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TigerLogic Corporation Announces Results For The First Quarter Ended June 30, 2013
Aug 09, 2013 (12:08 PM EDT)
IRVINE, Calif., Aug. 9, 2013 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the first quarter ended June 30, 2013. Net revenue was $3.7 million for the first quarter ended June 30, 2013, an increase of $0.4 million as compared to prior fiscal year first quarter net revenue of $3.3 million. Net loss was $1.2 million and $0.5 million for the first quarters ended June 30, 2013 and June 30, 2012, respectively. Net loss per share was $0.04 and $0.02 for the quarters ended June 30, 2013 and June 30, 2012, respectively. Cash balance was $5.8 million at June 30, 2013, as compared to $8.5 million at June 30, 2012.
Adjusted earnings before interest, taxes, depreciation, amortization, other income (expense)-net, and non-cash stock-based compensation expense ("Adjusted EBITDA") for the quarter ended June 30, 2013 was negative $0.7 million or negative 20% of net revenue, as compared to negative $0.2 million or negative 6% of net revenue for the same period in the prior fiscal year. The decrease in Adjusted EBITDA for the three months ended June 30, 2013 when compared to the same period in the prior year was a result of higher operating expenses primarily from the acquisition of Storycode that was completed on January 17, 2013. 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.
On Monday, August 12, 2013 at 5:00 p.m. Eastern Time, TigerLogic's management will host a conference call to discuss the company's financial results for the first quarter of fiscal year 2014 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 28193574.
A taped rebroadcast of the call will be available approximately two hours after the call through August 19, 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 081213 and conference ID number 28193574.
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 ended June 30, 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, and 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:
SOURCE TigerLogic Corporation