Press Releases

Unedited news and product information from vendors.

TigerLogic Corporation Announces Results For The First Quarter Ended June 30, 2012
Aug 09, 2012 (04:08 PM EDT)


IRVINE, Calif., Aug. 9, 2012 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the first quarter ended June 30, 2012.  Net revenue was $3.3 million and $3.2 million for the first quarters ended June 30, 2012 and June 30, 2011, respectively.  Net loss for the first quarter ended June 30, 2012 was $0.5 million as compared to a net loss of $1.3 million for the same period in the prior fiscal year.  Net loss per share was $0.02 and $0.05 for the quarters ended June 30, 2012 and June 30, 2011, respectively.  Cash balance was $8.5 million at June 30, 2012 as compared to $10.3 million at June 30, 2011.

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, 2012 was negative $0.2 million or negative 6% of net revenue, as compared to negative $0.9 million or negative 27% of net revenue for the same period in the prior fiscal year. The improvement in Adjusted EBITDA for the three months ended June 30, 2012 when compared to the same period in the prior year was a result of higher revenue and lower selling and marketing expense and research and development expense in the current period. 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

At 5:30 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 2013 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 96990269. The live webcast presentation can be accessed by going to the URL: https://tigerlogic.webex.com and entering the event number 572882053.

A taped rebroadcast of the audio portion of the call will be available approximately two hours after the call. A rebroadcast of the webcast will be available on August 14, 2012 through August 16, 2012. 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 080912 and conference ID number 96990269.

The earnings call and the webcast 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. Built on proven technology, TigerLogic helps control data and transform it into business intelligence and engagement. 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) 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 data-driven desktop, web and mobile 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, 2012 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,




2012


2012





ASSETS




Current assets




     Cash


$                 8,530


$                 8,918

     Trade accounts receivable, less allowance for doubtful




        accounts of $12 and $19, respectively

758


891

     Other current assets

573


632

          Total current assets

9,861


10,441







Property, furniture and equipment-net

583


615

Goodwill


26,388


26,388

Deferred tax assets

257


257

Other assets


110


113

          Total assets

$               37,199


$               37,814













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




     Accounts payable

$                    267


$                    272

     Accrued liabilities

1,273


1,467

     Deferred revenue

4,142


4,311

          Total current liabilities

5,682


6,050













Commitments and contingencies










Stockholders' equity










  Preferred stock

-


-

  Common stock

2,820


2,818

   Additional paid-in-capital

135,685


135,438

   Accumulated other comprehensive income

2,301


2,304

   Accumulated deficit

(109,289)


(108,796)

         Total stockholders' equity

31,517


31,764

         Total liabilities and stockholders' equity 

$               37,199


$               37,814



 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)














Three Months Ended June 30,









2012


2011

Net revenues









Licenses




$            995



$            839


Services




2,289



2,335


Total net revenues



3,284



3,174










Operating expenses








Cost of license revenues



2



2


Cost of service revenues



424



477


Selling and marketing



1,057



1,359


Research and development



1,235



1,484


General and administrative



1,037



1,093


Total operating expenses



3,755



4,415










Operating loss




(471)



(1,241)










Other income (expense)








Interest income (expense)-net



(3)



2


Other income (expense)-net



(16)



9


Total other income (expense)



(19)



11










Loss before income taxes



(490)



(1,230)










Income tax provision



3



109










Net loss




(493)



(1,339)










Basic and diluted net loss per share


$      (0.02)



$     (0.05)











Shares used in computing basic and







      diluted net loss per share


28,190



28,121











Other comprehensive loss:







Foreign currency translation adjustments

(3)



(5)


Total comprehensive loss



$          (496)



$       (1,344)

 

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)






Three Months Ended June 30,






2012


2011









Cash flows from operating activities:





Net loss



$                (493)


$             (1,339)


Adjustments to reconcile net loss to net cash

used in operating activities:






Depreciation and amortization of long-lived assets

35


44



Provision for bad debt


(6)


4



Stock-based compensation expense

225


333



Change in deferred tax assets

3


109



Foreign currency exchange (gain) loss

17


(8)



Change in assets and liabilities:







Trade accounts receivable

118


63




Other current and non-current assets

38


(12)




Accounts payable


1


177




Accrued liabilities


(176)


(225)




Deferred revenue


(121)


(249)


Net cash used in operating activities

(359)


(1,103)










Cash flows used in investing activities-purchase of






property, furniture and equipment

(13)


(33)










Cash flows from financing activities-proceeds from






exercise of stock options


24


47










Effect of exchange rate changes on cash

(40)


16










Net decrease in cash


(388)


(1,073)










Cash at beginning of period


8,918


11,354


Cash at end of period


$               8,530


$             10,281


























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,






2012


2011


Reported net loss


$           (493)


$        (1,339)


Depreciation and amortization 


35


44


Stock-based compensation


225


333


Interest (income) expense-net


3


(2)


Other (income) expense-net


16


(9)


Income tax provision


3


109


Adjusted EBITDA


$           (211)


$           (864)


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, 







2012


2011










Net cash used in operating activities




$                (359)


$        (1,103)

Interest (income) expense-net





3


(2)

Other (income) expense-net





16


(9)

Change in trade accounts receivable




(118)


(63)

Change in other current and non-current assets




(38)


12

Change in accounts payable





(1)


(177)

Change in accrued liabilities





176


225

Change in deferred revenue





121


249

Foreign currency exchange gain (loss) 




(17)


8

Recovery of (provision for) bad debt




6


(4)

Adjusted EBITDA






$                (211)


$           (864)

 

SOURCE TigerLogic Corporation