Attunity Reports First Quarter 2012 Results
BURLINGTON, Massachusetts April 23, 2012
Attunity, Ltd. March 31, 2012
Financial Highlights for the First Quarter of 2012:
- Sixth consecutive quarter of license and total revenues growth.
- $6.1 million $3.0 million
- $3.6 million $1.6 million
- $504,000 $408,000
- $0.3 million March 31, 2012 $0.9 million December 31, 2011
- $0.5 million
- $83,000 January 2012
- $2.4 million March 31, 2012 $1.5 million December 31, 2011
- $6.1 million March 31, 2012 $5.2 million December 31, 2011
Recent Operational Highlights:
- Consummated several major deals, primarily within the financial services sector.
- Partnered with Hortonworks, a leading commercial vendor promoting the innovation, development and support of Apache Hadoop, to develop Big Data replication products for Apache Hadoop that enable Big Data analytics.
- Completed the integration of RepliWeb with Attunity to unify all of the company’s functions and to leverage the capabilities of both organizations.
- Developed innovative products that enable data replication for leading cloud platforms. These new products, which leverage synergies between the Attunity and its recently acquired RepliWeb technologies, will be released during the second half of this year.
Shimon Alon of Attunity
Mr. Alon
Financial Results for Q1 2012
$6.1 million $3.0 million $3.6 million $1.6 million $2.1 million $0.9 million
$343,000 $340,000 $831,000 $513,000 $220,000 $173,000 $268,000
($125,000) ($0.00) $179,000 $0.00 $157,000 $108,000 $49,000 $206,000 ($140,000) ($66,000) $164,000 $504,000 $408,000 $629,000
$2.4 million March 31, 2012 $1.5 million December 31, 2011
$6.1 million March 31, 2012 $5.2 million 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
April 23, 2012 10:00 a.m. Eastern Time http://www.attunity.com/events http://www.kcsa.com Israel) All
May 23, 2012 http://www.attunity.com/events http://www.kcsa.com
About Attunity
data replication change data capture data connectivity enterprise file replication managed-file-transfer
Boston North America Europe Asia Pacific http://www.attunity.com In Tune blog Twitter Facebook LinkedIn 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 (loss), net operating income (loss) and net income (loss) per share, which are adjustments from results based on GAAP to exclude expenses and amortization associated with the acquisition of RepliWeb, 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 net of related tax 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
December 31, 2011
© 2012 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity Inc.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
March 31, December 31, 2012 2011 Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,448 $ 1,484 Restricted cash 367 362 Trade receivables (net of allowance for doubtful accounts of $15 at March 31, 2012 and December 31, 2011) 1,950 1,988 Other accounts receivable and prepaid expenses 313 158 Total current assets 5,078 3,992 LONG-TERM ASSETS: Other long term assets 68 72 Severance pay fund 2,797 2,684 Property and equipment, net 410 380 Intangible assets ,net 2,592 2,854 Goodwill 13,119 13,011 Total long-term assets 18,986 19,001 Total assets $ 24,064 $ 22,993
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands except share data
March 31, December 31, 2012 2011 LIABILITIES AND SHAREHOLDERS' EQUITY Unaudited CURRENT LIABILITIES: Current maturities of long-term convertible debt $ 307 $ 835 Current maturities of long-term debt 23 115 Trade payables 495 452 Deferred revenues 6,678 5,733 Employees and payroll accruals 1,953 2,151 Accrued expenses and other current liabilities 1,577 1,906 Bifurcated conversion feature , presented at fair value 98 227 Total current liabilities 11,131 11,419 LONG-TERM LIABILITIES: Contingent payment obligation 1,735 1,669 Long term deferred tax liability, net 457 352 Other long-term liabilities 346 388 Liabilities presented at fair value 525 510 Accrued severance pay 3,764 3,467 Total long-term liabilities 6,827 6,386 SHAREHOLDERS' EQUITY: Share capital - Ordinary shares of NIS 0.1 par value - Authorized: 130,000,000 shares at March 31, 2012 and December 31, 2011 Issued and outstanding: 41,380,215 shares at March 31, 2012 and 39,951,106 at December 31, 2011 1,184 1,146 Additional paid-in capital 108,511 107,572 Accumulated other comprehensive loss (624) (690) Accumulated deficit (102,965) (102,840) Total shareholders' equity 6,106 5,188 Total liabilities and shareholders' equity $ 24,064 $ 22,993
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
3 months ended March 31, 2012 2011 Unaudited Unaudited Software licenses $ 3,563 $ 1,587 Maintenance and services 2,519 1,371 6,082 2,958 Operating expenses: Cost of revenues 636 303 Research and development 2,037 751 Selling and marketing 2,282 1,016 General and administrative 784 548 Total operating expenses 5,739 2,618 Operating Income 343 340 Financial expenses, net 347 121 Income /(Loss) before income taxes (4) 219 Taxes on income 121 40 Net income / (loss) $ (125) $ 179 Basic net income/(loss) per share $ (0.00) $ 0.01 Weighted average number of shares used in computing basic net income /( loss) per share 41,093 33,193 Diluted net income/(loss) per share $ (0.00) $ 0.00 Weighted average number of shares used in computing diluted net income/(loss) per share 41,093 40,116
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
3 months ended March 31, March 31, 2012 2011 Unaudited Unaudited Cash from operating activities: Net Income /( loss) $ (125) $ 179 Adjustments required to reconcile net income ( loss) to net cash provided by operating activities: Depreciation 48 26 Stock based compensation 164 68 Amortization of intangible assets 262 105 Accretion of contingent payment obligation 66 - Convertible debt inducement expenses 108 - Increase (decrease) in accrued severance pay, net 184 25 Decrease (increase) in trade receivables 38 502 Decrease ( increase) in other accounts receivable and prepaid expenses (180) (74) Decrease (increase) in long-term prepaid expenses 4 7 Increase (decrease) in trade payables 43 72 Increase (decrease) in deferred revenues 945 762 Increase (decrease) in employees and payroll accruals (198) (11) Increase (decrease) in accrued expenses and other liabilities (329) 23 Revaluation of restricted cash (5) (5) Change in liabiliteis presented at fair value 49 56 Change in deferred taxes net 88 - Net cash provided by operating activities 1,162 1,735 Cash flows from investing activities: Purchase of property and equipment (78) (65) Net cash used in investing activities (78) (65) Cash flows from financing activities: Proceeds from exercise of stock options, warrants and rights 74 133 Receipt of long term loan - 57 Repayment of long-term debt (92) (264) Repayment of convertible debt (61) (61) Net cash used in financing activities (79) (135) Foreign currency translation adjustments on cash and cash equivalents (41) 15 Increase (decrease) in cash and cash equivalents 964 1,550 Cash and cash equivalents at the beginning of the period 1,484 872 Cash and cash equivalents at the end of the period $ 2,448 $ 2,422 Supplemental disclosure of cash flow activities: Cash paid during the period for: Interest $ 3 $ 26 Income tax $ 112 $ 2 Non cash activity Conversion of convertible debt and bifurcated conversion feature $ 630 -
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
U.S. dollars in thousands, except per share data
3 months ended March 31, 2012 2011 Unaudited Unaudited GAAP operating Income $ 343 $ 340 Stock based compensation (1) 164 68 Amortization of Software Development Costs 56 105 Acquisition-related expenses, amortization and adjustments (2) 268 - Non-GAAP operating Income $ 831 $ 513 GAAP net Income (loss) (125) 179 Stock based compensation (1) 164 68 Amortization of Software Development Costs 56 105 Acquisition-related expenses, amortization and adjustments (2) 268 - Revaluation of liabilities presented at fair value 157 56 Accretion of contingent payment obligation 66 - Tax related to the acquisition (82) - Non-GAAP net Income (Loss) $ 504 $ 408 GAAP diluted net Income (loss) per share: (0.00) 0.00 Operating expenses GAAP 0.01 0.00 Financial expenses 0.01 0.00 Taxes on income (0.00) - Non-GAAP diluted net Income per share $ 0.01 $ 0.01 Weighted average number of shares used in computing diluted net income per share 41,093 40,116 (1)Stock-based compensation expenses under ASC 718 included in: Research and development 60 19 Selling and marketing 40 19 General and administrative 64 30 $ 164 $ 68 (2)Acquisition-related expenses, amortization and adjustments: Valuation adjustment on acquired deferred services revenue 62 - Cost of Sales - Amortization of technology 140 - Selling and marketing - Amortization of customers relationship 66 - $ 268 $ - Total Acquisition-Related Expenses: Acquisition-related expenses, amortization and adjustments - Note 2 268 - Accretion of contingent payment obligation 66 - Tax related to the acquisition (82) - $ 252 $ -
For more information, please contact:
Todd Fromer Garth Russell
tfromer@kcsa.com grussell@kcsa.com
Dror Harel-Elkayam
SOURCE Attunity Ltd
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