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Attunity Reports Fourth Quarter 2010 and Full Year 2010 Results

BURLINGTON, Massachusetts February 14, 2011 December 31, 2010

Shimon Alon

$9 million $4 million

    Highlights of Q4 and FY 2010:      - License revenues of $1.25 million in Q4 2010 compared to     $0.9 million in Q3 2010, representing a 44% growth.      - Total revenues of $2.6 million in Q4 2010 compared to $2.1 million in     Q3 2010, representing a 17% growth.      - License revenues of $4.6 million in 2010 compared to $4.1 million in     2009, representing 13% growth.      - Total revenues of $10.1 million in 2010 compared to $9.5 million in     2009, representing a 7% growth.      - New strategic five-year OEM agreement with Microsoft, worth     nearly $7 million in total for our change data capture technology for     Oracle databases, with expected payments of nearly $3.0 million during     2011.      - Repayment and reduction of debts from $4.0 million as of     December 31 2009 to $2.9 million as of December 31 2010.      - Extend and expand our OEM agreements with two industry     giants.      - Positive cash flow from operations in both     Q4 2010 and FY 2010.       Q4 2010 Financial Summary:      - Revenues were $2,579,000, compared to $2,685,000 in the     fourth quarter of 2009.      - Net Operating Profit (Non GAAP) was $248,000, compared to a     net operating profit of $725,000 in the fourth quarter of 2009. Non-GAAP     operating profit excludes amortization and capitalization of software     development costs of $319,000 compared to $586,000 in the fourth quarter     of 2009 (see footnote 1 at the end of this release) and equity-based     compensation expenses of $55,000 compared to $60,000 in the fourth     quarter of 2009 (see footnote 2).      - Net Operating Loss (GAAP) was $126,000, compared to a net     operating profit of $79,000 in the fourth quarter of 2009.      - Net Profit (Non-GAAP) was $105,000, compared to a net profit     of $649,000 in the fourth quarter of 2009. Non-GAAP net profit excludes     amortization and capitalization of software development costs of $319,000     compared to $586,000 in the fourth quarter of 2009 (see footnote 1),     equity-based compensation expenses of $55,000 compared to $60,000 in the     fourth quarter of 2009 (see footnote 2), and revaluation of conversion     features related to our convertible debt and outstanding warrants of     $873,000 compared to income of $38,000 in the fourth quarter of 2009 (see     footnote 3).      - Net Loss (GAAP) was $1,142,000 compared to a net profit of     $41,000 in the fourth quarter of 2009.      - Net Profit/Loss per Diluted Share (Non-GAAP) was $0.00     compared to $0.02 net profit per diluted share in the fourth quarter of     2009.      - Net Loss per Diluted Share (GAAP) was $0.04, compare to     $0.00 in the fourth quarter of 2009.      - Cash and cash equivalents were approximately $0.9 million as     of December 31, 2010, compared to approximately $1.0 million as of     September 30, 2010.       FY 2010 Financial Summary:      - Revenues were $10,075,000, compared to $9,453,000 in 2009.      - Net Operating Profit (Non GAAP) was $1,300,000, compared to     a net operating profit of $1,557,000 in 2009. Non-GAAP operating profit     excludes amortization and capitalization of software development costs of     $1,119,000 compared to $1,970,000 in 2009 (see footnote 1 at the end of     this release) and equity-based compensation expenses of $223,000 compared     to $196,000 in 2009 (see footnote 2).      - Net Operating Loss (GAAP) was $43,000, compared to a net     operating loss of $609,000 in 2009.      - Net Profit (Non-GAAP) was $802,000, compared to a net profit     of $1,263,000 in 2009. Non-GAAP net profit excludes amortization and     capitalization of software development costs of $1,119,000 compared to     $1,970,000 in 2009 (see footnote 1), equity-based compensation expenses     of $223,000 compared to $196,000 in 2009 (see footnote 2), and     revaluation of onversion features related to our convertible debt and     outstanding warrants of $966,000 compared to $400,000 in 2009 (see     footnote 3).      - Net Loss (GAAP) was $1,506,000 compared to a net loss of     $1,303,000 in 2009.      - Net Profit per Diluted Share (Non-GAAP) was $0.03 compared     to $0.04 per diluted share in 2009.      - Net Loss per Share (GAAP) was $0.05 compared to $0.05 in     2009.      - Cash and cash equivalents were approximately $0.9 million as     of December 31, 2010, compared to approximately $1.4 million as of     December 31, 2009.  

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

Mr. Alon concluded:

$4 million to $2.9 million

About Attunity

Attunity is a leading provider of real-time data integration and event capture software.

Our offering includes software solutions such as Attunity Stream(R), a real-time change-data-capture (CDC) software, our Operational Data Replication (ODR) solution and Attunity Connect(R), our real-time connectivity software.

Using Attunity’s software solutions, our customers enjoy dramatic business benefits by enabling real time access to information where and when needed, across the maze of heterogeneous systems making up today’s IT environment.

Boston North America Europe Asia Pacific http://www.attunity.com http://www.twitter.com/attunity http://www.facebook.com/attunity http://www.linkedin.com/groups?about=&gid=2884948&trk=anet_ug_grppro

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 profit (loss), net operating profit (loss) and net profit (loss) per share, which are adjustments from results based on GAAP to exclude non-cash equity based compensation charges in accordance with ASC 718 (formerly known as SFAS 123(R)), non-cash capitalization and amortization of software development costs in accordance with ASC 985-20 (formerly known as SFAS 86) and non-cash financial expenses such as revaluation of conversion features related to its convertible debt and outstanding warrants in accordance with ASC 815-40 (formerly known as EITF 07-5) (affected, among other factors, by changes in Attunity’s share price). 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, 2009

(c) 2011 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity Inc.

     CONSOLIDATED BALANCE SHEETS     U.S. dollars in thousands                                                 December 31,      December 31,                                                       2010              2009      ASSETS      CURRENT ASSETS:     Cash and cash equivalents                          872             1,428     Restricted cash                                    224               208     Trade receivables and unbilled revenues          1,201               761     (net of allowance for doubtful accounts     of $15)     Other accounts receivable and prepaid              190               145     expenses      Total current assets                             2,487             2,542      LONG-TERM ASSETS:     Long-term prepaid expenses                          61                86     Severance pay fund                               1,323             1,098     Property and equipment, net                        205               241     Software development costs, net                    496             1,615     Goodwill                                         6,133             6,313      Total long-term assets                           8,218             9,353      Total assets                                    10,705            11,895       CONSOLIDATED BALANCE SHEETS     U.S. dollars in thousands                                              December 31,  December 31,                                                   2010          2009      LIABILITIES AND SHAREHOLDERS' EQUITY      CURRENT LIABILITIES:     Current maturities of long-term     debt and short term loans                    1,014           917     Current maturities of long-term     convertible debt                               245           333     Trade payables                                 220           204     Deferred revenues                            2,048         1,991     Employees and payroll accruals                 844           819     Accrued expenses and other liabilities         759           988      Total current liabilities                    5,130         5,252      LONG-TERM LIABILITIES:     Long-term debt                                  90         1,667     Long-term convertible debt                   1,571         1,083     Warrants and bifurcated conversion     feature, presented at fair value             1,215           303     Accrued severance pay                        1,966         1,548      Total long-term liabilities                  4,842         4,601      SHAREHOLDERS' EQUITY:     Share capital - Ordinary shares of     NIS 0.1 par value -                            939           920     Authorized: 130,000,000 shares at     December 31 , 2010 and December     31, 2009. Issued and outstanding:     32,269,695 shares at December 31,     2010 and 31,571,150 at December 31, 2009     Additional paid-in capital                 102,459       102,095     Accumulated other comprehensive loss          (640)         (453)     Accumulated deficit                       (102,025)     (100,520)      Total shareholders' equity                     733         2,042      Total liabilities and shareholders'     equity                                      10,705        11,895       CONSOLIDATED STATEMENTS OF OPERATIONS     U.S. dollars in thousands, except share and per share data                                    Year ended              3 months ended                                   December 31,             December 31,                                2010         2009        2010         2009      Software licenses          4,645        4,126       1,242        1,311     Maintenance and            5,430        5,327       1,337        1,374     services                                10,075        9,453       2,579        2,685     Operating expenses:     Cost of revenues           1,951        3,070         408          814     Research and               2,482        1,894         799          489     development, net     Selling and marketing      3,831        3,469         976          957     General and                1,854        1,629         522          346     administrative      Total operating           10,118       10,062       2,705        2,606     expenses      Operating profit/            (43)        (609)       (126)          79     (loss)      Financial expenses, net    1,391          676         997           42     Other expense (income)        (1)         (10)          2     Profit (Loss) before      (1,432)      (1,275)     (1,125)          37     income taxes     Taxes on income               74           28          17           (4)      Net profit/ (loss)        (1,506)      (1,303)     (1,142)          41      Basic and diluted net    $ (0.05)     $ (0.05)    $ (0.04)      $ 0.00     loss per share     Weighted average number   31,973       28,494      32,198       31,551     of shares used in     computing basic and     diluted net loss per     share       CONSOLIDATED STATEMENTS OF CASH FLOWS     U.S. dollars in thousands                                                     Year Ended   Year Ended                                                     December 31, December 31,                                                     2010         2009      Cash flows from operating activities:     Net profit /( loss)                                  (1,505)      (1,303)     Adjustments required to reconcile net loss                -            -     to net cash provided by (used in) operating     activities:     Decrease (increase) in restricted cash                  (16)          (2)     Depreciation                                             95          149     Stock based compensation                                223          196     Amortization of deferred expenses                         -           25     Amortization of debt discount                             -          126     Amortization of software development costs            1,119        2,348     Increase (decrease) in accrued severance                193           25     pay, net     Decrease (increase) in trade receivables               (435)        (255)     Decrease ( increase) in other accounts                  (45)          79     receivable and prepaid expenses     Decrease / (Increase) in long-term prepaid               25           20     expenses     Increase (decrease) in trade payables                    17         (186)     Increase (decrease) in deferred revenues                 19         (327)     Increase (decrease) in employees and payroll             28         (265)     accruals     increase / (decrease) in accrued expenses              (226)         (77)     and other liabilities     Increase (decrease) in Long term liabilities              1          (20)     Increase (decrease) in revaluation of                   965          254     Liabilities presented at fair value and debt     modificaton expenses      Net cash provided by operating activities               458          787      Cash flows from investing activities:      Purchase of property and equipment                      (58)         (19)     Capitalization of software development costs              -         (378)      Net cash used in investing activities                   (58)        (397)      Cash flows from financing activities:     Proceeds from exercise of employee stock                 33            -     options     Receipt of long term loan                                25            -     Proceeds from exercise of Warrants                       74            -     Receipt of Short term debt, net - convert to              -          543     Capital     Repayment of long-term debt                            (922)         (10)     Repayment of convertible debt                          (184)      Net cash provided by (used in) financing               (974)         533     activities      Foreign currency translation adjustments on              18           25     cash and cash equivalents      Increase (decrease) in cash and cash                   (556)         948     equivalents     Cash and cash equivalents at the beginning            1,428          480     of the period      Cash and cash equivalents at the end of the             872        1,428     period      Supplemental disclosure of cash flow     activities:     Cash paid during the period for:     Interest                                                484          153       RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION     U.S. dollars in thousands, except per share data                                    Year ended              3 months ended                                   December 31,              December 31,                                 2010        2009          2010        2009      GAAP operating              (43)        (609)         (126)         79     profit /(loss)     Stock based                 223          196            55          60     compensation     (1)     Amortization              1,119        1,970           319         586     and     capitalization     of Software     development     costs (2)      Non-GAAP                  1,300        1,557           248         725     operating     profit (loss)      GAAP net profit          (1,506)      (1,303)       (1,142)         41     (loss)     Stock based                 223          196            55          60     compensation     (1)     Amortization              1,119        1,970           319         586     and     capitalization     of Software     development     costs (2)     Financial                   966          400           873         (38)     expenses (3)      Non-GAAP net                802        1,263           105         649     profit (loss)      GAAP basic and            (0.05)       (0.05)        (0.04)          *     diluted net     profit (loss)     per share     Stock based                0.01         0.01          0.00           *     compensation     (1)     Amortization               0.03         0.07          0.01        0.02     and     capitalization     of Software     development     costs (2)     Financial                  0.03         0.01          0.03           *     expenses (3)      Non-GAAP basic             0.03         0.04             *        0.02     and diluted net     profit (loss)     per share     Weighted                 31,973       28,494        32,198      31,551     average number     of shares used     in computing     basic and     diluted net     loss per share      *) Less than     $0.01 per share      (1)     Equity-based     compensation     expenses under     ASC 718     (formerly known     as SFAS 123):     Equity-based                 54           40            15          21     compensation     expense     included in     "Research and     development"     Equity-based                 74           83            13          18     compensation     expense     included in     "Selling and     marketing"     Equity-based                 95           73            27          21     compensation     expense     included in     "General and     administrative"                                  223          196            55          60      "Equity based     compensation     expenses" refer     to the     amortized fair     value of all     equity based     awards granted     to employees.      (2)     Amortization     and     capitalization     of software     development     costs resulting     under ASC     985-20     (formerly known     as SFAS 86):     Amortization              1,119        2,348           209         618     Capitalization                -         (378)          110         (32)                                1,119        1,970           319         586     (3) Financial     expenses:     Amortization of           -              125             -           -     debt discount     Revaluation of              966          255           873         (38)     warrants and     conversion     features of     convertible     debt and Debt     modification     expenses     Amortization of           -               20             -           -     deferred     charges                                  966          400           873         (38)        For more information, please contact:     Dror Elkayam, CFO     Attunity Ltd.     Tel. +972-9-899-3000     [email protected]   

SOURCE Attunity Ltd

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