Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Attunity Ltd (NASDAQ:ATTU)

Q1 2013 Earnings Conference Call

May 2, 2013 10:00 am ET

Executives

Garth Russell - MD, KCSA Strategic Communications

Shimon Alon - Chairman & CEO

Dror Harel-Elkayam - CFO

Analysts

Operator

Good day and welcome to the Attunity’s First Quarter 2013 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Garth Russell from KCSA Strategic Communications. Please go ahead.

Mr. Garth Russell

Thank you.

Before turning the call over to management, I would like to make the following remarks concerning forward looking statements. All statements in this conference call other than historical facts are forward looking statements. The words anticipate, believe, estimate, expect, intend, guidance, confidence, target project and other similar expressions typically used to identify forward-looking statements.

These forward looking statements are not guarantees of future performances and may involve and are subject to risks and uncertainties and other factors that may affect Attunity’s business, financial condition, another operating results which include but are not limited to the risk factors, another qualifications contained in Attunity’s Annual Report on Form 20-F, quarterly reports that are filed in a 6-K, and other reports filed by Attunity with the SEC which are Attunity’s directive. Therefore, actual outcomes and results may different materially from what is expressed or implied by these forward looking statements. Attunity’s express or disclaims any attempt or obligation to update this forward-looking statements.

During this call, we may also present certain non-GAAP financial measures such as non-GAAP net income and certain ratios are used with these measures. In our press release, the financial table issued earlier today which is located on our website at www.attunity.com, you’ll find our definitions of these non-GAAP financial measures, a reconciliation of these non-GAAP financial measures within closest GAAP financial measure as well as the discussion of why think this non-GAAP financial measures are relevant to our results. These financial measures are included for the benefit of investors and should not be considered instead of the GAAP measures.

At this time, it is now my pleasure to turn the call over to Shimon Alon, Chairman and Chief Executive Officer of Attunity. Shimon, the floor is yours.

Shimon Alon

Thank you, Garth and thank you everyone for joining our call today. After a strong fiscal year 2012, especially in the fourth quarter, we fell short of our all expectations in the first quarter of 2013. Today, I will outline the key reasons for the disappointing results this quarter and the relative steps we are taking to effectively achieve long-term goals. After our prepared remarks, Dror and I would happy to answer any questions you may have. With that said let’s get started.

During the first quarter of 2013, we faced some short-term challenges that caused decline in our revenues. We are continuing to see high demand for our solutions on the global scale and focusing on developing long-term goal opportunities. However, we needed to make certain changes in order to properly capitalize on these growth opportunities. The main causes for this decline in revenue is due to the overall performance of our sales and marketing team and lower than expected OEM’s revenues.

There are several environment that impacted sales and marketing execution, which we are in the process of addressing all of them. Most probably, we had made a shift to work inbound marketing efforts. We are a new media outlet and an increased focus on brand awareness for Attunity. Though these efforts have made relatively good, overall in the past few years, we now realize that there was not enough focus on traditional demand generation and sales tactics which had been the bread and butter for our historical performance.

This strategic shift in sales and marketing led an imbalance resulting a number of long-term new business mix that reduction in short-term sales opportunities. We seem to get our first quarter results. In order to address this imbalance, we have reorganized our marketing team and made a change in leadership. As part of this process, we have reintroduced a number of proven sales and marketing tactics for our solutions that help consistently deliver measurable results in the past. The combination of this traditional tactics in new media strategies is expected to possession Attunity for consistent performance and greater market share given current demands.

These activities will help us to support the expanded sales team in North America as well as other territories. As previously announced, we hired six new sales people through our direct sales team between Q4 2012 and Q1 2013. Many of these new additions to the team have gone through our training programs and now expect to achieve full capacity in the second half of 2014.

Considering all of the points I have described, it should be clear to everyone, why we are looking at the first quarter as an anomaly? And not reflective of the overall health of our business. Nothing could be more demonstrative of this positive outlook than the recent announcement earlier today of a multiyear agreement with leading Global Fortune 50 Technology Companies, and a new multi-million dollar agreement with a global provider of data analytics solutions, service in thousands of customers worldwide, I will touch more about this in few moments.

In addition, our (inaudible) events that were completely out of our control. In particular, one of our largest OEM partners which is one of the largest IT and services providers in the world, turning significantly lower unusual royalty revenues for the fourth quarter which is typically the strongest sales period. These results recognized in our third quarter, (inaudible) into the quarter and are completely unexpected.

That being said, our agreement would then expire at the end of March this year and we have negotiated a new three agreement with more favorable terms for Attunity. These terms provide a higher royalty percentage offering Attunity a greater share of revenue for each OEM transaction as well as increased revenue for support and maintenance. As a result of this, we (inaudible) exposure to their performance in the future and enable this particular OEM partner to continue to be a major contributor to Attunity revenue and growth for years to come. We would start recognizing the revenue under the new agreement in the second half of the year.

During the first quarter, we’ll also faced temporary unexpected distortion in activity from our partner – partnership with EMC Greenplum, this was the result of EMC Greenplum undergoing major internal organization changes in order to spin off Greenplum into a new company, now called Pivotal. This process delayed lead generation activity as well as our ability to close business transaction from EMC.

At the beginning of April 2013, EMC and VMware successfully launched Pivotal to offer an enterprise very data analytic platform based on software from both companies. While these temporary delays impacted our (inaudible), we are still excited about the long-term opportunity as the result of these changes. Pivotal expects to go with a big data solution more rapidly through the new enhanced platform. And we are now extending the relationship with Pivotal and expect to see material increase and opportunities and activities in the form of join events, webnairs and sales starting in the second quarter of 2013.

It is important to note that our strategic partnership with Microsoft remains very strong. In 2010, Microsoft continued to be a major driver of our continued growth and recently introduced us to a global provider of data analytics solution servicing. Thousands of customers worldwide with which we know signed new OEM agreement that I mentioned earlier. In these days, Microsoft teams up with us to jointly offer an end-to-end solution. As part of the solution, Attunity will definitely gain data consulting with remote locations through a central data center.

Our offering introduced an enhanced capability to support high performance data applications via any wide area network such as (inaudible), wireless or wire network connection for analytics for the remote location to a data center. We’ve initiated this connection in limited number of remote locations and expect sales to ramp up this year. Based on the vendor expectations, this new agreement is expected to generate several million dollars of revenue for Attunity over the next three years.

Also I would anxiously put Amazon web services remain very active and also tremendous opportunity. As many of you are already aware, Amazon web services just recently introduced Redshift, the innovative data warehouse services in the cloud and launched it for private data in February this year. Amazon web services identified Attunity as the growth to market software to launch heterogeneous data for the enterprise to Amazon Redshift cloud environment. Amazon web services are actively sending out link beginning test instillation we should in-turn expect revenue to be realized in the second half of the year.

Finally, we sold new agreements in the rapidly growing APAC and Europe regions. Most notably are the tools leads with major communication companies. This new thing demonstrated our success in developing (inaudible) internationally. We are very excited about the forming of this region as well as the number of forthcoming growth opportunity in Latin America.

Following the results of the first quarter, the company has decided to outsource for 2013 with update in revenues expected to be in the range of $27 million to $30 million and non-GAAP operating margins between 13 to 18%. Reaffirmed that the revenue goals is expected to occur finally in the second half of 2013.

I will now turn the call over to Dror Elkayam, our CFO to discuss details of our financials.

Dror Harel-Elkayam

Thank you, Shimon.

Total revenue for the first quarter of 2013 decreased by 25% to $4.6 million compared to $6.1 million for the same period of 2012. This is mostly attributable to a 52% decline in total license revenues to $1.7 million compared to $3.6 million for the same period of 2012. We experienced short-term challenges in sales and marketing instead of OEM and go to market partners during the quarter that impacted our revenue. As Shimon explained, these challenges are being addressed. The declining license revenue was slightly offset by a 13% increase in maintenance and services revenue to $2.9 million compared to $2.5 million last year.

Our cost of sales for the third quarter decreased by 16% to $534,000 from $636,000 in the first quarter last year. This is mainly due to a decrease in the amortization of intangible assets associated with acquisition of RepliWeb. R&D expenses were up 43% of total revenues for the first quarter or 2 million compared to 33% for the same period last year or 2 million. A reduction in R&D headcount was offset by salary updates and one-time costs a ramification and severance accruals.

We expect our R&D expenses to slightly decrease in terms of total U.S. dollar spend and we also expect that R&D expenses will go down significantly as a percentage of revenue for the remainder of the year as our performance improves.

Our sales and marketing expenses for the first quarter increased by 16% to $2.7 million from $2.3 million in the first quarter of 2012. This is mostly due to the increase in headcount of our sales and marketing team during 2012 and Q1 2013 including as Shimon mentioned earlier the hiring of new sales people between Q4 2012 and Q1 of 2013.

As a result, sales and marketing expenses for the first quarter of 2013 were 58% of revenue compared to 38% of revenue for the same period in 2012. This increase as a percentage of revenue is a mixture of higher cost and lower revenue for the period compared to the same period last year. We anticipate the increase in sales people to drive higher revenues as they are fully ramped in the second half of 2013 and are more actively involved with customers.

General and administrative expenses for the first quarter was 16% as a percentage of total revenue or $718,000 compared to 13% for the same period last year or $784,000, the decrease is mostly attributable to a no bonus earned by management as a result of our performance this quarter.

Operating loss for the first quarter was $1.3 million compared to a profit of $343,000 for the same period last year. Operating loss included a total of $353,000 mainly in equity based compensation and acquisition related expenses and a motivation. This is compared to $488,000 of similar expenses for the first quarter last year.

Excluding these items, non GAAP operating loss for the first quarter of 2013 was $950,000 compared to an income of 831,000 for the same period last year. Net loss for the first quarter was $1.4 million or $0.12 per diluted share compared to a loss of $125,000 in the first quarter of 2012 or $0.01 per diluted share. Non-GAAP net loss for the first quarter of 2013 was $1 million compared to an income of $504,000 for the same period last year. Non-GAAP net loss for the first quarter excludes expenses in a total of $347,000 mostly attributable to non-cash financial expenses resulting from evaluation of liabilities presented at fair volume, amortization related to the acquisition of RepliWeb equity based compensation expenses and deferred tax amortization related to intangible assets associated with acquisition of RepliWeb. Non-GAAP net income for the first quarter of 2012 excluded $629,000 in similar expenses.

Moving to the balance sheet, as of March 31, 2013, we had cash and cash equivalent of approximately $3.7 million compared to $3.8 million as of December 31, 2013. Our shareholder’s equity has decreased to 8.4 million as of March 31 compared to $9.6 million as of December 31, 2012.

Now, I would like to turn the call back over to Shimon for some closing comments.

Shimon Alon

Thank you, Dror. So to recap, we are focusing our attention on quickly overcoming the challenges that impacted Q1 without losing sight of long-term growth objective. We continue to see tremendous opportunity in the big data and the cloud markets. The expansion of our sales team and the efforts to accelerate our direct channel demand generation would allow us to take advantage of this booming market.

Our goal in 2013 is to strengthen and focus our organization so that we fully capitalize on the demand while our solutions on global scale and return of the high level of performance that’s we and ourselves are going to expect.

Before we conclude our prepared remarks, I would like to thank all of our customers, partners, employees and investors for their firm support. We will now open the call to questions that I would like to ask the operator to open the call.

Question-And-Answer Session

Operator

Thank you. (Operator Instructions). We will now take our first question from (Bell Shen). Please go ahead.

Unidentified Analyst

Hello.

Shimon Alon

Yeah, we can hear you.

Unidentified Analyst

Okay. A simple just the question, the license business was a bit of mess, is that more due to number of deal closed average selling price, the combination of both, what’s the average selling booking right now?

Shimon Alon

The reduction in the total license revenue is only due to the number of this, it’s nothing to do with the average design, as I said in the call, we just had – the reasons I mentioned we did not have enough what I call short-term lead and therefore we didn’t see a decrease in average selling price only decrease a number of this.

Unidentified Analyst

Okay. And I’m sorry, what’s the average deal price – selling price now?

Shimon Alon

We stated before that our average deal prices has gone from a low numbers to about $150,000 currently, about these different (sites).

Unidentified Analyst

And one of the thing, your cash position will focus relatively especially given the quarter, is the company looking to need raise any money or things pretty good for now enough?

Shimon Alon

Thank you. Currently, we do not explain to raise money. We monitor our expanse in operations very closely and we also have the access to align of the credits in order to address the potential fluctuation in our cost.

Unidentified Analyst

Okay. That’s it for me, thank you.

Unidentified Analyst

Thank you, (Bell).

Operator

We will now take our next question from (inaudible). Please go ahead.

Unidentified Analyst

Thank you. Can you provide a little more what happened with the major partner royalty that didn’t, I mean towards the end of the quarter, what was some of the reason on that?

Shimon Alon

Yes, as we stating, we have the companies before Q2. We had three major OEM partners. And one of them is usually sold very high numbers in Q4. We are exceeding the royalty report 60 days after third quarter. And therefore, we exhibited in the last months of the quarter, in this case it was the first quarter. Although, the last two or three years, these numbers were very high because they reflected the sales of the fourth quarter. This time and we still don't know why but this time we received between 20 times to 10 times less than what we used to get three years ago and one year ago.

And we, yet, did not receive the full explanation if it’s declining gross sales if it’s a certain delay or its defaulting error. We don’t know. But we have to recognize what we received and it happens to be that at the end of March this year also the three agreement we had with expired. This gave us very good opportunity to demand and negotiate a new agreement for the next three years which will actually delay all the revenue share on the license fee. I will get much higher revenue from different components that they are using. As well as totally new approach to make which include very nicely the amount of maintenance that we have got very little in the past and we will get reasonable higher revenue today.

So what happened is totally unexpected we received let me say 20 or 10 times less than what we used to. We didn’t negotiate the deal, its signed. And the first quarter we will receive the new agreement or using the terms of the new agreements would be in a separate folder, you will receive it in the third quarter.

Did I answer your question?

Unidentified Analyst

Yes. As a follow up to that was – in the old agreement were there any levels of guaranteed revenue and its still how does that change in the new agreement?

Shimon Alon

If there was any --

Unidentified Analyst

Guaranteed revenue, minimum requirement of the –

Shimon Alon

We have the minimum requirement that what we received over the years. And basically we have to understand that the minimum is yearly minimum. And we will fix throughout the year just about a minimum so they trust it.

Unidentified Analyst

Okay.

Shimon Alon

At the same time I would say, I think the revenue will recede then for Q4. We hit about the same or less than received in Q3 which is typically the low quarter. But they made the numbers for the year, it didn’t change a lot because anyway we renegotiated it a little bit.

Unidentified Analyst

Okay. And does the new deal have higher or lower minimum?

Shimon Alon

The new deal has – its up by the minimum, we totally restructured the maintenance and rather than receive maintenance for what we saw now we receive the entire maintenance (inaudible). So the amount of maintenance was lowered by itself. But again, rather than to calculate revenue – maintenance revenue for every quarter by self, now every quarter they will accumulate all the maintenance status for their products and we get our own share. And again, this is the major increase in revenue for us. It’s a higher guarantees of revenue because maintenance doesn’t change significantly. And also the license share will increase. The minimum did not change because its not really had it right now with the new structure we have.

Unidentified Analyst

Okay. So the minimum guaranteed revenue you received for a year remains the same and your upside has increased. Is that correct?

Shimon Alon

Yes. I would just say that if we talk about licensing typically you need to really focus on minimums and so on. We talk about maintenance. This vendor has thousands of customers. They sell our product since 2009 even before that 2004. So the total number of customers using the product is very high. This will make the shift.

Unidentified Analyst

I will go back on the queue and come back for a follow-up.

Shimon Alon

Thank you.

Unidentified Analyst

Thank you.

Operator

We will now take our next question from (inaudible) Investments Partners. Please go ahead.

Unidentified Analyst

Good morning, gentlemen its (inaudible) here.

I just wanted to understand a little bit more obviously the weakness in the license revenue for the quarter. You guys were proposed your year end results sort of in the February at a Analyst Day. And sound pretty confident and you had the shortfall was pretty dramatic here almost 50% below than you expected. Help us understand what gives you the confidence and you see a snap back in the second quarter, in the third, in the fourth quarter that will make you obtain at least at the bottom end. How is your revenue range? And I have a follow-up.

Shimon Alon

First of all, I would I say that you get revenues throughout the quarter and maybe in the last part of the quarter and where we talked in the announcement was end of January, we had two months to go. The focus at the time showed healthy license revenue, while we keep saying that those would come into section.

Now, what we are doing now is, first, we get a very close and very low resolutions on every opportunity, every deal, every lead that we received. So to be more specific this is a daily routine that me and our sales managers are going full and we look at the ability and the possibility and what we do. Today we are moving many more orders, what we call proof of concept demos to customers if you check they don’t have the budget, if they can buy when they intend to buy.

So first we see more stability, second we are controlling it avoid any future disappointment and we accelerate the regeneration what you would call the short new regeneration we did many changes in our stability and we go back to the softwares that we had before. So it’s a combination of mid – combination of focus on the sales people and management monetary.

Unidentified Analyst

Okay. And just building on that, the announcement this morning on a strategic reseller agreement with a leading Fortune 500 global technology company? Could you just be a little more specific on – you will believe that this will happen in the third quarter of 2013? How much training they had already and give us a sense of how much revenue you think just this one reseller agreement could be for 2013 for you?

Shimon Alon

Okay. Josh, thank you for the question. It’s a Fortune 50 or Fortune 500, they allowed this company in the IT area. So, first of all, what have we said unfortunately today we cannot mention the name (inaudible). I believe that the name will come up because once they start to sell they will sell a few products. So sooner or later everybody will be informed through this company. I can give a little bit of color on the company.

This company is selling already for many years in the database area. They have a division who focus on selling to database customers for many years. They have thousands of customers in this area. The reason that we signed this agreement is that they came to us and say, we do not have a heterogeneous verification capability, we would like you to work with us. We would like you to give us your products so we can resell it. Otherwise, we are losing our market. So its not that we are pushing it to them they are requesting it from us.

And we also did this over the last, I think two or three quarters, we are working close with technical team; we work very close with business team and with the management. So all practical purposes they have customers they are ready to go. And they will start to sell as they move on.

(inaudible) few weeks ago or even three days ago. They are undergoing training as we speak. We need to take two or three weeks to get all this different trainings right now. So that’s very keen. We know already about certain of the opportunity. We hired a person to the company that held job specifically focused on helping our (inaudible) and reselling and go to market partners to sell the product without any hiccups or any complication. So, first, we have worked with them very closely. Right now it’s the same person the folks will work with Teradata and with EMC. Because they have indicated sensitive pro-data bases worldwide we expect them to start to turnaround any of their liquidity.

I will mention again that the reports from all resellers are coming many times after the end of this quarter. So we will see the revenue in Q3. I believe we can start to see in the third quarter definitely in the second half of the year.

Another good news about this (inaudible) because we have the rights to look at the name of public customers. So we have the rights to up sell our products to the same customers. We get now many more customers or qualified leads directly to us so the impact the will not be immediate. Josh, this is what you are looking for?

Unidentified Analyst

So is the new reseller part of the reason why you are more confident in the back half of the year growth?

Shimon Alon

This one. The second one is, we announced another agreement today. Its with a data analytics company. What they do, they are collecting data from remote locations sometimes amend and sometimes just sell those seats somewhere around the world, in many different parts of the world. And they are collecting all this data there, which is a data center and provide data analytics and data information services.

They have currently addressable market, I will say it again, addressable market of 15000 customers of a unit. Some of them, some customers they have 300 to 400 units in different places. Their projection right now is attempting to do at least 500 to 600 units in the next 2, 3 years. They have already focused for this year, which you get conservative focus and based on the successful installation we had we believe have additional revenue in the third and fourth quarter.

Of course, this is the real component, of course, we have also the – growth to market approach which is our relationship with Amazon and EMC. I think I said I love that these people meet during the call and we expect revenue to come from them as well.

Unidentified Analyst

Okay. Thank you.

Shimon Alon

Thank you, Josh.

Operator

(Operator Instructions). We will now take a follow-up question from (inaudible). Please go ahead.

Unidentified Analyst

Hi. Just expanding a little bit on the last question, looking at your guidance for the remainder of the year. If your revenues come in with a flat growth versus Q2, that would imply $8 million per quarter in the back half of the year, at the low end of your guidance. At the high-end of your guidance you would imply $8.5 million per quarter for the remainder of the year. Especially at the high end of that guidance, do you feel that you have enough visibility into show revenues to hit those that kind of numbers?

Shimon Alon

Yeah. We analyze the guidance very carefully over the last few days. We could not do it before closing the reselling agreement with – and OEM agreement with depositors. As we mentioned and with a 6 additional sales people with the OEM agreements, I would tell you we took a conservative – in my mind conservative approach to the OEM resellers because in our control. And we learned our lessons from the first quarter. On the 6 sales people that we add to the fleet that we had last year which all of them; major number of them actually beat the quarter. We checked pipelines. We check all the leads we have, of course there is horizon but based on what we experience in the past, we know that we can meet these numbers.

On top of it we added new salary, we had started with already very high end from the customers, it is Latin America. We hire the guy that sold to one of our competitor, very large competitor in Latin America. During that time they acquired a company that sell application, they let all the resellers go. So once we feel comfortable with technology to selling (inaudible) we hire a very talented, its very strange. And to less the reflection I will say we already see proof of concept of large deal. We see opportunity. And we believe Latin America would be a major contributor to our growth as well which we did not have before.

Unidentified Analyst

Thank you very much.

Shimon Alon

Thank you.

Operator

We will now take our next question from Isaac (inaudible). Please go ahead.

Unidentified Analyst

Good morning guys, yesterday the (inaudible) Attunity enters all the four territory, based on these comments are you planning to buy more shares on the open market to show support for the company?

Shimon Alon

When you say we, you mean, the company or?

Unidentified Analyst

The company or maybe guys from your Board of Directors and maybe I know that you have a lot of shares maybe 20% but maybe you can save it and show us I mean that’s the goal?

Shimon Alon

The company is not in a position legally that they can acquire shares today or me personally, I can say I’m very, very confident in the information I provide you. I felt that we share with you all the information, other certain restriction of inside trading policies. And other requirements for 10b5 and the like. At that time that I will do it, I will have to inform everybody and I definitely believe in the future of the company and in the – I think for me it guarantees from here. I believe that it’s a economic opportunity.

Unidentified Analyst

Well, thank you for your answer.

Operator

(Operator Instructions). We will now take a follow-up from (Bell Shen). Please go ahead.

Unidentified Analyst

Yeah, just one quick question. The guidance that you had given at the Analyst Day or at last earnings conference. Does that include this agreement or factoring the agreement with the Fortune 50 partner that you should do after that?

Shimon Alon

Certainly the information that we know, typically are the maintenance information, which is more feasible and more stable than licensing. It is not right now major increase in licensing based on what we saw, if we talk about the OEM. On the Fortune 50, I see that we sell out (inaudible). We have taken also as I say conservative approach, we think we won this and always say that I think you see deal you cannot forecast it.

So overall the OEM research agreement, the forecast is very minimal. It can come to much higher numbers but we don’t count. If we do not factor it.

Unidentified Analyst

So that could be some outside the guidance from of these recent deals you have been working on?

Shimon Alon

Can you speak up a little bit?

Unidentified Analyst

There could be some outside in the recent deals that you have been working on, like you said?

Shimon Alon

The outside will come from the existing resellers, the outside will come from a new potential OEM and the resellers. We actively dealing with sort of companies in the market, where we say we see high demand. You have to understand that people approaching us all the time. For some companies takes longer to agree on terms and the lawyers sign all the papers. But also we are having the process of identifying financially and signing more OEM agreements.

Unidentified Analyst

Thank you.

Operator

As there are no further questions in the queue. I would now like to turn the call back over to your host for any additional or closing remarks.

Shimon Alon

Okay. Thank you very much again to everybody who joined our call today. As I said in the beginning, in one end we are disappointed with ourselves not meeting our own expectation definitely not meeting your expectation. At the same time nobody is more dedicated, focused and energized to provide the continuous growth for the company and I’m very confident that we can get it. We will be busy doing it for sure because we took a short-term improvement. We will continue to update you as we go and again thank you very much.

Operator

That concludes today’s conference call. Thank you for your participation. Ladies and gentlemen you may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Attunity' CEO Discusses Q1 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts