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TigerLogic Corporation Announces Results for Third Quarter Ended December 31, 2010
Feb 11, 2011 (03:02 PM EST)


IRVINE, Calif., Feb. 11, 2011 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the third quarter ended December 31, 2010.  Net revenue was $3.7 million for the third quarter ended December 31, 2010, as compared to $3.5 million for the third quarter ended December 31, 2009. Net loss for the third quarter ended December 31, 2010 was $0.5 million as compared to a net loss of $0.7 million for the same period in the prior fiscal year. Loss per share was $0.02 and $0.03 for the quarters ended December 31, 2010 and December 31, 2009, respectively. Cash balance was $11.4 million at December 31, 2010 as compared to $12.7 million at December 31, 2009.

Adjusted earnings before interest, taxes, depreciation, amortization, other income (expense)-net, and non-cash stock-based compensation expense ("Adjusted EBITDA") for the quarter ended December 31, 2010 was negative $0.1 million or negative 2% of net revenue, as compared to negative $0.5 million or negative 13% of net revenue for the same period in the prior fiscal year.  The increase in Adjusted EBITDA in the third quarter of fiscal year 2011 as compared to the third quarter of fiscal year 2010 was primarily a result of higher revenue and lower sales and marketing expenditures.  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 income (loss).

About TigerLogic Corporation

TigerLogic Corporation (Nasdaq: TIGR) has been providing reliable data management and rapid application deployment solutions for ISVs and developers of database applications for more than three decades.  TigerLogic's product offerings include: 1) TigerLogic® yolink, a next-generation search enhancement technology; 2) TigerLogic® XML Data Management Server (XDMS) provides flexible, scalable and extensible XML data storage as well as query and retrieval of critical business data across a variety of structured and unstructured information sources; 3) Pick® Universal Data Model (Pick UDM) based database management systems and components, including D3®, mvEnterprise® and mvBase® that are the choice of more than a thousand application developers worldwide; and 4) Omnis Studio®, a cross-platform, object-oriented RAD tool for developing sophisticated mobile, thick-client, Web-client or ultra-thin-client database applications.  TigerLogic's installed customer base includes more than 500,000 active users representing more than 20,000 customer sites worldwide, with a significant base of diverse vertical applications.  With employees and contractors worldwide, TigerLogic offers 24x7 customer support services and maintains an international presence. 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, 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 December 31, 2010 are not necessarily indicative of the Company's operating results for any future periods.

TigerLogic, yolink, Raining Data, Pick, mvDesigner, D3, mvEnterprise, mvBase, Omnis, and Omnis Studio 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)








December 31,


March 31,



2010


2010




ASSETS




Current assets





    Cash


$               11,375


$               12,492

    Trade accounts receivable, less allowance for doubtful





       accounts of $23 and $26, respectively


1,245


954

    Other current assets


396


412

         Total current assets


13,016


13,858






Property, furniture and equipment-net


730


766

Goodwill


26,388


26,388

Deferred tax assets


269


379

Other assets


109


113

         Total assets


$               40,512


$               41,504











LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities





    Accounts payable


$                    281


$                    192

    Accrued liabilities


1,686


1,686

    Deferred revenue


4,363


4,314

         Total current liabilities


6,330


6,192











Commitments and contingencies










Stockholders' equity





    Preferred stock


                          -


                          -

    Common stock


2,803


2,793

    Additional paid-in-capital


133,581


132,543

    Accumulated other comprehensive income


2,263


2,246

    Accumulated deficit


(104,465)


(102,270)

         Total stockholders' equity


34,182


35,312

         Total liabilities and stockholders' equity


$               40,512


$               41,504








TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)












Three Months Ended


Nine Months Ended



December 31,


December 31,



2010


2009


2010


2009

Net revenues









Licenses

$        1,348


$        1,118


$        3,354


$        3,122


Services

2,353


2,393


6,965


7,338


Total net revenues

3,701


3,511


10,319


10,460










Operating expenses









Cost of license revenues

4


4


10


28


Cost of service revenues

428


445


1,279


1,245


Selling and marketing

1,216


1,332


3,524


3,196


Research and development

1,479


1,581


4,481


4,698


General and administrative

965


1,048


3,030


3,107


Total operating expenses

4,092


4,410


12,324


12,274










Operating loss

(391)


(899)


(2,005)


(1,814)










Other income (expense)









Interest expense-net

(1)


(1)


(2)


(1)


Other income (expense)-net

(7)


153


(19)


826


Total other income (expense)

(8)


152


(21)


825










Loss before income taxes

(399)


(747)


(2,026)


(989)










Income tax provision (benefit)

52


(44)


169


(26)










Net loss

$         (451)


$         (703)


$      (2,195)


$         (963)










Basic and diluted net loss per share

$        (0.02)


$        (0.03)


$        (0.08)


$        (0.04)










Shares used in computing basic and









diluted net loss per share

28,024


27,707


27,981


27,105












TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)





Nine Months Ended December 31,





2010


2009













Cash flows from operating activities:




Net loss


$             (2,195)


$                (963)


Adjustments to reconcile net loss to net cash






used in operating activities:






Depreciation and amortization of long-lived assets

276


294



Provision for bad debt

3


12



Stock-based compensation expense

777


792



Change in deferred tax assets

169


(26)



Foreign currency exchange (gain) loss

17


(695)



Change in assets and liabilities:







Trade accounts receivable

(288)


(259)




Other current and non-current assets

(41)


14




Accounts payable

80


72




Accrued liabilities

4


(536)




Deferred revenue

51


(172)


Net cash used in operating activities

(1,147)


(1,467)








Cash used in investing activities-purchase of






property, furniture and equipment

(225)


(111)








Cash flows from financing activities:





Proceeds from exercise of stock options

240


1,849


Proceeds from issuance of common stock

32


38


Net cash provided by financing activities

272


1,887









Effect of exchange rate changes on cash

(17)


110









Net increase (decrease) in cash

(1,117)


419









Cash at beginning of period

12,492


12,282


Cash at end of period

$             11,375


$             12,701










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 does not represent funds available for management's discretionary use and is 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 debt service, 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 disclosure of net loss:

TIGERLOGIC CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)












For the Three Months Ended


For the Nine Months Ended



December 31,


December 31,



2010


2009


2010


2009

Reported net loss


$           (451)


$           (703)


$        (2,195)


$           (963)

Depreciation and amortization


89


109


276


294

Stock-based compensation


228


339


777


792

Interest expense-net


1


1


2


1

Other (income) expense-net


7


(153)


19


(826)

Income tax provision (benefit)


52


(44)


169


(26)

Adjusted EBITDA


$             (74)


$           (451)


$           (952)


$           (728)



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 Nine Months Ended December 31,


2010


2009





Net cash used in operating activities

$                    (1,147)


$                    (1,467)

Interest expense-net

                               2


                               1

Other (income) expense-net

                             19


                         (826)

Change in trade accounts receivable

                           288


                           259

Change in other current and non-current assets

                             41


                           (14)

Change in accounts payable

                           (80)


                           (72)

Change in accrued liabilities

                             (4)


                           536

Change in deferred revenue

                           (51)


                           172

Foreign currency exchange gain (loss)

                           (17)


                           695

Provision for bad debt

                             (3)


                           (12)

Adjusted EBITDA

$                       (952)


$                       (728)







SOURCE TigerLogic Corporation