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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 May 2003
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, 333-12450 and 333-14140.
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ATTUNITY LTD
6-K Items
1. Attunity Ltd Press Release re: First Quarter 2003 Results.
Item 1
Press Release Source: Attunity
Attunity Announces First Quarter 2003 Results
Thursday May 8, 8:12 am ET
Continued Operating Profitability
Regained Compliance with Rule 4450a5
WAKEFIELD, Mass.--(BUSINESS WIRE)--May 8, 2003--Attunity Ltd. (Nasdaq NMS: ATTU
- News), a leading provider of standards-based integration middleware for
accessing mainframe, enterprise data sources and legacy applications, today
announced financial results for the first quarter ended March 31, 2003.
Total revenues in the first quarter of 2003 were $4,202,000, compared with
$4,208,000 for the same period in the prior year and compared with $4,524,000 in
the fourth quarter of 2002. Gross profit in the first quarter of 2003 was
$2,749,000 compared with gross profit of $2,793,000 for the same period in 2002.
Net income was $155,000 or $0.01 per share compared with net income of $405,000
or $0.03 per share in the first quarter of 2002.
As a result of an unfavorable decision in our lawsuit with the Special
Situations Funds and lease expenditures with respect to our lease in
Massachusetts, we were required to book non-recurring expenses in the amount of
$1,100,000 as of the fourth quarter of 2002. The net effect of booking expenses
in 2002 resulted in a $504,000 or $0.03 per share net income for 2002 and a loss
of $957,000 in the fourth quarter of 2002 or ($0.07) per share. Although the
company was required to book the award against the company, it has appealed the
decision and intends to seek a reversal of the decision.
On February 13, 2003, Attunity was advised by Nasdaq that it has fallen below
Nasdaq's continued listing standard relating to minimum share price since the
closing bid price for company's shares has closed below the minimum of $1.00 for
30 consecutive trading days. On May 5, 2003, Attunity was advised by Nasdaq that
it had regained compliance with the Rule on that matter since the closing bid
price of the Company's ordinary shares have been at $1.00 or greater for at
least 10 trading days. Nasdaq has notified the Company that this matter is now
closed.
"We are pleased with our continued profitability and cash positive operations in
such a challenging business environment. Although a few large opportunities,
particularly in Europe, have been pushed into future quarters, our overall
results speak to the stability of our market and business model," said Arie
Gonen, chairman of Attunity.
"Our market share in the IBM mainframe, HP NonStop and Microsoft BizTalk markets
is strong and growing. We offer the best connectivity middleware in the
marketplace and with the next major release of Attunity Connect later this month
will further separate us from our competition. We expect to maintain our
performance level and see things pick up again later on this year."
Highlights of Attunity's First Fiscal Quarter 2003
Customer Wins
New customers in Q1 2003 included among others Ruan Transporation, NaviMedix,
Inc., North York Community Care Access Centre, VNU, Nielsen Media Research,
BellSouth Corporation, Unisys Corporation, Israeli Police, FactSet Research
Systems, Inc., Movado Group, Parview Health System, UCSF Regents of the Univ. of
CA, Israeli Credit Card, and First Tennessee Bank.
Channel Partnerships
Avanade Inc., a premier technology integrator formed through a joint venture
between Microsoft and Accenture, signed a cooperative sales and marketing
agreement with Attunity. Through the use of the Attunity Connect Adapter Suite
for BizTalk Server, Avanade will offer a turn-key solution for mainframe and
legacy integration on the Microsoft platform, eliminating custom coding and
increasing the overall value to customers.
As a result of the close technical collaboration with Microsoft, Attunity will
be one of the select few vendors to introduce adapters to the upcoming beta
distribution of the Jupiter product. With this upcoming Microsoft release will
incorporate BizTalk integration, portal and commerce capabilities into a unified
platform which will have greater need for connectivity adapters provided by
Attunity.
Attunity will conduct a teleconference at today at 11:00am U.S. Eastern Standard
Time. To take part in the conference call, please dial (800) 299-7089 or (617)
801-9714 ten minutes prior to the 11:00 a.m. start and enter participant code
23439818. This call will also be broadcast live on www.attunity.com and an
online replay will be available approximately one hour after the call by dialing
(888) 286-8010 or (617) 801-6888 and enter participant code 9881543.
About Attunity Ltd.
Attunity(TM) 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.
The Attunity Connect product family provides standards-based access to over 35
data sources on 20 different computing platforms. Attunity Connect adapters
reside natively on each target platform and provide enterprise-class integration
capabilities such as real-time read/write access, distributed transaction
management, heterogeneous joins between relational and non-relational data
sources, and optimized query execution. Attunity Connect makes legacy systems
accessible through SQL and XML based interfaces including JDBC, ODBC, JCA, COM
and SOAP.
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.
Copyright (C) 2003 Attunity Ltd. All rights reserved.
Attunity, the Attunity logo, Application Adapter Framework, Attunity AAF,
Attunity Connect and Web Services Process Integration are trademarks of Attunity
Ltd. All other marks are the property of their respective owners.
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-FAnnual 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 Ltd.
CONSOLIDATED STATEMENTS OF OPERATION
(in thousands of US Dollars - unaudited)
Three Months Ended March 31,
2003 2002(a)
Revenues
Licenses $1,280 $1,719
Maintenance 1,757 1,479
Services 1,165 1,010
----- -----
4,202 4,208
Cost of revenues
Licenses 464 411
Maintenance 179 187
Services 810 817
----- -----
1,453 1,415
Gross profit 2,749 2,793
Operating expenses
Selling and marketing 1,581 1,273
General and administrative 470 564
Research and development, net 562 547
----- -----
2,613 2,384
Operating profit $136 409
Financial income (expenses) - net 49 (3)
Income before taxes $185 406
Income taxes (30) (1)
----- -----
$155 $405
Basic net income per share $0.01 $0.03
Weighted average number of shares
used to compute basic net income
per share 14,767 14,580
Diluted net income per share $0.01 $0.03
Weighted average number of shares
used to compute diluted net income
per share 14,785 14,580
(a) Reclassified
CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars - unaudited)
March 31, December 31,
2003 2002
ASSETS
Current Assets
Cash and cash equivalents $2,609 $2,693
Short-term deposits 106 88
Marketable securities 100 -
Accounts receivable - net 4,130 3,377
Other receivables and prepaid expenses 1,104 1,233
Total current assets 8,049 7,391
Severance Pay Fund 1,195 1,189
Fixed Assets
Cost 5,780 7,446
Less: accumulated depreciation 4,743 (6,301)
----- -----
1,037 1,145
Other assets
Intangible assets, net of accumulated
amortization 11,760 11,759
Total assets $22,041 $21,484
CONSOLIDATED BALANCE SHEETS
(in thousands of US Dollars - unaudited)
March 31, December 31,
2003 2002
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank debt $229 $175
Current maturities of long-term debt 155 205
Trade payables 663 645
Deferred revenues 2,393 1,986
Employees and payroll accruals 1,166 1,055
Accrued expenses and other
Liabilities 2,505 2,658
Total current liabilities 7,111 6,724
Long term liabilities
Long term debt 41 55
Accrued severance pay 1,640 1,625
Total long term liabilities 1,681 1,680
Shareholders equity
Share capital: Authorized 30,000,000
ordinary shares of NIS 0.1 par value
Issued and Outstanding:
14,767,432 shares at March 31, 2003
and December 31, 2002 437 437
Capital surplus 86,591 86,592
Accumulated deficit (73,186) (73,341)
Foreign currency translation adjustment (593) (608)
Total Shareholders' equity 13,249 13,080
Total liabilities and shareholders equity $22,041 $21,484
_________________
Contact:
Attunity
Dan Potter, 781/213-5204
dan.potter@attunity.com
SIGNATURE
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: May 8, 2003