QualityStocks would like to highlight Attunity Ltd. (OTCBB: ATTUF), a leading provider of real-time data integration software that enables access, sharing, and distribution of data across heterogeneous enterprise platforms, organizations, and the cloud. The company provides software solutions such as data replication, real-time change data capture (CDC) and real-time data connectivity, as well as enterprise file replication and managed-file-transfer (MFT) offered through their RepliWeb division. Using Attunity’s software solutions, customers enjoy dramatic 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.
In the company’s news yesterday,
Attunity Ltd. reported its unaudited financial results for the fourth quarter and year ended December 31, 2011.
Highlights for the Fourth Quarter of 2011:
Fifth
consecutive quarter of license and total revenues growth
License
revenues increased 156% to $3.2 million in the fourth quarter of 2011, compared
to $1.2 million for the same period last year
Total
revenues increased 121% to $5.7 million in the fourth quarter of 2011, compared
to $2.6 million for the same period last year
Non-GAAP
operating income increased 209% to $767,000 in the fourth quarter of 2011,
compared to $248,000 for the same period last year
Non-GAAP net
income increased 593% to $728,000 in the fourth quarter of 2011, compared to
$105,000 for the same period last year
Highlights for the Year Ended December 31, 2011:
License
revenues increased 75% to $8.1 million in 2011, compared to $4.6 million in 2010
Total
revenues increased 51% to $15.2 million in 2011, compared to $10.1 million in
2010
Non-GAAP
operating income increased 70% to $2.2 million in 2011, compared to $1.3
million in 2010
Non-GAAP net
income increased 83% to $1.5 million in 2011, compared to $802,000 in 2010
Shareholders'
equity increased to $5.2 million as of December 31, 2011 compared to $733,000
as of December 31, 2010
Recent Operational Highlights:
The
conversion into equity of 47% of the Company’s outstanding convertible
promissory notes (debt) held by the Chairman/CEO and another director
demonstrated a vote of confidence in the Company and increased shareholder
equity
Outstanding
debt from Plenus of $83,000 was paid in early January 2012, such that, together
with said conversion, total outstanding debt was reduced from $2.9 million at
December 31,2010 to only $0.9 million at December 31, 2011
Company is
considering the relisting of its ordinary shares on a National Exchange,
pending market conditions and satisfaction of the applicable listing criteria
Completed major deals with a large international bank and a telecommunication company in North America
Launched Attunity Replicate, an innovative replication platform in the third quarter of 2011
Completed the acquisition of RepliWeb Inc. in the third quarter of 2011
Commenting on
the results, Mr. Shimon Alon, Attunity’s Chairman and CEO, stated, “We are
pleased to have exceeded our goals and expectations for 2011, which includes
achieving our fifth consecutive quarter of revenue growth. This growth was
partially driven by the launch and market acceptance of Attunity’s replication
products; an increase in the size of client agreements; the strategic
large-scale distribution agreements we have entered or renewed with Microsoft
and other world leading software companies and the expansion of our portfolio
of solutions following the recent acquisition of RepliWeb. This was achieved
while we also significantly reduced our debt load, thereby allowing us to
continue to invest in our business."
Mr. Alon continued, “During 2011, we have taken actions to advance our position as a leading provider of real-time data integration for the enterprise environment and Cloud computing. The outlook for 2012 is positive as we continue to introduce and market several of our new software solutions launched in late-2011, including Attunity Replicate, the first replication platform delivering an ‘end-to-end click to replicate’ solution, that enable us to increase our addressable markets and the enhanced file replication solution. Furthermore, during the first half of 2012 we plan to introduce new solutions for cloud computing that uniquely address the critical need of transferring data and files across data centers and cloud environments, based on the integration of RepliWeb’s and Attunity’s technologies. One of the most notable trends we have seen as we entered 2012 is an increase in the size and scope of our client agreements, as well as several clients extending their agreements for our solutions. This client activity includes a recent agreement with one of the world’s largest banks.”
In the third quarter of 2011 we completed the acquisition of RepliWeb Inc. Accordingly, starting from September 19, 2011 (the closing date of the acquisition), the financial results of RepliWeb Inc. are consolidated into our financial statements.
Financial Results for Q4 2011
Total
revenues for the fourth quarter of 2011 increased 121% to $5.7 million,
compared to $2.6 million for the same period of 2010. This included license
revenues for the fourth quarter of 2011, which increased 156% to $3.2 million,
compared to $1.2 million for the same period of 2010. RepliWeb contributed $2.4
million in total revenues and $1.2 in license revenues in the fourth quarter of
2011.
Net operating (loss) for the fourth quarter of 2011 was ($14,000), compared to ($126,000) for the same period of 2010. Non-GAAP net operating income for the fourth quarter of 2011 was $767,000, compared to $248,000 for the same period last year. Non-GAAP net operating income for the fourth quarter of 2011 excludes equity-based compensation and amortization of software development costs totaling $196,000 compared to $374,000 for the same period last year, as well as $585,000 in expenses and amortization related to the acquisition of RepliWeb (see footnotes 1, 2 and 3 at the end of this release).
Net loss for the fourth quarter of 2011 decreased to ($412,000), or ($0.01) per share, from ($1.1 million), or ($0.04) per share, in the fourth quarter of 2010. Net loss for the fourth quarter of 2011 was negatively impacted primarily by $875,000 in financial expenses associated mainly with the revaluation of the conversion feature related to Company’s convertible debt and with the conversion of part of the convertible debt, and by $68,000 in expenses and amortization associated with the acquisition of RepliWeb, net of tax effect. Non-GAAP net income for the fourth quarter of 2011 was $728,000 compared to $105,000 for the same period last year. Non-GAAP net income for the fourth quarter of 2011 excludes a total of $1.1 million in financial expenses associated with the revaluation of conversion features related to the convertible debt and with the conversion of part of the convertible debt, expenses and amortization related to the acquisition of RepliWeb, net of tax effect, equity-based compensation expenses and amortization of software development costs (see footnotes 1, 2, 3, 4 and 5 at the end of this release).
Financial Results for Full Year 2011
Total revenues increased 51% in 2011 to $15.2 million, compared to $10.1 million in 2010. This included license revenues, which increased by 75% to $8.1 million in 2011, compared to $4.6 million in 2010. RepliWeb contributed $2.8 million in total revenues and $1.3 million in license revenues in 2011.
Net operating income (loss) for 2011 was $70,000, compared to ($43,000) for 2010. Non-GAAP net operating income for 2011 was $2.2 million, compared to $1.3 million for the same period last year. Non-GAAP net operating income for 2011 excludes equity-based compensation and amortization of software development costs totaling $695,000 compared to $1.3 million for 2010, as well as $1.4 million in expenses and amortization related to the acquisition of RepliWeb (see footnotes 1, 2 and 3. at the end of this release).
Net income (loss) for 2011 decreased to ($815,000), or ($0.02) per share, from ($1,.5), or ($0.05) per share, in 2010. Net income of 2011 was negatively impacted primarily by $1.2 million in expenses and amortization associated with the acquisition of RepliWeb, net of tax effect. Non-GAAP net income (loss) for 2011 was $1.4 million compared to $802,000 in 2010.
Non-GAAP net income for 2011 excludes a total of $2.3 million in expenses and amortization related to the acquisition of RepliWeb, net of tax effect, equity-based compensation expenses, amortization of software development costs and financial expenses associated with the revaluation of conversion features related to the convertible debt and with the conversion of Company’s convertible debt (see footnotes 1, 2, 3, 4, and 5 at the end of this release).
Cash and cash equivalents were $1.5 million as of December 31, 2011, compared to $872,000 as of December 31, 2011.
Shareholders' equity increased to $5.2 million as of December 31, 2011, compared to $733,000 as of December 31, 2010.
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Forward-Looking Statement:
This release
may contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All forward-looking statements are inherently
uncertain as they are based on current expectations and assumptions concerning
future events or future performance of the company. Readers are cautioned not
to place undue reliance on these forward-looking statements, which are only
predictions and speak only as of the date hereof. Risks and uncertainties
applicable to the company and its business could cause the company's actual
results to differ materially from those indicated in any forward-looking
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