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TigerLogic Corporation Announces Fourth Quarter and Fiscal Year Ended March 31, 2011 Results
Jun 22, 2011 (04:06 PM EDT)


IRVINE, Calif., June 22, 2011 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the fourth quarter and full fiscal year ended March 31, 2011.  Net revenue for the fourth quarter was $3.4 million and for the full fiscal year was $13.7 million, as compared to $3.5 million and $13.9 million for the same respective periods in the prior fiscal year.  Net loss for the fourth quarter ended March 31, 2011 was $0.8 million as compared to a net loss of $0.6 million for the same period in the prior fiscal year.  Net loss for the fiscal year ended March 31, 2011 was $3.0 million as compared to a net loss of $1.6 million in the prior fiscal year.  Net loss per share was $0.03 and $0.02 for the quarters ended March 31, 2011 and March 31, 2010, respectively.  Net loss per share for the fiscal year ended March 31, 2011 was $0.11 as compared to $0.06 for the prior fiscal year.  Cash balance was $11.4 million at March 31, 2011 as compared to $12.5 million at March 31, 2010.

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, 2011 was negative $0.5 million and negative $1.5 million, or (15.1%) and (10.7%) of net revenue, respectively, as compared to negative $0.2 million and negative $1.0 million, or (6.5%) and (6.9%) of net revenue, respectively, for the same periods in the prior fiscal year. The decrease in Adjusted EBITDA in fiscal 2011 as compared to fiscal 2010 was a result of lower revenue for support services and higher marketing and development expenses for our newer yolink and Postano product lines.  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.

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 Postano™, a real-time social media content aggregation platform; 2) TigerLogic® yolink, a next-generation search enhancement technology; 3) TigerLogic® XML Data Management Server (XDMS), which 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; 4) 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 5) Omnis Studio®, a cross-platform, object-oriented RAD tool for developing sophisticated 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, 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, 2011 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 are trademarks of TigerLogic Corporation.  All other trademarks and registered trademarks are properties of their respective owners.

TIGERLOGIC CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)










March 31,


March 31,




2011


2010





ASSETS




Current assets




    Cash


$               11,354


$               12,492

    Trade accounts receivable, less allowance for doubtful




       accounts of $11 in 2011 and $26 in 2010

756


954

    Other current assets

421


412

         Total current assets

12,531


13,858







Property, furniture and equipment-net

699


766

Goodwill


26,388


26,388

Deferred tax assets

304


379

Other assets


116


113

         Total assets

$               40,038


$               41,504













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




    Accounts payable

$                    205


$                    192

    Accrued liabilities

1,682


1,686

    Deferred revenue

4,283


4,314

         Total current liabilities

6,170


6,192













Commitments and contingencies










Stockholders' equity




    Preferred stock

-


-

    Common stock

2,810


2,793

    Additional paid-in-capital

133,995


132,543

    Accumulated other comprehensive income

2,312


2,246

    Accumulated deficit

(105,249)


(102,270)

         Total stockholders' equity

33,868


35,312

         Total liabilities and stockholders' equity

$               40,038


$               41,504









TIGERLOGIC CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)
















Three Months Ended


Twelve Months Ended





March 31,


March 31,





2011


2010


2011


2010

Net revenues











Licenses



$          1,024


$          1,101


$           4,378


$         4,223


Services



2,327


2,376


9,292


9,714


Total net revenues


3,351


3,477


13,670


13,937












Operating expenses










Cost of license revenues


7


(15)


17


13


Cost of service revenues


435


455


1,714


1,700


Selling and marketing


1,113


1,141


4,637


4,337


Research and development


1,475


1,442


5,956


6,140


General and administrative


1,145


1,022


4,175


4,129


Total operating expenses


4,175


4,045


16,499


16,319












Operating loss



(824)


(568)


(2,829)


(2,382)












Other income (expense)










Interest income (expense)-net


2


-


-


(1)


Other income (expense)-net


18


(48)


(1)


778


Total other income (expense)


20


(48)


(1)


777












Loss before income taxes


(804)


(616)


(2,830)


(1,605)












Income tax provision (benefit)


(20)


24


149


(2)












Net loss



$           (784)


$           (640)


$         (2,979)


$        (1,603)












Basic and diluted net loss per share


$          (0.03)


$          (0.02)


$           (0.11)


$          (0.06)












Shares used in computing basic and









     diluted net loss per share


28,077


27,917


28,005


27,305

























TIGERLOGIC CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)






For the Years Ended March 31,






2011


2010









Cash flows from operating activities:





Net loss



$             (2,979)


$             (1,603)


Adjustments to reconcile net loss to net cash






used in operating activities:







Depreciation and amortization of long-lived assets

364


374



Provision for (recovery from) bad debt

3


(62)



Stock-based compensation expense

1,007


1,053



Change in deferred tax assets

149


(2)



Foreign currency exchange gain

(7)


(648)



Change in assets and liabilities:







Trade accounts receivable

221


12




Other current and non-current assets

(80)


39




Accounts payable


1


30




Accrued liabilities


(24)


(424)




Deferred revenue


(84)


(258)


Net cash used in operating activities

(1,429)


(1,489)










Cash flows used in investing activities-purchase of






property, furniture and equipment

(266)


(264)










Cash flows from financing activities:






Proceeds from exercise of stock options

379


1,851



Proceeds from issuance of common stock

83


75



Net cash provided by financing activities

462


1,926










Effect of exchange rate changes on cash

95


37










Net increase (decrease) in cash and cash equivalents

(1,138)


210










Cash at beginning of year


12,492


12,282


Cash at end of year


$             11,354


$             12,492











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 reported net loss:

TIGERLOGIC CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)
















For the Three Months


For the Twelve Months





Ended March 31,


Ended March 31,





2011


2010


2011


2010

Reported net loss


$           (784)


$           (640)


$        (2,979)


$        (1,603)

Depreciation and amortization


88


80


364


374

Stock-based compensation


230


261


1,007


1,053

Interest (income) expense -net


(2)


-


-


1

Other (income) expense -net


(18)


48


1


(778)

Income tax provision (benefit)


(20)


24


149


(2)

Adjusted EBITDA


$           (506)


$           (227)


$        (1,458)


$           (955)














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,







2011


2010










Net cash used in operating activities




$             (1,429)


$        (1,489)

Interest expense-net





-


1

Other (income) expense-net





1


(778)

Change in trade accounts receivable




(221)


(12)

Change in other current and non-current assets




80


(39)

Change in accounts payable





(1)


(30)

Change in accrued liabilities





24


424

Change in deferred revenue





84


258

Foreign currency exchange gain





7


648

Provision for (recovery of) bad debt




(3)


62

Adjusted EBITDA






$             (1,458)


$           (955)












SOURCE TigerLogic Corporation