   $          0.12       0.07   $          0.05
    Weighted average
    number of shares
    used in computing
    diluted net income
    per share                11,782             8,426     12,356             8,578
   
    (1)Stock-based
    compensation
    expenses under ASC
    718 included in:
    Research and
    development                 219                72         98                29
    Selling and
    marketing                   132                70         56                26
    General and
    administrative              130                79          3                21
                        $       481   $           221        157   $            76
 
    (2)Operating
    acquisition-related
    expenses,
    amortization and
    adjustments:
    Valuation
    adjustment on
    acquired deferred
    services revenue            122                 7         21                 7
    Cost of Sales -
    Amortization of
    technology                  419                22        140                22
    Carve-out to
    RepliWeb employees            -               386          -               386
    Selling and
    marketing -
    Amortization of
    customers
    relationship                199                28         66                28
    General and
    administration -
    Acquisition
    expenses                      -               421          -               421
 
                        $       740   $           864        227   $           864
 
    (3)Total
    Acquisition-Related
    Expenses:
    Acquisition-related
    expenses,
    amortization and
    adjustments - Note
    2                           740               864        227               864
    Accretion of
    contingent payment
    obligation                  199                 8         66                 8
    Fair value of carve
    out feature related
    to warrants                   -               300          -               300
    Tax related to the
    acquisition                (247)                         (82)
 
                        $       692   $         1,172        211   $         1,172


*) On July 19,2012, the Company performed a reverse stock split of the Company's ordinary shares of four (4) for one (1).

The earning per share amounts and the share data presented for all prior periods were restated to reflect the effects of the reverse

 

For more information, please contact:

 

Todd Fromer / Garth Russell
KCSA Strategic Communications
P: +1-212-682-6300
tfromer@kcsa.com / [email protected]

 

Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel: +972-9-899-3000
[email protected]

SOURCE Attunity Ltd

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SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.