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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2004
ATTUNITY LTD
(Name of Registrant)
Einstein Building, Tirat Carmel, Haifa, Israel 39101
(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__
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):__
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):__
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__ 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 Company's
Form F-3 Registration Statements File Nos. 333-11972 and 333-14140.
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ATTUNITY LTD
6-K Items
1. Press Release re Attunity Announces Third Quarter 2004 Results dated
October 28, 2004.
Item 1
Press Release Source: Attunity, Ltd.
Attunity Announces Third Quarter 2004 Results
Thursday October 28, 4:00 pm ET
WAKEFIELD, Mass.--(BUSINESS WIRE)--Oct. 28, 2004--Attunity, Ltd.
(NASDAQ: ATTU - News), a leading provider of enterprise data integration
software, today reported its financial results for the third quarter ended
September 30, 2004.
Total revenues for the third quarter 2004 were $3,869,000, an increase of 2.8%
from $3,762,000 in the third quarter of 2003. Gross profit for the third quarter
2004 was $2,145,000, compared with $2,063,000 in the third quarter of 2003. Net
loss was $2,656,000 or $0.17 per share in the third quarter of 2004 compared
with net loss of $318,000 or $0.02 per share in the third quarter of 2003.
In the third quarter the company has taken a one-time charge of $1,645,000
related to the termination of its CEO and other executives.
Total revenues in the first nine months of 2004 increased 7.5% to $13,222,000
from $12,297,000 for the same period in the prior year. Gross profit in the
first nine months of 2004 was $7,677,000 compared with gross profit of
$7,166,000 for the same period in 2003. Net loss in the first nine months of
2004 was $2,910,000 or $0.19 per share, compared to net loss of $375,000 or
$0.03 per share in the first nine months of 2003.
"The last quarter has been a period of transition for the company," said Aki
Ratner, Chief Executive Officer of Attunity. "In addition to my accepting the
position of CEO in the middle of the quarter, we have also made other
significant changes to the leadership of the company--including the hiring of a
new VP EMEA, VP R&D, and VP Finance. Over the last two months I was pleased to
find a very large and loyal customers base who are successfully using our
products; a growing marketplace and channel partners that need our products; and
very talented employees."
"In order to build a strong and growing company, our focus is on better
execution. We have begun to aggressively implement new strategies in our sales
operation to more effectively sell both direct and through our channel partners,
and to better capitalize on our distributors in rapidly emerging markets
including Japan and China. We will also introduce new products to expand our
market opportunities and sell more into our existing customer base."
"To grow the EMEA market, Attunity has appointed Dirk Craen as the Vice
President for the territory. Dirk brings over 20 years of successful IT sales
and executive management experience from companies including Precise Software,
Olivetti and Hewlett Packard. As part of the EMEA restructuring, Attunity has
also filled key executive and sales positions throughout the region."
"The operational loss this past quarter is a reflection of our commitment to
invest for the future and our confidence in our ability to significantly grow
our business. With our typical sales cycle of approximately six months, we
believe the improvements we are making in execution across the company will
begin to yield results in the next few months," said Mr. Ratner.
Highlights of Attunity's Third Quarter 2004
Through the new Attunity products introduced last quarter and recent channel
partner agreements, Attunity is rapidly gaining momentum as the vendor of choice
for real-time data integration for business intelligence. Attunity announced an
expansion of the relationship with Microsoft to provide EII capabilities for
Microsoft SQL Server 2000 Reporting Services to reach the massive installed base
of SQL Server users. Attunity also announced a reseller agreement with
Hummingbird to provide real-time data integration with the Hummingbird
Integration Suite.
Other new partnerships announced this quarter include Motorola, who entered into
reseller agreement with Attunity to extend the capabilities of its Premier
Computer-Aided Dispatch ("Premier CAD") application.
Attunity Conference Call
The company has scheduled a conference call and simultaneous Webcast at 5:00 pm
EDT on Thursday October 28. To participate in the call, U.S. callers can dial
(866) 761-0748 and international callers can dial +1 (617) 614-2706 and entering
the passcode 60423907 five minutes prior to the start time. The call will be
available for replay through Monday, Nov. 4, 2004 by dialing (888) 286-8010, or
+1 (617) 801-6888, and entering the passcode 26611970. This call will also be
broadcast live on www.attunity.com. An online replay will be available
approximately two hours after the call.
About Attunity Ltd.
Attunity is a leading provider of enterprise data integration software. Using
Attunity's products, companies can seamlessly connect to data sources, stream
data changes across the enterprise, and federate heterogeneous information to
achieve a single view of their business. Employing a unique distributed
architecture, Attunity software runs natively on enterprise data servers,
turning locked data silos into an efficient Information Grid. The result is
significantly enhanced performance and reduced cost of ownership.
More then a 1000 customers are using Attunity software world-wide for data
integration initiatives such as service-oriented integration to the mainframe as
part of EAI projects, legacy data access for business intelligence and
reporting, real-time and efficient ETL based on change data capture, and single
customer views from disparate information sources. Also, Attunity is a trusted
partner for industry leaders like Oracle and HP who embed Attunity software into
their products and solution offerings.
Safe Harbor Statement
Certain statements in this press release are forward-looking statements. Because
such statements deal with future events, they are subject to various risks and
uncertainties and actual results could differ materially from Attunity 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
discussed in Attunity's Report on Form 20-F for the year ended December 31,
2003, which is on file with the Securities and Exchange Commission. Attunity
assumes no obligation to update information concerning its expectations.
ATTUNITY Ltd
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30 December 31
2004 2003
--------------------------
ASSETS
Current Assets
Cash and Cash Equivalents $3,418 $2,073
Restricted Cash 70 902
Short-Term Deposits 133 120
Marketable Securities - 200
Trade Receivables, net 2,288 2,845
Other Receivables 1,078 1,006
--------------------------
Total Current Assets 6,987 7,146
--------------------------
SEVERANCE PAY FUND 1,263 1,592
--------------------------
PROPERTY, PLANT and EQUIPMENT, net 926 926
--------------------------
OTHER ASSETS, net 10,577 10,548
--------------------------
--------------------------
$19,753 $20,212
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LIABILITIES AND SHAREHOLDER EQUITY
CURRENT LIABILITIES
Short-Term Bank Debt $- $206
Current Maturities of Long-Term Loans 46 102
Trade Payables 744 583
Deferred Revenues 2,754 2,090
Employee and Payroll Accruals 964 1,239
Accrued Expenses and other
Liabilities 2,743 3,479
--------------------------
Total Current Liabilities 7,251 7,699
--------------------------
LONG-TERM LIABILITIES
Long-Term Debt 287 99
Accrued Severance Pay 1,675 1,941
--------------------------
Total Long-Term Liabilities 1,962 2,040
--------------------------
SHAREHOLDERS' EQUITY
Share Capital 538 525
Additional Paid-In Capital 89,532 86,504
Accumulated Other Comprehensive Loss (323) (259)
Accumulated Deficit (79,207) (76,297)
--------------------------
Total Shareholder's Equity 10,540 10,473
--------------------------
--------------------------
$19,753 $20,212
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ATTUNITY Ltd
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per-share amounts)
Three Months ended Nine Months ended
Sept. 30 Sept. 30
2004 (a)2003 2004 (a)2003
------------------ ------------------
REVENUES
Products $1,370 $1,272 $5,560 $4,469
Maintenance & Support 1,428 1,428 4,256 4,479
Services 1,071 1,062 3,406 3,349
------------------ ------------------
3,869 3,762 13,222 12,297
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COST OF REVENUES
Products 535 516 1,655 1,460
Maintenance & Support 237 201 722 578
Services 952 982 3,168 3,093
------------------ ------------------
1,724 1,699 5,545 5,131
------------------ ------------------
GROSS PROFIT 2,145 2,063 7,677 7,166
OPERATING EXPENSES
Research & Development,
net 335 355 1,011 1,071
Selling & Marketing 2,025 1,384 5,667 4,321
General & Administrative 659 521 1,946 1,726
Termination of Management
& others 1,645 - 1,645 -
Lawsuit - - - 410
------------------ ------------------
Operating Loss (2,519) (197) (2,592) (362)
Financial Income (expenses), net (113) (97) (239) 50
------------------ ------------------
Loss before Income Taxes (2,632) (294) (2,831) (312)
Taxes on Income (24) (24) (79) (63)
------------------ ------------------
------------------ ------------------
Net loss ($2,656) $(318) $(2,910) $(375)
------------------ ------------------
Basic loss per Share ($0.17) $(0.02) $(0.19) $(0.03)
Number of Shares Used in
computing per share amounts 15,220 14,767 15,094 14,767
(a) Reclassified
_____________
Contact:
Attunity
Stefan Wennik, 781-213-5218
stefan.wennik@attunity.com
or
fama PR
Kate Aldinger, 617-758-4147
attunity@famapr.com
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
(Registrant)
By: /s/Ofer Segev
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Ofer Segev
Chief Financial Officer
Date: October 29, 2004