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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.

Earnings Call

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.

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)










June 30,


March 31,




2013


2013





ASSETS




Current assets




     Cash


$      5,825


$       6,465

     Trade accounts receivable, less allowance for doubtful




        accounts of $24 and $24, respectively

1,356


986

     Other current assets

520


561

          Total current assets

7,701


8,012







Property, furniture and equipment, net

541


551

Goodwill


31,656


31,656

Intangible assets, net

572


593

Deferred tax assets

228


228

Other assets


112


111

          Total assets

$    40,810


$     41,151













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




     Accounts payable

$         358


$          388

     Accrued liabilities

1,500


1,294

     Deferred revenue

4,657


4,342

          Total current liabilities

6,515


6,024







     Other long-term liabilities

139


137







          Total liabilities

6,654


6,161







Commitments and contingencies










Stockholders' equity




     Preferred stock

-


-

     Common stock

2,995


2,993

     Additional paid-in-capital

141,888


141,478

     Accumulated other comprehensive income

2,249


2,257

     Accumulated deficit

(112,976)


(111,738)

          Total stockholders' equity

34,156


34,990

          Total liabilities and stockholders' equity 

$    40,810


$     41,151

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)










Three Months Ended




June 30,




2013


2012

Net revenues






Licenses


$  1,298


$   995


Services


2,427


2,289


Total net revenues


3,725


3,284







Operating expenses






Cost of license revenues


18


2


Cost of revenue-amortization of






     intangible asset


19


-


Cost of service revenues


489


424


Selling and marketing


1,598


1,057


Research and development


1,448


1,235


General and administrative


1,137


1,037


Acquisition related costs


209


-


Total operating expenses


4,918


3,755







Operating loss


(1,193)


(471)







Other income (expense)






Interest expense-net


(1)


(3)


Other income (expense)-net


8


(16)


Total other income (expense)


7


(19)







Loss before income taxes


(1,186)


(490)







Income tax provision


52


3







Net loss


$ (1,238)


$  (493)







Other comprehensive loss:






Foreign currency translation adjustments


(8)


(3)

Total comprehensive loss


(1,246)


(496)







Basic and diluted net loss per share


$   (0.04)


$ (0.02)







Shares used in computing basic and





      diluted net loss per share


29,933


28,190

  

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)





Three Months Ended June 30,





2013


2012








Cash flows from operating activities:




Net loss


$ (1,238)


$  (493)


Adjustments to reconcile net loss to net cash






used in operating activities:






Depreciation and amortization of long-lived assets

49


35



Recovery from bad debt

-


(6)



Stock-based compensation expense

399


225



Change in deferred tax assets

-


3



Foreign currency exchange (gain) loss

(8)


17



Change in assets and liabilities:







Trade accounts receivable

(362)


118




Other current assets

117


38




Accounts payable

(105)


1




Accrued liabilities

203


(176)




Deferred revenue

304


(121)


Net cash used in operating activities

(641)


(359)








Cash used in investing activities - purchase of property,





furniture and equipment

(17)


(13)








Cash from financing activities-proceeds from exercise





of stock options

12


24









Effect of exchange rate changes on cash

6


(40)









Net decrease in cash

(640)


(388)









Cash at beginning of the period

6,465


8,918


Cash at end of the period

$  5,825


$ 8,530

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:


TIGERLOGIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS 
(In thousands)








For the Three Months 



Ended June 30,



2013


2012

Reported net loss


$     (1,238)


$        (493)

Depreciation and amortization 


49


35

Stock-based compensation


399


225

Interest expense-net


1


3

Other (income) expense-net


(8)


16

Income tax provision


52


3

Adjusted EBITDA


$        (745)


$        (211)

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 Three Months Ended June 30, 



2013


2012






Net cash used in operating activities


$ (641)


$ (359)

Interest expense-net


1


3

Other (income) expense-net


(8)


16

Income tax provision


52


3

Change in trade accounts receivable


362


(118)

Change in other current assets


(117)


(38)

Change in accounts payable


105


(1)

Change in accrued liabilities


(203)


173

Change in deferred revenue


(304)


121

Foreign currency exchange gain (loss)


8


(17)

Recovery from bad debt


-


6

Adjusted EBITDA


$ (745)


$ (211)

 

 

SOURCE TigerLogic Corporation