TigerLogic Corporation Announces Fourth Quarter And Fiscal Year 2013 Results

News provided by

TigerLogic Corporation

Jul 11, 2013, 04:42 ET

IRVINE, Calif., July 11, 2013 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the fourth quarter and fiscal year ended March 31, 2013.  Net revenue for the fourth quarter of fiscal year 2013 was $3.2 million and for the full fiscal year 2013 was $12.8 million, as compared to $3.3 million and $13.3 million for the same respective periods in the prior fiscal year.  Net loss for the fourth quarter ended March 31, 2013 was $1.3 million as compared to a net loss of $0.9 million for the same period in the prior fiscal year.  Net loss for the fiscal year ended March 31, 2013 was $2.9 million as compared to a net loss of $3.5 million for the prior fiscal year.  Net loss per share was $0.04 and $0.03 for the quarters ended March 31, 2013 and March 31, 2012, respectively.  Net loss per share was $0.10 for the fiscal year ended March 31, 2013, as compared to $0.13 for the prior fiscal year.  Cash balance was $6.5 million at March 31, 2013 as compared to $8.9 million at March 31, 2012.

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, 2013 was negative $0.9 million and negative $1.7 million, or (27.9%) and (13.1%) of net revenue, respectively, as compared to negative $0.6 million and negative $1.9 million, or (19.7%) and (14.6%) of net revenue, respectively, for the same periods in the prior fiscal year. The improvement in Adjusted EBITDA on a year-over-year basis was primarily the result of lower operating expenses as the prior year included higher sales and marketing, and research and development expenses related to the launch of TigerLogic's Postano product, offset by a decrease in revenue.  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 fourth quarter and 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 94801606.

A taped rebroadcast of the call will be available approximately two hours after the call through July 18, 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 31833 and conference ID number 94801606.

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 and year ended March 31, 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, 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)









March 31,



2013

2012




ASSETS


Current assets:


     Cash

$      6,465

$      8,918

     Trade accounts receivable, less allowance for doubtful


        accounts of $24 in 2013 and $19 in 2012

986

891

     Other current assets

561

632

          Total current assets

8,012

10,441






Property, furniture and equipment, net

551

615

Goodwill

31,656

26,388

Intangible assets, net

593

-

Deferred tax assets

228

257

Other assets

111

113

          Total assets

$    41,151

$    37,814












LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


     Accounts payable

$         388

$         272

     Accrued liabilities

1,294

1,467

     Deferred revenue

4,342

4,311

          Total current liabilities

6,024

6,050






     Other long-term liabilities

137

-






          Total liabilities

6,161

6,050






Commitments and contingencies








Stockholders' equity:


     Series A convertible preferred stock: $1.00 par value; 5,000,000 shares


     authorized; none issued or outstanding at March 31, 2013 and 2012.

-

-

     Common stock: $0.10 par value; 100,000,000 shares authorized; 


     29,931,248 and 28,183,469 issued and outstanding at March 31, 2013 


     and 2012, respectively.

2,993

2,818

     Additional paid-in-capital

141,478

135,438

     Accumulated other comprehensive income

2,257

2,304

     Accumulated deficit

(111,738)

(108,796)

          Total stockholders' equity

34,990

31,764

          Total liabilities and stockholders' equity 

$    41,151

$    37,814

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)















Three Months Ended

Twelve Months Ended




March 31,

March 31,




2013

2012

2013

2012

Net revenues:









Licenses

$  1,014

$   971

$  3,881

$  3,974

Services

2,178

2,314

8,959

9,372

Total net revenues

3,192

3,285

12,840

13,346











Operating expenses:








Cost of license revenues

2

4

8

13

Cost of revenue-amortization of intangible asset









15

-

15

-

Cost of service revenues

453

429

1,682

1,823

Selling and marketing

1,340

1,352

4,515

5,202

Research and development

1,465

1,534

5,248

5,887

General and administrative

871

943

3,953

3,806

Acquisition related costs

288

-

288

-

Total operating expenses

4,434

4,262

15,709

16,731











Operating loss

(1,242)

(977)

(2,869)

(3,385)











Other income (expense)








Interest expense-net

(1)

(2)

(6)

(2)

Other income (expense)-net

18

7

10

(62)

Total other income (expense)

17

5

4

(64)











Loss before income taxes

(1,225)

(972)

(2,865)

(3,449)











Income tax provision (benefit)

30

(46)

77

98











Net loss

$ (1,255)

$  (926)

$ (2,942)

$ (3,547)











Other comprehensive loss:








Foreign currency translation adjustments

(64)

27

(47)

(8)

Total comprehensive loss

$ (1,319)

$  (899)

$ (2,989)

$ (3,555)











Basic and diluted net loss per share

$   (0.04)

$ (0.03)

$   (0.10)

$   (0.13)











Shares used in computing basic and







      diluted net loss per share

29,594

28,174

28,548

28,146

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)





For the Years Ended March 31,





2013

2012








Cash flows from operating activities:



Net loss

$ (2,942)

$ (3,547)

Adjustments to reconcile net loss to net cash




used in operating activities:





Depreciation and amortization of long-lived assets

144

159


Provision for (recovery from) bad debt

(7)

5


Stock-based compensation expense

1,049

1,280


Change in deferred tax assets

89

98


Foreign currency exchange (gain) loss

(3)

74


Change in assets and liabilities:





Trade accounts receivable

76

(157)



Other current and non-current assets

(72)

(175)



Accounts payable

(108)

71



Accrued liabilities

(197)

(299)



Deferred revenue

77

69


Net cash used in operating activities

(1,894)

(2,422)









Cash flows from investing activities:




Business acquisition, net of cash received

(490)

-


Purchases of property, plant and equipment

(81)

(76)


Net cash used for investing activities

(571)

(76)









Cash flows from financing activities:




Proceeds from exercise of stock options

24

87


Proceeds from issuance of common stock

47

85


Net cash provided by financing activities

71

172









Effect of exchange rate changes on cash

(59)

(110)









Net decrease in cash

(2,453)

(2,436)

Cash at beginning of year

8,918

11,354

Cash at end of year

$  6,465

$  8,918









Supplemental disclosures:




       Cash paid for income taxes

$     148

$     879









Non-cash investing activities:





Issuance of common stock and stock options 




     assumed in business acquisition

$  5,095

$          -

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 

For the Years 




Ended March 31,

Ended March 31,




2013

2012

2013

2012

Reported net loss

$    (1,255)

$        (926)

$    (2,942)

$  (3,547)

Depreciation and amortization 

47

40

144

159

Stock-based compensation

305

290

1,049

1,280

Interest expense-net

1

2

6

2

Other (income) expense-net

(18)

(7)

(10)

62

Income tax provision (benefit)

30

(46)

77

98

Adjusted EBITDA

$       (890)

$        (647)

$    (1,676)

$ (1,946)

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, 






2013

2012









Net cash used in operating activities


$        (1,894)

$     (2,422)

Interest expense-net



6

2

Other (income) expense-net



(10)

62

Income tax provision



77

98

Change in trade accounts receivable


(76)

157

Change in other current and non-current assets


(17)

175

Change in accounts payable



108

(71)

Change in accrued liabilities



197

201

Change in deferred revenue



(77)

(69)

Foreign currency exchange gain (loss)


3

(74)

Provision for (recovery from) bad debt


7

(5)

Adjusted EBITDA




$        (1,676)

$     (1,946)

SOURCE TigerLogic Corporation

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