TigerLogic Corporation Announces Fourth Quarter and Fiscal Year Ended March 31, 2010 Results

News provided by

TigerLogic Corporation

Jun 22, 2010, 05:15 ET

IRVINE, Calif., June 22 /PRNewswire-FirstCall/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the fourth quarter and full fiscal year ended March 31, 2010.  Net revenue for the fourth quarter was $3.5 million and for the full fiscal year was $13.9 million, as compared to $3.4 million and $16.3 million for the same respective periods in the prior fiscal year.  Net loss for the fourth quarter ended March 31, 2010 was $0.6 million as compared to a net loss of $0.7 million for the same period in the prior fiscal year.  Net loss for the fiscal year ended March 31, 2010 was $1.6 million, an improvement of $3.5 million from prior fiscal year's net loss of $5.1 million.  Net loss per share was $0.02 and $0.03 for the quarters ended March 31, 2010 and March 31, 2009, respectively.  Earnings per share for the fiscal year ended March 31, 2010 was a loss per share of $0.06 as compared to a loss per share of $0.19 for the prior fiscal year.  Cash balance was $12.5 million at March 31, 2010 as compared to $12.3 million at March 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 and fiscal year ended March 31, 2010 was negative $0.2 million and negative $1.0 million, or (6.5%) and (7.1%) of net revenue, respectively, as compared to negative $0.3 million and negative $1.7 million, or (8.4%) and (10.3%) of net revenue, respectively, for the same periods in the prior fiscal year. The improvement in Adjusted EBITDA in fiscal 2010 as compared to fiscal 2009 was a result of lower expenses in the current year, offset by lower 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.

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 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, 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

CONDENSED CONSOLIDATED BALANCE SHEETS








March 31,

March 31,


2010

2009


(In thousands)

ASSETS


Current assets


    Cash

$               12,492

$               12,282

    Trade accounts receivable, less allowance for doubtful


       accounts of $26 in 2010 and $90 in 2009

954

881

    Other current assets

412

389

         Total current assets

13,858

13,552





Property, furniture and equipment-net

766

849

Goodwill

26,388

26,388

Deferred tax assets

379

383

Other assets

113

161

         Total assets

$               41,504

$               41,333










LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities


    Accounts payable

$                    192

$                    161

    Accrued liabilities

1,686

2,090

    Deferred revenue

4,314

4,531

         Total current liabilities

6,192

6,782










Commitments and contingencies







Stockholders' equity


    Preferred stock

-

-

    Common stock

2,793

2,673

    Additional paid-in-capital

132,543

129,684

    Accumulated other comprehensive income

2,246

2,861

    Accumulated deficit

(102,270)

(100,667)

         Total stockholders' equity

35,312

34,551

         Total liabilities and stockholders' equity

$               41,504

$               41,333





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,



2010


2009


2010


2009

Net revenues








Licenses

$            1,101

$               850

$            4,223

$            5,336

Services

2,376

2,519

9,714

10,916

Total net revenues

3,477

3,369

13,937

16,252










Operating expenses








Cost of license revenues

(15)

9

13

29

Cost of service revenues

455

385

1,700

1,652

Selling and marketing

1,141

849

4,337

5,425

Research and development

1,442

1,557

6,140

7,561

General and administrative

1,022

1,224

4,129

5,097

Total operating expenses

4,045

4,024

16,319

19,764










Operating loss

(568)

(655)

(2,382)

(3,512)










Other income (expense)








Interest income (expense)-net

-

9

(1)

147

Other income (expense)-net

(48)

(120)

778

(1,796)

Total other income (expense)

(48)

(111)

777

(1,649)










Loss before income taxes

(616)

(766)

(1,605)

(5,161)










Income tax provision (benefit)

24

(36)

(2)

(21)










Net loss

$              (640)

$              (730)

$           (1,603)

$           (5,140)










Basic and diluted net loss per share

$             (0.02)

$             (0.03)

$             (0.06)

$             (0.19)










Shares used in computing basic and







     diluted net loss per share

27,917

26,714

27,305

26,600




















TIGERLOGIC CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS





For the Years Ended March 31,




2010

2009




(In thousands)







Cash flows from operating activities:


Net loss

$             (1,603)

$             (5,140)

Adjustments to reconcile net loss to net cash




used in operating activities:




Depreciation and amortization of long-lived assets

374

416


Provision for bad debt

(62)

(51)


Stock-based compensation expense

1,053

1,415


Income tax benefit

(2)

(21)


Foreign currency exchange (gain) loss

(648)

1,801


Change in assets and liabilities:





Trade accounts receivable

12

790



Other current and non-current assets

39

27



Accounts payable

30

(215)



Accrued liabilities

(424)

(264)



Deferred revenue

(258)

(443)

Net cash used in operating activities

(1,489)

(1,685)








Cash flows used in investing activities-purchase of




property, furniture and equipment

(264)

(573)








Cash flows from financing activities:




Proceeds from exercise of stock options

1,851

586


Proceeds from issuance of common stock

75

144


Net cash provided by financing activities

1,926

730








Effect of exchange rate changes on cash

37

(255)








Net increase (decrease) in cash and cash equivalents

210

(1,783)








Cash and cash equivalents at beginning of period

12,282

14,065

Cash and cash equivalents at end of period

$             12,492

$             12,282








Non-cash financing activities:




Conversion of debt to common stock

$                      -

$                  977







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


For the Twelve Months


Ended March 31,

Ended March 31,

2010

2009

2010

2009

Reported net loss

$           (640)

$           (730)

$        (1,603)

$        (5,140)

Depreciation and amortization

80

95

374

416

Stock-based compensation

261

277

1,053

1,415

Interest expense (income)-net

-

(9)

1

(147)

Other expense (income)-net

48

120

(778)

1,796

Income tax provision (benefit)

24

(36)

(2)

(21)

Adjusted EBITDA

$           (227)

$           (283)

$           (955)

$        (1,681)








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,


2010

2009




Net cash used in operating activities

$             (1,489)

$        (1,685)

Interest expense (income)-net

1

(147)

Other expense (income)-net

(778)

1,796

Change in trade accounts receivable

(12)

(790)

Change in other current and non-current assets

(39)

(27)

Change in accounts payable

(30)

215

Change in accrued liabilities

424

264

Change in deferred revenue

258

443

Foreign currency exchange gain (loss)

648

(1,801)

Provision for bad debt

62

51

Adjusted EBITDA

$                (955)

$        (1,681)




SOURCE TigerLogic Corporation

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