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Attunity Ltd. (ATTU)
Q1 2006 Earnings Conference Call
May 4, 2006 10:00 a.m. EST
Aki Ratner - CEO
Ofer Segev - CFO
Ken Wynn - Alton Capital
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Thank you. First of all, welcome everyone to the Attunity First Quarter Fiscal Year 2006 Results Conference Call. Before we get started and since this call will very likely contain forward-looking statements, I'm going to ask Ofer Segev, our CFO, to read the following Safe Harbor statement.
This conference call may include 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 development; market acceptance of our products and continued 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 and 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 statements. Now I will pass the call to Aki to provide the highlights of our first quarter.
Thanks, Ofer. As we reported today, for the first quarter of 2006, total revenue was $4 million, representing an increase of 4% compared with the first quarter of 2005; a quarterly record for Q1 results.
Our first quarter license revenue increased by 3% in relation to the same quarter a year ago, an increase that I am pleased with, given the significant change in the Company's focus that was initiated this quarter.
With some major customer wins and the first full quarter of selling our new flagship product, Attunity InFocus, we are on track with our plans to position the Company from selling enabling technology to technical people, to selling business solutions to business people.
We have continued our investment in expanding our strategic relationships with channel partners, OEM partners, and alliances. For example, this quarter saw three new business intelligence partners choosing Attunity AIS for legacy connectivity and change data capture.
We have also continued to further build and extend our relationship with Microsoft this last quarter, supporting their announcement of BizTalk 2006 with our own announcement of extended support for the product with Attunity Connect and Attunity Stream.
We have also been furthering our relationship with Oracle, exemplified by our announcement this last quarter of our validated Attunity Stream for Oracle's Business Intelligence Warehouse Builder 10g, Oracle's extraction, transformation and load tool. The combined offering will deliver a data integration solution to customers with mainframe connectivity and real-time CDC requirements.
We believe that this and other partner relationships will play a significant contribution to our future growth. The release of Attunity InFocus at the end of last year was the first and very meaningful step in implementing our vision. As an exciting new breed of management application, Attunity InFocus is targeted at improving the way business and operational management perform their daily business activities.
This first quarter has been the first full quarter of activity of actively selling the product since its announcement, and has resulted in significant customer input and growing pipelines. Now having also secured one of our first strategic customers in financial services during the quarter, and ongoing opportunities in several other sectors, I believe that we are on track and well positioned to turn that interest into further customer engagements in the coming quarters.
As a business application that focuses on improving the complex management interaction of business executives at all levels, Attunity InFocus represents an exiting and potentially large and untapped market for us; drawing on our heritage as one of the leading providers of enterprise class real-time data access and integration platforms, critical for the timely action that high performing managers must take. Attunity InFocus represents an increasingly important focus for Attunity as we move forward.
To better understand how Attunity InFocus is used and the benefit it brings, I would like to give an example from the financial services sector. Our customer, an American service provider to the banking sector, provides outsourced transaction settlement services. You will appreciate that there are some very significant regulatory and compliance constraints around the time taken to settle such transactions with very steep penalties imposed when breached.
These penalties translate into service level agreement and potential fines for our customers. They have chosen Attunity InFocus as a proactive application to monitor, assess, and take action on settlements that are nearing those thresholds, before they become a problem.
This now allows them to see potential problems before they appear, appropriate warnings to be raised, relevant staff to be informed, and actions to be taken to resolve the issues before deadlines are exceeded; therefore saving huge sums in possible fines.