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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 March 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-
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This Form 6-K is being incorporated by reference into the Company's
Form F-3 Registration Statements File Nos. 333-11972, 333-12450 and 333-14140.
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ATTUNITY LTD
6-K Items
1. Press Release re 2003 Fourth Quarter and Year End Results
Item 1
Press Release Source: Attunity Ltd.
Attunity Reports 2003 Fourth Quarter and Year End Results
Thursday March 11, 10:40 am ET
Strategic Shift to Channel Partnerships Begins to Show Positive Returns
WAKEFIELD, Mass., March 11 /PRNewswire-FirstCall/ -- Attunity Ltd. (Nasdaq: ATTU
- News), a leading provider of standards-based data integration solutions, today
reported its financial results for the fourth quarter and fiscal year ended
December 31, 2003. Revenues for the fourth quarter 2003 were $4,320,000, an
increase of 14.8% from $3,762,000 in the third quarter of 2003 and a decrease of
$204,000 or 4.5% from $4,524,000 in the fourth quarter of 2002. Gross profit for
the fourth quarter 2003 was $2,371,000, compared with $2,064,000 in the third
quarter of 2003 and $2,722,000 in the fourth quarter of 2002. Net loss for the
quarter, excluding non-recurring expenses and impairment of other assets of
$2,058,000, was ($523,000) or ($0.04) per share compared with a net profit for
the fourth quarter of 2002, excluding non- recurring expenses of $1,708,0000,
was $751,000 or $0.05 per share. Net Loss for the fourth quarter of 2003
including non-recurring expenses were ($2,581,000) or ($0.17) per share compared
with a net loss including non- recurring expenses of ($957,000) or ($0.07) per
share in the fourth quarter of 2002.
Revenues for the year ended December 31, 2003 were $16,617,000, down 4.8% from
revenues of $17,455,000 in 2002. Gross profit for 2003 was $9,538,000, compared
with $11,080,000 in 2002. Net loss for 2003, excluding non-recurring expenses
and impairment of other assets of $2,468,000, was ($488,000) or ($0.03) per
share compared with a net profit for 2002, excluding non-recurring expenses of
$1,708,0000, of $2,212,000 or $0.15 per share. Net Loss for 2003 was
($2,956,000) or ($0.20) per share compared with a net profit of $504,000 or
$0.03 per share in 2002.
Cash balances and securities on December 31, 2003 increased to $3,295,000 from
$2,781,000 on December 31, 2002. This reflects the cash profitability of 2003.
Traditionally, the Company's cash balances increases in Q1 and Q2 due to OEM and
distributor prepayments.
"The 14.8% increase in revenues from the third to fourth quarters of 2003 is a
positive indicator of our success with new channel partners, and our ability to
return to growth and profitability," said Arie Gonen, Chairman and CEO of
Attunity. "Throughout 2003, the Company focused on building new strategic
channel partnerships with industry leaders including Oracle, HP, Microsoft, IBM,
Attachmate and Cognos. These strategic partnerships will start generating
revenues for us in 2004."
"Our recent introduction of the Attunity Change Data Capture product has been
very favorably received by the market and industry analyst community. We also
announced an important new relationship with Cognos that is a tenant in our
strategy to be the leading provider of data integration for the business
intelligence market. Attunity is well positioned for continued growth and
success in 2004," said Arie Gonen.
Highlights from FY 2003
In December 2003, an investment group headed by Shimon Alon, Ron Zuckerman, Aki
Ratner and GF Capital acquired a significant ownership in the Company. In
addition, subject to shareholder approval, the group will invest an additional
$2 million in Attunity in the form of a five-year convertible debenture.
"This new investment reflects this experienced investment group's confidence in
Attunity's potential," said Mr. Gonen. "Based on their impressive track record,
I am very pleased with the investment and look forward to seeing Shimon Alon,
Ron Zuckerman and Aki Ratner contributing substantially to the continued growth
of the Company and helping us maximize the Company's potential."
Channel Partnerships
Oracle
Attunity has entered into a new OEM licensing agreement with Oracle (Nasdaq:
ORCL - News). Under the terms of the agreement, Oracle has licensed Attunity's
integration adapters to a wide range of mainframe data and transaction systems.
These adapters support the full range of capabilities of the Oracle10g
Application Server including enterprise portals, business intelligence, rapid
application development and web services.
Attachmate
Attunity entered into an OEM licensing agreement with Attachmate. Under the
terms of the agreement, Attachmate offers Attunity adapter solutions that unlock
legacy data sources for use in new IT initiatives including business
intelligence, rapid application development, enterprise portals and web
services. The Attunity adapters compliment a broad range of Attachmate host
access and integration solutions.
Cognos
Attunity has entered into a strategic partnership with Cognos (Nasdaq: COGN -
News; TSX: CSN - News), a leading provider of enterprise business intelligence
(EBI) and corporate performance management solutions. Under the terms of the
agreement, Cognos has certified Attunity's standards-based legacy integration
product, Attunity Connect(TM), and the companies are collaborating in joint
sales and marketing activities.
Microsoft
In 2003, Microsoft (Nasdaq: MSFT - News) appointed Attunity as one of only five
"Validated Adapter Partners" for the Microsoft BizTalk server product. Attunity
has worked with Microsoft globally to enable customers to integrate enterprise
applications with legacy data using Attunity Connect(TM) and Microsoft BizTalk.
As a result of Attunity's participation in Microsoft's early adapter program for
BizTalk Server 2004, the Company recently became the first adapter partner to
pass the strict certification program administered by Unisys to assure
interoperability with the new Microsoft product.
IBM
Attunity and IBM recently announced a cooperative sales and marketing
partnership for Attunity Connect(TM) adapters for IBM WebSphere Application
Servers. Attunity Connect(TM) provides a comprehensive pre-built adapter
library, support for WebSphere interfaces including J2EE Connector Architecture
(JCA), and the Attunity Studio plug-in to IBM WebSphere Studio to increase user
productivity and ease of use. The companies also announced the certification of
Attunity Connect(TM) with IBM's DB2 Information Integrator product and
cooperative sales and marketing efforts related to Enterprise Information
Integration (EII) initiatives.
New Customer Wins 2003
Highlights of Attunity's new global customers in 2003 include: Accuweather,
BellSouth Corporation, Credit Lyonnais, Daewoo Securities, Fidelity Investments,
First Tennessee Bank, Inova Health Systems, Kettering Medical Center, Bank
Leumi, Lloyds of London, Medtronic, Movado Group, Nicor Gas Company, The
Pampered Chef, Papeteries de la Couronne, Queensland Press, Ruan Transportation,
Shanghai Mobile, Shenzen Stock Exchange, Sprint, the State of Kansas, the State
of Utah, Sungard, Unisys Corporation, Valassis, Visa USA, Inc, VNU Nielsen Media
Research, and Wesfarmers.
Attunity Product Highlights
Attunity Change Data Capture
The Company recently introduced Attunity Change Data Capture, to provide
'right-time' access and movement for mainframe and legacy data. Using Attunity
CDC, enterprises now have a flexible and robust solution for accessing and
delivering corporate data at any time interval and to any user or application.
Attunity Studio
The Attunity Studio facilitates the design, configuration and management of
adapters to legacy data sources and applications. With a market-leading level of
ease of use, the Attunity Connect(TM) Studio enables enterprises to leverage
their existing systems faster and with greater reuse.
Attunity Web Services Gateway
The Attunity Web Services Gateway provides simple definition and seamless
deployment of legacy functions as standard Web Services. The Web Services
Gateway is an integrated component of the Attunity Connect(TM) product family
and works with all the Attunity Adapters to provide a single, unified solution.
Attunity Connect(TM) for Microsoft BizTalk Server 2004
The Attunity Connect Adapter Suite passed the certification program established
by Microsoft and administered by Unisys, to test and validate interoperability
for Microsoft BizTalk Server 2004; Attunity was the first ISV (Independent
Service Provider) to receive the certification. The Attunity Connect Adapter
Suite for Microsoft BizTalk Server 2004 extends the reach of BizTalk Server 2004
to mainframe, host and legacy data sources.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Year ended Quarter ended
December 31, December 31,
2003 2002(*) 2003(*) 2002(*)
Revenues
Products $6,045 $6,931 $1,576 $1,601
Maintenance 5,832 6,057 1,353 1,615
Services 4,740 4,467 1,391 1,308
16,617 17,455 4,320 4,524
Cost of revenues
Products 2,094 1,878 634 624
Maintenance 801 715 223 192
Services 4,184 3,782 1,092 986
7,079 6,375 1,949 1,802
Gross profit 9,538 11,080 2,371 2,722
Operating expenses
Research and development Expenses, Net 1,491 1,438 420 334
Selling & Marketing Expenses 5,938 5,369 1,617 1,243
General & Administrative Expenses 2,749 1,938 1,022 330
Non-recurring expenses 925 1,708 515 1,708
Impairment of other assets 1,543 1,543
Operating Profit (loss) (3,108) 627 (2,746) (893)
Financial income, Net 236 141 186 136
Profit (loss) before Income taxes (2,872) 768 (2,560) (757)
Taxes on income (84) (264) (21) (200)
Net profit (loss) $(2,956) $504 $(2,581) $(957)
Profit (loss) per share $(0.20) $0.03 $(0.17) $(0.07)
Number of shares 14,767 14,725 14,767 14,697
(*) Reclassified
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2003 2002
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $2,073 $2,693
Restricted cash 902
Short-term deposit 120 88
Marketable securities 200 --
Trade Receivables, net 2,845 3,377
Other Receivables 1,006 1,233
Total Current Assets 7,146 7,391
SEVERANCE PAY FUND 1,592 1,189
PROPERTY, PLANT AND EQUIPMENT, NET 926 1,145
OTHER ASSETS, NET 10,196 11,759
$19,860 $21,484
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Bank Debt $206 $175
Current maturities of long term loans 102 205
Trade Payables 583 645
Deferred revenues 2,090 1,986
Employee and payroll accruals 1,239 1,055
Accrued expenses and other liabilities 3,479 2,658
Total Current Liabilities 7,699 6,724
LONG TERM LIABILITIES
Long term debt 99 55
Accrued Severance Pay 1,941 1,625
Total Long Term Liabilities 2,040 1,680
SHAREHOLDERS' EQUITY
Share Capital 525 525
Additional Paid in Capital 86,504 86,504
Accumulated other comprehensive loss (611) (608)
Accumulated Deficit (76,297) (73,341)
Total Shareholder's Equity 10,121 13,080
$19,860 $21,484
Attunity has scheduled a conference call and simultaneous web-cast today at
11:00 am EST. The call will be hosted by Ari Gonen, Chairman & CEO of Attunity,
and Ofer Segev, CFO of Attunity, to discuss the Company's operating results. To
access the live web-cast simply go to the link below approximately 1 minute
prior to the call.
http://orion.calleci.com/servlet/estreamgetevent?id=3423&folder=webstream
About Attunity Ltd.
Attunity is a leading provider of standards-based integration middleware for
accessing mainframe, enterprise data sources and legacy applications. Founded in
1987 and traded on the NASDAQ exchange, Attunity's worldwide operations support
over 1,000 direct end-users including many of the Fortune 1000. Through
distribution and OEM agreements with global-class partners such as Oracle and
HP, Attunity-based solutions are deployed on tens of thousands of systems
worldwide. Attunity's products are available through direct sales and support
offices in the United States, the United Kingdom, France, Israel, the People's
Republic of China, and Australia, as well as distributors in Japan, S.E. Asia,
Europe and Latin America. For more information, visit www.attunity.com or email
info@attunity.com.
This press release contains forward-looking statements that are subject to risks
and uncertainties. Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, general
business conditions in the industry, product technology developments, market
acceptance of our products and continuing product demand, the impact of
competitive products and pricing, changing economic conditions, release and
sales of new products by strategic resellers and customers, changes in demand
for products, the timing and amount or cancellation of orders and other risks
detailed from time to time in our filings with the Securities Exchange
Commission, including our Form 20-F Annual Report. These documents contain and
identify other important factors that could cause actual results to differ
materially from those contained in our projections or forward-looking
statements. Stockholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly or revise any
forward-looking statement.
Attunity Connect is a trademark of Attunity.
[GRAPHIC OMITTED]
Source: Attunity Ltd.
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
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(Registrant)
By: /s/Arie Gonen
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Chairman
Date: March 11, 2004