Commission file number: 0-20892
ATTUNITY LTD
(Name of registrant)
Kfar Netter Industrial
Park, Kfar Netter, Israel 40593
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________
This Form 6-K is being incorporated by reference into the registrant’s Form F-3 Registration Statements File Nos. 333-11972, 333-14140, 333-119157 and 333-122937 and Form S-8 Registration Statements File Nos. 333-84180, 333-932, 333-11648, 333-122271 and 333-122302.
6-K Items
1. Press release re Attunity Reports Second Quarter 2006 Results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ATTUNITY LTD By: /s/ Ofer Segev —————————————— Ofer Segev Chief Financial Officer |
Date: August 10, 2006
| For more information: | |
| Andy Bailey, VP Marketing | Ofer Segev, CFO |
| Attunity | Attunity |
| 781-213-5204 | 781-213-5203 |
| andy.bailey@attunity.com | ofer.segev@attunity.com |
ATTUNITY
REPORTS Second Quarter 2006 Results
Sales
of Attunity’s new product Attunity InFocus exceeds targets
BURLINGTON MA, August 8, 2006 – Attunity, Ltd. (NASDAQ: ATTU), a leading provider of enterprise-class software for application and data integration, and solutions in the new and fast growing Workplace Applications market, today reported its financial results for the second quarter ended June 30, 2006.
Financial Highlights for the Second Quarter of 2006:
| — | Revenues: $3,111,000, a decrease of 22% compared to $3,971,000 in the second quarter of 2005. |
| — | Net Loss – GAAP: $1,816,000, compared to $582,000 in the quarter of 2005. Equity based compensation expenses in the amount of $228,000 are included in the second quarter of 2006 GAAP results pursuant to SFAS 123®. This expense was not included in the 2005 results. |
| — | Net Loss - Non GAAP: $1,588,000, compared to $582,000 in the second quarter of 2005. Non-GAAP net loss excludes equity based compensation expenses. |
| — | Loss per Diluted Share – GAAP: $0.10, compared to $0.03 in the second quarter of 2005. Equity based compensation expenses are included in the second quarter of 2006 GAAP results pursuant to SFAS 123®. |
| — | Loss per Diluted Share - Non GAAP: $0.09, compared to $0.03 in the second quarter of 2005. Non-GAAP EPS excludes equity based compensation expenses. |
“Early this year we embarked on a strategy of augmenting and extending our offering of data integration products with business solutions, based on our new product-line Attunity InFocus. Our initial goals for that strategy have been exceeded.” stated Aki Ratner, Attunity CEO. “As a result, operational and personnel adjustments have been accelerated, to ensure continued alignment of resources. One significant change was the appointment of a new VP of North America, Neil McMullan, a seasoned senior sales and operations executive with many years success of selling business solutions at all levels.”
| — | Attunity's new product-line Attunity InFocus exceeded targets with over $400k of licenses |
| — | Company transition accelerated from technology-centric focus to solutions-centric focus |
| — | Added three customers to Attunity InFocus customer base |
| — | Major new partner agreements signed, including: Business Objects and SAS |
| — | Major customer wins across industry segments, as represented by: Charles Hurst, Stanley Works, University of Virginia, Balli Group and AK Steel. |
“The underlying value-drivers of our company remain very strong, and our customer numbers continue to grow.” continued Mr. Ratner. “Our strategy around Attunity InFocus is now translating into rapid and measurable ROI for our customers and growing revenues for us; putting us ahead of our expected plans for the product at this stage, and increasing our confidence for the coming quarters.”
Attunity Conference Call
The company has scheduled a
conference call and simultaneous Webcast on Tuesday, August 8, 2006, at 10 a.m. EST. To
participate in the call, U.S. callers can dial 866-761-0748 and international callers can
dial +1-617-614-2706 and enter the pass code 25058040 five minutes prior to the start
time. The call will be available for replay through the September 8, 2006 by dialing
888-286-8010 (in the US) or +1-617-801-6888 (international) and entering the pass code
69746080. This call will also be broadcast live on the Internet. To register and view the
Webcast, go to http://www.attunity.com/investors. An online replay will be
available approximately two hours after the call.
About Attunity
Attunity is a leading provider of
software for application and data integration, as well as solutions in the new and fast
growing Workplace Applications market.
Using our software, companies can seamlessly and efficiently connect, transfer, join and stream to and from virtually any data source in real-time, and subsequently use that data to rapidly configure and deploy management-focused Workplace Applications. With successful deployments at thousands of organizations worldwide, Attunity has over 17 years experience of providing enterprise-class software, both directly and indirectly through a number of strategic and OEM agreements with global-class partners such as HP, IBM, Microsoft, Oracle, Business Objects and Cognos.
Listed on Nasdaq (NASDAQ: ATTU), and with a worldwide headquarters in Boston, USA, Attunity serves its customers via offices in North America, Europe, Middle East, China and Australia, as well as through a network of local partners.
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 Federal Securities laws. 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; 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, which is on file with the
Securities and Exchange Commission. Attunity assumes no obligation to update any
information concerning any of its expectations.
| CONSOLIDATED BALANCE SHEETS |
| U.S. dollars in thousands |
| June 30, 2006 |
December 31, 2005 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unaudited |
||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 3,931 | $ | 1,635 | ||||
| Restricted cash | 133 | 70 | ||||||
| Trade receivables and unbilled revenues (net of allowance for doubtful | ||||||||
| accounts of $ 74 and $ 83 at June 30, 2006 and December 31, 2005, | ||||||||
| respectively) | 2,159 | 2,308 | ||||||
| Other accounts receivable and prepaid expenses | 841 | 1,269 | ||||||
| Assets of discontinued operations | 60 | 107 | ||||||
| Total current assets | 7,124 | 5,389 | ||||||
| LONG-TERM PREPAID EXPENSES | 191 | 175 | ||||||
| SEVERANCE PAY FUND | 826 | 705 | ||||||
| PROPERTY AND EQUIPMENT, NET | 1,011 | 751 | ||||||
| SOFTWARE DEVELOPMENT COSTS, NET | 4,311 | 4,173 | ||||||
| GOODWILL | 6,047 | 5,908 | ||||||
| DEFERRED CHARGES, NET | 319 | 254 | ||||||
| Total assets | $ | 19,829 | $ | 17,355 | ||||
| CONSOLIDATED BALANCE SHEETS |
| U.S. dollars in thousands, except share and per share data |
| June 30, 2006 |
December 31, 2005 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unaudited |
||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Short term loan and current maturities of long-term debt | $ | 2,033 | $ | 41 | ||||
| Trade payables | 574 | 758 | ||||||
| Deferred revenues | 3,299 | 2,440 | ||||||
| Employees and payroll accruals | 1,066 | 1,163 | ||||||
| Accrued expenses and other liabilities | 1,669 | 1,890 | ||||||
| Liabilities of discontinued operations | 5 | 36 | ||||||
| Total current liabilities | 8,646 | 6,328 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Convertible debt | 875 | 677 | ||||||
| Long-term debt | 36 | 7 | ||||||
| Accrued severance pay | 1,139 | 1,043 | ||||||
| Total long-term liabilities | 2,050 | 1,727 | ||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Share capital - Ordinary shares of NIS 0.1 par value - | ||||||||
| Authorized: 40,000,000 shares at June 30, 2006 and December 31, 2005; | ||||||||
| Issued and outstanding: 18,355,768 and 17,259,255 shares at June 30, | ||||||||
| 2006 and December 31, 2005, respectively | 608 | 584 | ||||||
| Additional paid-in capital | 95,967 | 93,355 | ||||||
| Accumulated other comprehensive loss | (466 | ) | (512 | ) | ||||
| Accumulated deficit | (86,976 | ) | (84,127 | ) | ||||
| Total shareholders' equity | 9,133 | 9,300 | ||||||
| Total liabilities and shareholders' equity | $ | 19,829 | $ | 17,355 | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| U.S. dollars in thousands, except share and per share data |
| Six months ended June 30, |
Three months ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2006 |
2005 |
2006 |
2005 | |||||||||||
| Unaudited |
Unaudited | |||||||||||||
| Revenues: | ||||||||||||||
| Software licenses | $ | 3,821 | $ | 4,368 | $ | 1,506 | $ | 2,110 | ||||||
| Maintenance and services | 3,307 | 3,462 | 1,605 | 1,861 | ||||||||||
| 7,128 | 7,830 | 3,111 | 3,971 | |||||||||||
| Operating expenses: | ||||||||||||||
| Cost of revenues | 1,263 | 1,743 | 640 | 826 | ||||||||||
| Research and development, net | 1,916 | 1,184 | 939 | 615 | ||||||||||
| Selling and marketing | 4,786 | 4,569 | 2,343 | 2,290 | ||||||||||
| General and administrative | 1,555 | 1,131 | 767 | 552 | ||||||||||
| Liquidation damages related to January | ||||||||||||||
| private placement | - | 80 | - | 80 | ||||||||||
| Total operating expenses | 9,520 | 8,707 | 4,689 | 4,363 | ||||||||||
| Operating loss | (2,392 | ) | (877 | ) | (1,578 | ) | (392 | ) | ||||||
| Financial expenses, net | (392 | ) | (380 | ) | (192 | ) | (154 | ) | ||||||
| Other income (expenses) | (2 | ) | (10 | ) | (2 | ) | 3 | |||||||
| Loss before income taxes | (2,786 | ) | (1,267 | ) | (1,772 | ) | (543 | ) | ||||||
| Taxes on income | 63 | 25 | 44 | 12 | ||||||||||
| Loss from continued operations | (2,849 | ) | (1,292 | ) | (1,816 | ) | (555 | ) | ||||||
| Discontinued operations: | ||||||||||||||
| Loss on disposal of business | - | (378 | ) | - | (27 | ) | ||||||||
| Net loss | $ | (2,849 | ) | $ | (1,670 | ) | $ | (1,816 | ) | $ | (582 | ) | ||
| Basic and diluted net loss per share from | ||||||||||||||
| continued operations | $ | (0.16 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.03 | ) | ||
| Basic and diluted net loss per share from | ||||||||||||||
| discontinued operations, net of income taxes | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||
| Basic and diluted net loss per share | $ | (0.16 | ) | $ | (0.10 | ) | $ | (0.10 | ) | $ | (0.03 | ) | ||
| Weighted average number of shares used in | ||||||||||||||
| computing basic and diluted net loss per share | 17,854 | 16,678 | 18,219 | 17,087 | ||||||||||
| RECONCILIATION OF SUPPLEMENTAL FINANCIAL INFORMATION |
| U.S. dollars in thousands, except share and per share data |
| Six months ended June 30, 2006 |
Three months ended June 30, 2006 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unaudited | ||||||||
| GAAP Net loss | $ | (2,849 | ) | $ | (1,816 | ) | ||
| Stock-based compensation *) | 478 | 228 | ||||||
| Non GAAP Net loss | $ | (2,371 | ) | $ | (1,588 | ) | ||
| Basic and diluted net loss per share | $ | (0.13 | ) | $ | (0.09 | ) | ||
| Weighted average number of shares used in computing basic and diluted net loss | ||||||||
| per share | 17,854 | 18,219 | ||||||
| *) | Stock-based compensation: | ||||||||
| Research and development | $ | 103 | $ | 46 | |||||
| Selling and marketing | 129 | 72 | |||||||
| General and administrative | 246 | 110 | |||||||
| Total | $ | 478 | $ | 228 | |||||
| The effect of stock-based compensation: The Company adopted the provisions of Statement of Financial Accounting Standards No. 123(R), “Share-Based Payment” on January 1, 2006 using the modified–prospective transition method. |