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Attunity Reports Fourth Quarter and Full Year 2012 Financial Results



     Attunity Reports Fourth Quarter and Full Year 2012 Financial Results

Non-GAAP net income increased 100% in the fourth quarter of 2012; License
revenues increased 34% in the fourth quarter of 2012

PR Newswire

BURLINGTON, Massachusetts, January 30, 2013

BURLINGTON, Massachusetts, January 30, 2013 /PRNewswire/ --

Attunity, Ltd. (NASDAQ CM: ATTU), a leading provider of information
availability software solutions, today reported its unaudited financial
results for the three month period and year ended December 31, 2012.

Financial Highlights for the Fourth Quarter of 2012

  o Total revenues increased 24% to $7.1 million in the fourth quarter of
    2012, compared to $5.7 million for the same period last year
  o License revenues increased 34% to $4.3 million in the fourth quarter of
    2012, compared to $3.2 million for the same period last year
  o Operating income increased to $0.9 million in the fourth quarter of 2012,
    compared to an operating loss of ($14,000) for the same period last year  
  o Non-GAAP operating income increased 82% to $1.4 million in the fourth
    quarter of 2012, compared to $0.8 million for the same period last year
  o Net income increased to $1.1 million in the fourth quarter of 2012,
    compared to a loss of ($0.4) million for the same period last year
  o Non-GAAP net income increased 100% to $1.5 million in the fourth quarter
    of 2012, compared to $0.7 million for the same period last year

Financial Highlights for the Year Ended December 31, 2012

  o Total revenues increased 68% to $25.5 million in 2012, compared to $15.2
    million in 2011
  o License revenues increased 77% to $14.4 million in 2012, compared to $8.1
    million in 2011
  o Operating income increased to $2.5 million in 2012, compared to $70,000 in
    2011
  o Non-GAAP operating income increased 97% to $4.4 million in 2012, compared
    to $2.2 million in 2011
  o Net income increased to $1.5 million in 2012, compared to a loss of $0.8
    million in 2011
  o Non-GAAP net income increased 175% to $4.1 million in 2012, compared to
    $1.5 million in 2011
  o Shareholders' equity increased to $9.6 million as of December 31, 2012
    compared to $5.2 million as of December 31, 2011

Recent Operational Highlights

  o Record quarterly revenues in the fourth quarter of 2012 for Attunity
    Replicate, partially attributable to signing major customer agreements
    across all regions and several industries, including a leading global
    semiconductor corporation, a large financial services institution, several
    healthcare organizations and a leading online E-commerce vendor. Closed
    several competitive wins with Attunity Replicate for EMC Greenplum for Big
    Data analytics, as well as for Oracle Exadata.
  o Launched commercial availability of Attunity CloudBeam, a fully-managed
    data transfer platform, with several solutions for Amazon Web Services
    (AWS) cloud storage.
  o Introduced new solution for Hadoop to accelerate Big Data collection and
    integration based on Attunity Managed File Transfer (MFT) software.

"We are excited to report a 100% increase in non-GAAP net income for the
fourth quarter, which was driven by a 34% increase in license revenues.  This
quarter's financial results reflect a surge in demand for both Attunity
Replicate and Attunity MFT solutions as we continue to increase our sales and
marketing efforts, and continue to ramp up several strategic partnerships and
strategic alliances," stated Shimon Alon, Chairman and CEO of Attunity. "Since
launching Attunity Replicate earlier this year, we have closed over 20 deals
worldwide across several industries, including financial services,
semiconductor, and healthcare.  As a result, Attunity Replicate is now
recognized as a leading replication software solution for customers and
partners with Big Data initiatives."

"Since launching Attunity Replicate, our collaborations with leading data
warehouse vendors gave us the ability to sell into their extensive customer
bases and led directly to closing new customer agreements. We expect to close
additional deals with these large scale data warehouse companies in the
upcoming quarters. For example, our EMC Greenplum integration presented us
with important opportunities, closing some this quarter and targeting others
in 2013."

"In regards to our Cloud initiatives, the CloudBeam SaaS product for AWS has
become commercially available. During Amazon's re:Invent Conference in
November 2012, Amazon highlighted Attunity CloudBeam's ability to transfer and
move data between different cloud regions, data backup, recovery and
migration. We believe Amazon's detailed explanation of our technologies at
this conference served as a testament to the critical need of our solutions
for Amazon's customers."

Mr. Alon concluded, "We plan to expand our solutions with partners in the Big
Data and Cloud markets, both adding new solutions with existing partners as
well as developing new partnerships. Accordingly, we expect to increase our
customer base, cultivate existing customers and partnerships, and expand our
marketing and sales efforts to serve the growing market in 2013."

Financial Results for Q4 2012

Total revenues for the fourth quarter of 2012 increased 24% to $7.1 million,
compared to $5.7 million for the same period of 2011. This included license
revenues for the fourth quarter of 2012, which increased 34% to $4.3 million,
compared to $3.1 million for the same period of 2011.

Operating income for the fourth quarter of 2012 was $919,000, compared to an
operating loss of ($14,000) for the same period of 2011.

Non-GAAP operating income for the fourth quarter of 2012 was $1,395,000,
compared to $767,000 for the same period last year. Non-GAAP operating income
for the fourth quarter of 2012 excludes equity-based compensation and
amortization of software development costs totaling $264,000, compared to
$196,000 for the same period last year; and $212,000 in amortization and
expenses related to the acquisition of RepliWeb, compared to $585,000 for the
same period last year (see footnotes 1 and 2 at the end of this release).

Net income for the fourth quarter of 2012 was $1,060,000, or $0.09 per diluted
share, compared to a loss of ($412,000), or ($0.04) per diluted share
(adjusted to reflect the recent reverse stock split), in the fourth quarter of
2011.

Non-GAAP net income for the fourth quarter of 2012 was $1,453,000, compared to
$727,000 for the same period last year. Non-GAAP net income for the fourth
quarter of 2012 excludes a total of $393,000 in expenses and amortization,
including $36,000 of financial income associated with the revaluation of
liabilities presented at fair value (attributed mainly to the rise of our
share price) and the revaluation of the conversion feature related to the
company's convertible debt; $212,000 in amortization and expenses associated
with acquisition of RepliWeb; and $256,000 in expenses related to stock based
compensation (see footnotes 1,2 and 3 at the end of this release).

See "Use of Non-GAAP Financial Information" below for more information
regarding Attunity's use of Non-GAAP financial measures.

Financial Results for Full Year 2012

Total revenues increased 68% in 2012 to $25.5 million, compared to $15.2
million in 2011.  This included license revenues, which increased by 77% to
$14.4 million in 2012, compared to $8.1 million in 2011.

RepliWeb contributed $9.5 million in total revenues and $4.4 million in
license revenues in 2012, compared to $2.8 million and $1.3 million,
respectively, in 2011, starting from the second half of September 2011.  

Operating income for 2012 was $2,518,000 compared to an operating income of
$70,000 for 2011. Non-GAAP net operating income for 2012 was $4.4 million,
compared to $2.2 million for 2011. Non-GAAP net operating income for 2012
excludes equity-based compensation and amortization of software development
costs totaling $895,000 compared to $695,000 for 2011, as well as $952,000 in
expenses and amortization related to the acquisition of RepliWeb, compared to
$1.5 million for 2011 (see footnotes 1 and 2 at the end of this release).

Net income for 2012 was $1,486,000, or $0.12per diluted share, compared to a
loss of $(815,000) for 2011, or ($0.09) per share, in 2011. Net income for
2012 was negatively impacted primarily by $0.9 million in expenses and
amortization associated with the acquisition of RepliWeb, net of tax effect,
compared to $0.8 million of similar expenses in 2011.

Non-GAAP net income for 2012 was $4.1 million compared to $1.5 million in
2011. Non-GAAP net income for 2012 excludes a total of $2.6 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 convertible debt and liabilities presented at
fair value (see footnotes 3 at the end of this release).

See "Use of Non-GAAP Financial Information" below for more information
regarding Attunity's use of Non-GAAP financial measures.

Cash and cash equivalents were $3.8 million as of December 31, 2012, compared
to $1.5 million as of December 31, 2011.

Shareholders' equity increased to $9.6 million as of December 31, 2012,
compared to $5.2 million as of December 31, 2011.  

Outlook

For 2013, the Company expects revenue to grow by approximately 20%, compared
to 2012.  This growth is expected to occur primarily in the second half of
2013. Additionally, we expect non-GAAP operating margin to range between 17%
and 18%.  

We expect to continue providing annual guidance regarding revenues and
Non-GAAP operating profit margin in future periods.

Financial Reconciliation to NON-GAAP figures:

                                                              From   To

    GAAP Operating Profit Margin                               10%   11%
    Equity based compensation                                 4.5%  4.5%
    Amortization Associated with the acquisition of RepliWeb  2.5%  2.5%
    Non-GAAP Operating Profit margin (*)                       17%   18%

    (*) Non GAAP Operating Profit Margin is calculated by dividing the Non GAAP
        Operating Profit by the total revenues for the period.

 

Attunity Analyst and Investor Day Information

The company's management team will host an Analyst and Investor Day tomorrow,
January 31, 2013 at 8:30 a.m. Eastern Time in New York City. The event will
also feature select key opinion leaders from the Cloud and Big Data industries
and Attunity's strategic partners.

A recording of the presentations will be available after the event, through
the events and investor relations sections of Attunity's website,
http://www.attunity.com, and at http://www.kcsa.com, the content of which is
not part of this press release.

Conference Call Information

The Company's management will host a conference call today, January 30, 2013,
at 10:00 a.m. Eastern Time. The dial-in numbers for the conference call are
1-866-691-3082 (U.S. Toll Free), +1-800-358-8709 (International) or
072-273-3197 (Israel) All dial-in participants must use the following code to
access the call: 4589849. Please call at least five minutes before the
scheduled start time.

The conference call will be available via webcast and can be accessed through
the Events section of Attunity's website, http://www.attunity.com/events, and
http://www.kcsa.com, the contents of which are not part of this press release.
Please allow extra time prior to the call to visit the site and download any
necessary software to listen to the Internet broadcast.

For interested individuals unable to join the conference call, a replay of the
call will be available through February 28, 2013 at 1-800-406-7325 (U.S. Toll
Free), +1-303-590-3030 (International) or 072-273-3198 (Israel) . Participants
must use the following code to access the replay of the call: 4589849. The
online archive of the webcast will be available on
http://www.attunity.com/events or http://www.kcsa.com for 30 days following
the call.

About Attunity

Attunity is a leading provider of information availability software solutions
that enable access, sharing and distribution of data, including Big Data,
across heterogeneous enterprise platforms, organizations, and the cloud. Our
software solutions include data replication, change data capture (CDC), data
connectivity, enterprise file replication (EFR) and managed-file-transfer
(MFT). Using Attunity's software solutions, our customers enjoy significant
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.

Attunity has supplied innovative software solutions to its enterprise-class
customers for nearly 20 years and has successful deployments at thousands of
organizations worldwide. Attunity provides software directly and indirectly
through a number of partners such as Microsoft, Oracle, IBM and HP.
Headquartered in Boston, Attunity serves its customers via offices in North
America, Europe, and Asia Pacific and through a network of local partners. For
more information, visit http://www.attunity.com or our In Tune blog and join
our community on Twitter, Facebook, LinkedIn and YouTube, the content of which
is not part of this press release.

Use of Non-GAAP Financial Information

In addition to reporting financial results in accordance with U.S. generally
accepted accounting principles, or GAAP, Attunity uses Non-GAAP measures of
net income,  operating income, operating profit margin and net income per
share, which are adjustments from results based on GAAP to exclude expenses
and amortization associated with the acquisition of RepliWeb net of related
tax, non-cash equity based compensation charges in accordance with ASC 718,
amortization of software development costs in accordance with ASC 985-20, and
non-cash financial expenses such as revaluation effect of liabilities
presented at fair value and convertible debt inducement expenses. Attunity's
management believes the non-GAAP financial information provided in this
release is useful to investors' understanding and assessment of Attunity's
on-going core operations and prospects for the future. Management uses both
GAAP and non-GAAP information in evaluating and operating its business
internally and as such has determined that it is important to provide this
information to investors. The presentation of this non-GAAP financial
information is not intended to be considered in isolation or as a substitute
for results prepared in accordance with GAAP.

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 other Federal Securities laws. Statements preceded by, followed
by, or that otherwise include the words "believes", "expects", "anticipates",
"intends", "estimates", "plans", and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and "could" are
generally forward-looking in nature and not historical facts. For example,
when we discuss our expectation to close additional deals with large scale
data warehouse companies in the upcoming quarters, when we discuss our plan to
expand our solutions with partners in the Big Data and Cloud markets, when we
discuss our expectation to increase our customer base and expand our marketing
and sales efforts to serve the growing market in 2013, when we discuss our
expectation for revenue growth and Non GAAP operating profit margin in 2013,
when we discuss our expectation to continue providing annual guidance, we are
using a forward-looking statement. 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:
our reliance on strategic relationships with our distributors, OEM and VAR
partners, including Microsoft; risks and uncertainties relating to
acquisitions, including costs and difficulties related to integration of
acquired businesses; our liquidity challenges and the need to raise additional
capital in the future; timely availability and customer acceptance of
Attunity's new and existing products, including Attunity Replicate; 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 products; 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; 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/A for the year ended December 31, 2011, which is on file
with the Securities and Exchange Commission (SEC) and the other risk factors
discussed from time to time by Attunity in reports filed or furnished to the
SEC. Except as otherwise required by law, Attunity undertakes no obligation to
publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

© 2013 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity
Inc.

                           CONSOLIDATED BALANCE SHEETS
                            U.S. dollars in thousands

                                                 December 31,     December 31,
                                                     2012             2011

                                                  Unaudited         Audited
    ASSETS

    CURRENT ASSETS:
    Cash and cash equivalents                  $        3,778   $        1,484
    Restricted cash                                         -              362
    Trade receivables (net of allowance for
    doubtful accounts of $15 at December 31,
    2012 and December 31, 2011)                         3,671            1,988
    Other accounts receivable and prepaid
    expenses                                              323              158

    Total current assets                       $        7,772   $        3,992

    LONG-TERM ASSETS:
    Other long term assets                                 93               72
    Severance pay fund                                  2,880            2,684
    Property and equipment, net                           423              380
    Intangible assets ,net                              1,870            2,854
    Goodwill                                           13,094           13,011

    Total long-term assets                     $       18,360   $       19,001

    Total assets                               $       26,132   $       22,993

                           CONSOLIDATED BALANCE SHEETS
                   U.S. dollars in thousands except share data

                                                    December        December
                                                       31,             31,
                                                      2012            2011

    LIABILITIES AND SHAREHOLDERS' EQUITY            Unaudited        Audited
    CURRENT LIABILITIES:
    Current maturities of long-term
    convertible debt                             $           -   $         835
    Current maturities of long-term debt                     -             115
    Trade payables                                         316             452
    Deferred revenues                                    4,759           5,197
    Employees and payroll accruals                       2,589           2,151
    Accrued expenses and other current
    liabilities                                          1,220           1,906
    Bifurcated conversion feature , presented
    at fair value                                            -             227
    Payment obligation                                   1,934               -

    Total current liabilities                    $      10,818   $      10,883

    LONG-TERM LIABILITIES:
    Contingent payment obligation                            -           1,669
    Long term deferred tax liability, net                   54             352
    Other long-term liabilities                             91             388
    Long term deferred revenues                            888             536
    Liabilities presented at fair value                    730             510
    Accrued severance pay                                3,989           3,467

    Total long-term liabilities                  $       5,752   $       6,922

    SHAREHOLDERS' EQUITY:
    Share capital - Ordinary shares of NIS 0.4
    par value -                                          1,270           1,146
    Authorized: 32,500,000 shares at December
    31, 2012 and December 31, 2011 Issued and
    outstanding: 10,919,930 shares at December
    31, 2012 and 9,987,777 shares at December
    31, 2011                                                 -
    Additional paid-in capital                         110,318         107,572
    Accumulated other comprehensive loss                  (672)           (690)
    Accumulated deficit                               (101,354)       (102,840)

    Total shareholders' equity                           9,562           5,188

    Total liabilities and shareholders' equity   $      26,132   $      22,993

    *)On July 19 2012, the Company effected a reverse stock split of the Company's
      ordinary shares of four (4) for one (1).
      The earning per share amounts and the share data presented for all prior periods
      were restated to reflect the effects of the reverse stock split.

 

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                U.S. dollars in thousands, except per share data


                                        Year ended             3 months ended
                                        December 31,             December 31,
                                      2012        2011         2012        2011
                                 Unaudited     Audited    Unaudited     Audited

    Software licenses          $    14,437   $   8,140  $     4,253   $   3,182
    Maintenance and services        11,042       7,029        2,814       2,530

    Total revenue                   25,479      15,169        7,067       5,712
    Operating expenses:
    Cost of revenues                 2,356       1,453          609         729
    Research and development         7,748       4,960        1,921       1,999
    Selling and marketing            9,833       5,851        2,868       2,275
    General and administrative       3,024       2,835          750         723

    Total operating expenses        22,961      15,099        6,148       5,726

    Operating Income / (Loss)        2,518          70          919         (14)

    Financial expenses , net         1,241       1,284          196         918

    Income / (loss) before
    income taxes                     1,277      (1,214)         723        (932)

    Tax benefit                       (209)       (399)        (337)       (520)

    Net income / (loss)        $     1,486   $    (815)  $    1,060   $    (412)

    Basic net income / (loss)
    per share                  $      0.14   $   (0.09) $      0.10   $   (0.04)
    Weighted average number of
    shares used in computing
    basic net income / (loss)
    per share                       10,716       8,662       10,658       9,544

    Diluted net income /
    (loss) per share           $      0.12   $   (0.09) $      0.09   $   (0.04)
    Weighted average number of
    shares used in computing
    diluted net income /
    (loss) per share                12,245       8,662       12,248       9,544

    *) On July 19, 2012, the Company effected a reverse stock split of the Company's
       ordinary shares of four (4) for one (1).
       The earning per share amounts and the share data presented for all prior periods
       were restated to reflect the effects of the reverse stock split.

 

 

                 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                            U.S. dollars in thousands

                                                             Year ended
                                                            December 31,
                                                         2012          2011
                                                       Unaudited     Audited

    Net income / (loss)                              $     1,486   $     (815)

    Other comprehensive income /(loss):
    Foreign currency translation adjustment                   18          115

    Net change in accumulated comprehensive income   $        18   $      115

    Comprehensive income / (loss)                    $     1,504   $     (700)

 

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            U.S. dollars in thousands

                                                          Year Ended
                                                December 31,      December 31,
                                                    2012              2011
                                                 Unaudited          Audited

    Cash flows activities:
    Net Income / (loss)                       $        1,486    $         (815)
    Adjustments required to reconcile net
    income / (loss) to net cash provided by
    operating activities:
    Depreciation                                         255               123
    Expenses related to RepliWeb's employees
    in connection with the acquisition                     -               139
    Stock based compensation                             736               359
    Amortization of intangible assets                    984               843
    Fair value of guarantee associated with
    short term loan                                                         49
    Accretion of payment obligation                      265                75
    Convertible debt inducement expenses                 108               202
    Increase in accrued severance pay, net               326                40
    Increase in trade receivables                     (1,683)             (453)
    Decrease (increase) in other accounts
    receivable and prepaid expenses                     (165)              537
    Increase in other long term assets                   (21)             (174)
    Decrease in trade payables                          (136)             (370)
    Decrease in deferred revenues                        (86)            2,228
    Increase in employees and payroll accruals           438               785
    Increase (decrease) in accrued expenses
    and other liabilities                               (814)              882
    Excess tax benefit from stock based
    compensation                                          40                 -
    Revaluation of restricted cash                         -               (16)
    Change in liabilities presented at fair
    value                                                706               589
    Change in deferred taxes, net                       (321)             (774)
    Change in other long term liabilities               (186)                -
    Net cash provided by operating
    activities                                $        1,932             4,249

    Cash flows from investing activities:
    Purchase of property and equipment                  (298)             (161)
    decrease (increase) of restricted cash               362              (100)
    Cash paid in connection with the
    acquisition , net of acquired cash                     -            (2,424)

    Net cash provided by / (used in)
    investing activities                      $           64            (2,685)

    Cash flows from financing activities:

    Receipt of short term bridge loan to
    finance the acquisition                                -             3,000
    Repayment of bridge loan                               -            (3,000)
    Proceeds from exercise of stock
    options, warrants and rights                         577               287
    Receipt of long term loan                              -                57
    Repayment of long-term debt                         (115)           (1,046)
    Repayment of convertible debt                       (138)             (245)
    Repayment of convertible debt
    Excess tax benefit from stock based
    compensation                                          40                 -
    Net cash provided by (used in)
    financing activities                      $          364              (947)

    Foreign currency translation
    adjustments on cash and cash
    equivalents                                          (66)               (5)

    Increase in cash and cash equivalents              2,295               612
    Cash and cash equivalents at the
    beginning of the period                            1,484               872

    Cash and cash equivalents at the end of
    the period                                $        3,779    $        1,484

    Supplemental disclosure of cash flow
    activities:
    Cash paid during the period for:
    Interest                                  $          225    $           63

    Income tax                                $          298    $            -

    Non cash activity
    Conversion of convertible debt and
    bifurcated conversion feature             $        1,202             1,144
    Liability related to warrants allocated
    to equity                                            206
                                                       1,408             1,144

    Issuance of shares related to the
    acquisition of RepliWeb                   $            -    $        2,533

                  RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
                        U.S. dollars in thousands, except per share data

                                             Year ended            3 months ended
                                             December 31,            December 31,
                                           2012        2011        2012        2011
                                        Unaudited    Audited   Unaudited     Audited

        GAAP operating Income / (loss)  $   2,518   $      70   $     919   $     (14)
        Stock based compensation(1)           736         359         256         138
        Amortization of Software
        Development Costs                     160         336           8          58
        Acquisition-related expenses,
        amortization and adjustments(2)       952       1,449         212         585
        Non-GAAP operating Income       $   4,365   $   2,214   $   1,395   $     767

        GAAP net Income                     1,486        (815)      1,060        (412)
        Stock based compensation(1)           736         359         256         138
        Amortization of Software
        Development Costs                     160         336           8          58
        Acquisition-related expenses,
        amortization and adjustments(2)       952       1,449         212         585
        Revaluation of liabilities and
        conversion feature presented
        at fair value                         814         791         (36)        875
        Acquisition related financial
        expense                               265         125          66         257
        Tax related to the acquisition       (360)       (774)       (113)       (774)
        Non-GAAP net Income             $   4,052   $   1,471   $   1,453   $     727

        GAAP diluted net Income
        (loss) per share:                    0.12       (0.09)       0.09       (0.04)
        Stock based compensation and
        Amortization of Software
        Development Costs,
        Acquisition-related expenses,
        amortization and adjustments         0.15        0.25        0.04        0.08
        Revaluation of Liabilities
        presented at fair value, and
        acquisition related
        financial expenses                   0.09        0.11        0.00        0.12
        Tax related to the acquisition      (0.03)      (0.08)      (0.01)      (0.08)

        Non-GAAP diluted net
        Income per share                $    0.33   $    0.18   $    0.12   $    0.08
        Weighted average number of
        shares used in computing
        diluted net income per share       12,245       8,662      12,248       9,544

    (1) Stock-based compensation
        expenses under ASC 718
        included in:
        Research and development              306         122          88          50
        Selling and marketing                 241         100         109          30
        General and administrative            189         137          59          58
                                        $     736   $     359   $     256   $     138

    (2) Operating Acquisition-related
        expenses, amortization
        and adjustments:
        Valuation adjustment on acquired
        deferred services revenue             128         135           6         128
        Cost of Sales
        - Amortization of technology          559         220         140         198
        Carve-out to RepliWeb employees         -         386           -
        Selling and marketing
        - Amortization of customers
        relationship                          265         287          66         259
        General and administrative
        - Acquisition expenses                  -         421           -

                                        $     952   $   1,449   $     212   $     585

    (3) Total Acquisition-Related
        Expenses:
        Acquisition-related
        expenses, amortization
        and adjustments - Note 2              952       1,449         212         585
        Accretion of payment obligation       265          75          66
        Fair value of carve out feature
        related to warrants                     -         440           -         140
        Tax related to the acquisition       (360)       (774)       (113)       (774)

                                        $     857   $   1,190   $     165   $     (49)

    *) On July 19,2012, the Company effected a reverse stock split of the Company's
       ordinary shares of four (4) for one (1).
       The earning per share amounts and the share data presented for all prior periods
       were restated to reflect the effects of the reverse stock split.

 

For more information, please contact:

Todd Fromer / Garth Russell  
KCSA Strategic Communications
P: +1-212-682-6300
tfromer@kcsa.com / grussell@kcsa.com

Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel. +972-9-899-3000
dror.elkayam@attunity.com

SOURCE Attunity Ltd
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