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TigerLogic Corporation Announces Fourth Quarter And Fiscal Year 2013 Results
Jul 11, 2013 (12:07 PM EDT)
IRVINE, Calif., July 11, 2013 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the fourth quarter and fiscal year ended March 31, 2013. Net revenue for the fourth quarter of fiscal year 2013 was $3.2 million and for the full fiscal year 2013 was $12.8 million, as compared to $3.3 million and $13.3 million for the same respective periods in the prior fiscal year. Net loss for the fourth quarter ended March 31, 2013 was $1.3 million as compared to a net loss of $0.9 million for the same period in the prior fiscal year. Net loss for the fiscal year ended March 31, 2013 was $2.9 million as compared to a net loss of $3.5 million for the prior fiscal year. Net loss per share was $0.04 and $0.03 for the quarters ended March 31, 2013 and March 31, 2012, respectively. Net loss per share was $0.10 for the fiscal year ended March 31, 2013, as compared to $0.13 for the prior fiscal year. Cash balance was $6.5 million at March 31, 2013 as compared to $8.9 million at March 31, 2012.
Adjusted earnings before interest, taxes, depreciation, amortization, other income (expense)-net, and non-cash stock-based compensation expense ("Adjusted EBITDA") for the quarter and fiscal year ended March 31, 2013 was negative $0.9 million and negative $1.7 million, or (27.9%) and (13.1%) of net revenue, respectively, as compared to negative $0.6 million and negative $1.9 million, or (19.7%) and (14.6%) of net revenue, respectively, for the same periods in the prior fiscal year. The improvement in Adjusted EBITDA on a year-over-year basis was primarily the result of lower operating expenses as the prior year included higher sales and marketing, and research and development expenses related to the launch of TigerLogic's Postano product, offset by a decrease in revenue. The Company computes Adjusted EBITDA, as reflected in the table appearing at the end of this press release, by adding depreciation, amortization, non-cash stock-based compensation expense, interest (income) expense, other (income) expense, and income tax provision (benefit) to its GAAP reported net loss.
At 5:30 p.m. Eastern Time, TigerLogic's management will host a conference call to discuss the company's financial results for the fourth quarter and fiscal year 2013 and provide a general business update.
The call can be accessed by dialing 1-877-481-4996 (Domestic) or 1-518-444-5106 (International), and by providing the operator the conference ID number 94801606.
A taped rebroadcast of the call will be available approximately two hours after the call through July 18, 2013. To access the taped rebroadcast, dial 1-855-859-2056/1-800-585-8367 (Domestic) or 1-404-537-3406 (International), and enter security code 31833 and conference ID number 94801606.
The earnings call will also be archived for one year in the Earnings Releases section of TigerLogic's website at: http://www.tigerlogic.com/tigerlogic/company/press/earnings/index.jsp.
About TigerLogic Corporation
TigerLogic Corporation (Nasdaq: TIGR) is a global provider of data management and application development solutions for enterprises that need to launch easy and cost-effective e-business initiatives. TigerLogic's installed customer base includes more than 500,000 active users representing more than 20,000 customer sites worldwide, who rely on TigerLogic's offerings for multidimensional database management, rapid application development, search enhancement, as well as social media content aggregation. Built on proven technology, TigerLogic helps control data and transform it into business intelligence and engagement. More information about TigerLogic and its products can be found at http://www.tigerlogic.com.
Except for the historical statements contained herein, the foregoing release may contain forward-looking information. Any forward-looking statements are subject to risks and uncertainties, and actual results could differ materially due to several factors, including but not limited to the success of the Company's research and development efforts to develop new products and to penetrate new markets, the market acceptance of the Company's new products and updates, technical risks related to such products and updates, the Company's ability to maintain market share for its existing products, the availability of adequate liquidity and other risks and uncertainties. Please consult the various reports and documents filed by the Company with the U.S. Securities and Exchange Commission, including but not limited to the Company's most recent reports on Form 10-K and Form 10-Q for factors potentially affecting the Company's future financial results. All forward-looking statements are made as of the date hereof and the Company disclaims any responsibility to update or revise any forward-looking statement provided in this news release. The Company's results for the quarter and year ended March 31, 2013 are not necessarily indicative of the Company's operating results for any future periods.
TigerLogic, Postano, yolink, Raining Data, Pick, mvDesigner, D3, mvEnterprise, mvBase, Omnis, Omnis Studio, and Storycode are trademarks of TigerLogic Corporation. All other trademarks and registered trademarks are properties of their respective owners.
Non-GAAP Financial Information
EBITDA or Adjusted EBITDA (each as defined below) should not be construed as a substitute for net income (loss) or as a better measure of liquidity than cash flow from operating activities determined in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude components that are significant in understanding and assessing our results of operations and cash flows. EBITDA or Adjusted EBITDA do not represent funds available for management's discretionary use and are not intended to represent cash flow from operations. In addition, EBITDA and Adjusted EBITDA are not terms defined by GAAP and as a result our measure of EBITDA and Adjusted EBITDA might not be comparable to similarly titled measures used by other companies.
However, EBITDA and Adjusted EBITDA are used by management to evaluate, assess and benchmark our operational results and the Company believes that EBITDA and Adjusted EBITDA are relevant and useful information widely used by analysts, investors and other interested parties in our industry. Accordingly, the Company is disclosing this information to permit a more comprehensive analysis of its operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to the Company's ability to meet future capital expenditure and working capital requirements.
EBITDA is defined as net income (loss) with adjustments for depreciation and amortization, interest income (expense)-net, and income tax provision (benefit). Adjusted EBITDA used by the Company is defined as EBITDA plus adjustments for other income (expense)-net, and non-cash stock-based compensation expense.
The Company's Adjusted EBITDA financial information is comparable to net loss. The table below reconciles Adjusted EBITDA to the Company's GAAP reported net loss:
Our Adjusted EBITDA financial information can also be reconciled to net cash used in operating activities as follows:
TIGERLOGIC CORPORATION AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO NET CASH USED IN OPERATING ACTIVITIES (In thousands) For the Years Ended March 31, 2013 2012 Net cash used in operating activities $ (1,894) $ (2,422) Interest expense-net 6 2 Other (income) expense-net (10) 62 Income tax provision 77 98 Change in trade accounts receivable (76) 157 Change in other current and non-current assets (17) 175 Change in accounts payable 108 (71) Change in accrued liabilities 197 201 Change in deferred revenue (77) (69) Foreign currency exchange gain (loss) 3 (74) Provision for (recovery from) bad debt 7 (5) Adjusted EBITDA $ (1,676) $ (1,946) SOURCE TigerLogic Corporation
TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET CASH USED IN OPERATING ACTIVITIES
For the Years Ended March 31,
Net cash used in operating activities
Other (income) expense-net
Income tax provision
Change in trade accounts receivable
Change in other current and non-current assets
Change in accounts payable
Change in accrued liabilities
Change in deferred revenue
Foreign currency exchange gain (loss)
Provision for (recovery from) bad debt
SOURCE TigerLogic Corporation