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Attunity Reports First Quarter 2009 Results ; Company Posts Non-GAAP Operational Profitability
Monday, April 27, 2009 11:54 AM


(Source: PRNewswire)trackingBURLINGTON, Massachusettes, April 27 /PRNewswire-FirstCall/ -- Attunity Ltd (OTC Bulletin Board: ATTUF.OB), a leading provider of real-time event capture and data integration software, reported today its unaudited financial results for the first quarter ended March 31, 2009.

- Key financial metrics for the first quarter of 2009:

- Net Operating Profit - (Non GAAP): $80,000 net operating profit compared to $39,000 Non-GAAP net operating profit in the first 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)

- Net Operating Loss - (GAAP): $418,000, compared to $223,000 in the first quarter of 2008.

- Revenues: $2,213,000, a decrease of 32.4% compared to $3,276,000 in the first quarter of 2008.

- Net Profit (Loss) (Non-GAAP): $64,000 compared to ($68,000) net loss in the first quarter of 2008. Non-GAAP net profit (loss) excludes equity based compensation expenses (see footnote 1), software development costs capitalization and amortization (see footnote 2) and amortization of debt discount, revaluation of warrants and deferred charges (see footnote 3).

- Net loss (GAAP): $593,000, compared to $554,000 in the first quarter of 2008.

- Net Profit per Diluted Share (Non-GAAP): $0.00, in both the first quarters of 2008 and 2009.

- Net Loss per Diluted Share (GAAP): $0.03 compared to $0.02 in the first quarters of 2008.

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

"Despite the continued difficulties in the capital market, we were able to achieve our goal of attaining non-GAAP operational profitability in the first quarter of 2009", stated Shimon Alon, Attunity Chairman and CEO. "Our increased focus on creating a much tighter value proposition combined with our cautiousness around costs and expenses over the last few quarters helped us to achieve this goal. Furthermore, it is our intention to build upon this achievement, while the pending rights offering is designed to address the Company's working capital and capital resource requirements, enabling us to be well positioned to meet the challenging market conditions in 2009."

Highlights of the Quarter

Microsoft

- Launched into Beta testing 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, amid positive industry support.

OEM agreements

- Renewed license agreement with business partner Consist covering Spain and South American territories.

Major customer and partner wins

- Major customer contracts across the world included Ministry of Water Resources (China), Shanghai Stock Exchange, International Atomic Energy Agency (Austria), Morgan Keegan and Fidelity National Financial.

- Announced new business partnership with open-source integration provider Talend.

Other Highlights

As previously announced, the Company has commenced a rights offering to raise up to $1.2 million in gross proceeds. The rights offering is designed to enable Attunity to complete its recent debt restructuring activities.

"Our tighter company focus around core competencies is now translating our offering and value proposition into new market opportunities. Our value proposition has always been one of delivering increased value from our customers' information assets, and with the economic realities of today focusing everyone's attention on costs, we believe the demand for real-time integration technologies such as our solutions, will grow" continued Shimon Alon. "We believe that our recent debt restructuring activities, including the pending rights offering, along with our refined cost structure, will continue to help drive us towards non-GAAP profitability and positive cash flows from operations this year".

About Attunity

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



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