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TigerLogic Corporation Announces Results for the First Quarter Ended June 30, 2011
Aug 15, 2011 (04:08 PM EDT)


IRVINE, Calif., Aug. 15, 2011 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the first quarter ended June 30, 2011.  Net revenue was $3.2 million for each the first quarters ended June 30, 2011 and June 30, 2010.  Net loss for the first quarter ended June 30, 2011 was $1.3 million as compared to a net loss of $1.0 million for the same period in the prior fiscal year.  Net loss per share was $0.05 and 0.04 for the quarters ended June 30, 2011 and June 30, 2010, respectively.  Cash balance was $10.3 million at June 30, 2011 as compared to $11.5 million at June 30, 2010.

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, 2011 was negative $0.9 million or negative 27% of net revenue, as compared to negative $0.6 million or negative 19% of net revenue for the same period in the prior fiscal year. The decrease in Adjusted EBITDA in the first quarter ended June 30, 2011 as compared to the first quarter ended June 30, 2010 was primarily the result of higher marketing and development expenses for our 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(TM, a real-time social media content aggregation platform; 2) TigerLogic® yolink, a next-generation search enhancement technology; 3) Pick® Universal Data Model (Pick UDM) based database management systems and components, including XDMS, 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 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 ended June 30, 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

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)










June 30,


March 31,




2011


2011







ASSETS




Current assets




    Cash


$              10,281


$              11,354

    Trade accounts receivable, less allowance for doubtful




       accounts of $11 and $11, respectively

697


756

    Other current assets

836


421

         Total current assets

11,814


12,531







Property, furniture and equipment-net

686


699

Goodwill


26,388


26,388

Deferred tax assets

290


304

Other assets


116


116

         Total assets

$              39,294


$              40,038













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




    Accounts payable

$                   380


$                   205

    Accrued liabilities

1,963


1,682

    Deferred revenue

4,048


4,283

         Total current liabilities

6,391


6,170













Commitments and contingencies










Stockholders' equity




    Preferred stock

-


-

    Common stock

2,812


2,810

    Additional paid-in-capital

134,372


133,995

    Accumulated other comprehensive income

2,307


2,312

    Accumulated deficit

(106,588)


(105,249)

         Total stockholders' equity

32,903


33,868

         Total liabilities and stockholders' equity

$              39,294


$              40,038









TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)












Three Months Ended





June 30,





2011


2010

Net revenues







Licenses



$                        839


$                        927


Services



2,335


2,319


Total net revenues


3,174


3,246








Operating expenses






Cost of license revenues


2


2


Cost of service revenues


477


411


Selling and marketing


1,359


1,161


Research and development


1,484


1,506


General and administrative


1,093


1,139


Total operating expenses


4,415


4,219








Operating loss



(1,241)


(973)








Other income (expense)






Interest income-net


2


-


Other income (expense)-net


9


(46)


Total other income (expense)


11


(46)








Loss before income taxes


(1,230)


(1,019)








Income tax provision


109


20








Net loss



$                    (1,339)


$                    (1,039)








Basic and diluted net loss per share


$                      (0.05)


$                      (0.04)








Shares used in computing basic and





     diluted net loss per share


28,121


27,933

















TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)






Three Months Ended June 30,






2011


2010









Cash flows from operating activities:





Net loss




$             (1,339)


$             (1,039)


Adjustments to reconcile net loss to net cash






used in operating activities:







Depreciation and amortization of long-lived assets

44


97



Provision for bad debt


4


3



Stock-based compensation expense

333


275



Change in deferred tax assets


109


20



Foreign currency exchange (gain) loss

(8)


46



Change in assets and liabilities:







Trade accounts receivable

63


84




Other current and non-current assets

(12)


(102)




Accounts payable


177


176




Accrued liabilities


(225)


(318)




Deferred revenue


(249)


(97)


Net cash used in operating activities

(1,103)


(855)










Cash flows used in investing activities-purchase of






property, furniture and equipment

                    (33)


                  (116)










Cash flows from financing activities-proceeds from






exercise of stock options


                      47


                      32










Effect of exchange rate changes on cash

16


(65)










Net decrease in cash


(1,073)


(1,004)










Cash at beginning of period


11,354


12,492


Cash at end of period


$             10,281


$             11,488











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






Ended June 30,






2011


2010


Reported net loss


$        (1,339)


$        (1,039)


Depreciation and amortization

44


97


Stock-based compensation


333


275


Interest income-net


(2)


-


Other (income) expense-net


(9)


46


Income tax provision


109


20


Adjusted EBITDA


$           (864)


$           (601)












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,






2011


2010









Net cash used in operating activities



$              (1,103)


$           (855)

Interest income-net




(2)


-

Other (income) expense-net




(9)


46

Change in trade accounts receivable



(63)


(84)

Change in other current and non-current assets


12


102

Change in accounts payable




(177)


(176)

Change in accrued liabilities




225


318

Change in deferred revenue




249


97

Foreign currency exchange gain (loss)



8


(46)

Provision for bad debt




(4)


(3)

Adjusted EBITDA





$                 (864)


$           (601)











SOURCE TigerLogic Corporation