TigerLogic Corporation Announces Results for the Second Quarter Ended September 30, 2011

News provided by

TigerLogic Corporation

Nov 10, 2011, 04:58 ET

IRVINE, Calif., Nov. 10, 2011 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the second quarter ended September 30, 2011.  Net revenue was $3.5 million for the second quarter ended September 30, 2011, as compared to $3.4 million for the second quarter ended September 30, 2010.  Net loss for the second quarter ended September 30, 2011 was $0.5 million as compared to a net loss of $0.7 million for the same period in the prior fiscal year.  Net loss per share was $0.02 and $0.03 for the quarters ended September 30, 2011 and September 30, 2010, respectively.  Cash balance was $8.9 million at September 30, 2011 as compared to $10.9 million at September 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 September 30, 2011 was negative $0.1 million or negative 2% of net revenue, as compared to negative $0.3 million or negative 8% of net revenue for the same period in the prior fiscal year.  The improvement in the Adjusted EBITDA for the three months ended September 30, 2011 as compared to the same period in the prior year was primarily due to higher license and service 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 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 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 September 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)









September 30,

March 31,



2011

2011




ASSETS


Current assets


    Cash

$                 8,917

$               11,354

    Trade accounts receivable, less allowance for doubtful


       accounts of $10 and $11, respectively

1,227

756

    Other current assets

1,040

421

         Total current assets

11,184

12,531






Property, furniture and equipment-net

645

699

Goodwill

26,388

26,388

Deferred tax assets

290

304

Other assets

114

116

         Total assets

$               38,621

$               40,038












LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities


    Accounts payable

$                    227

$                    205

    Accrued liabilities

1,635

1,682

    Deferred revenue

4,042

4,283

         Total current liabilities

5,904

6,170












Commitments and contingencies








Stockholders' equity


    Preferred stock

-

-

    Common stock

2,815

2,810

    Additional paid-in-capital

134,729

133,995

    Accumulated other comprehensive income

2,289

2,312

    Accumulated deficit

(107,116)

(105,249)

         Total stockholders' equity

32,717

33,868

         Total liabilities and stockholders' equity

$               38,621

$               40,038

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)















Three Months Ended

Six Months Ended




September 30,

September 30,




2011


2010


2011


2010

Net revenues









Licenses

$ 1,137

$ 1,079

$  1,976

$  2,006

Services

2,392

2,293

4,727

4,612

Total net revenues

3,529

3,372

6,703

6,618











Operating expenses








Cost of license revenues

4

4

6

6

Cost of service revenues

482

440

959

851

Selling and marketing

1,201

1,147

2,560

2,308

Research and development

1,384

1,496

2,868

3,002

General and administrative

880

926

1,973

2,065

Total operating expenses

3,951

4,013

8,366

8,232











Operating loss

(422)

(641)

(1,663)

(1,614)











Other income (expense)








Interest income (expense)-net

-

(1)

2

(1)

Other income (expense)-net

(38)

34

(29)

(12)

Total other income (expense)

(38)

33

(27)

(13)











Loss before income taxes

(460)

(608)

(1,690)

(1,627)











Income tax provision

68

97

177

117











Net loss

$  (528)

$   (705)

$ (1,867)

$ (1,744)











Basic and diluted net loss per share

$ (0.02)

$  (0.03)

$   (0.07)

$   (0.06)











Shares used in computing basic and







     diluted net loss per share

28,134

27,986

28,128

27,959

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)





Six Months Ended September 30,





2011

2010








Cash flows from operating activities:



Net loss

$             (1,867)

$             (1,744)

Adjustments to reconcile net loss to net cash




used in operating activities:





Depreciation and amortization of long-lived assets

82

187


Provision for bad debt

4

5


Stock-based compensation expense

629

549


Change in deferred tax assets

177

117


Foreign currency exchange loss

30

10


Change in assets and liabilities:





Trade accounts receivable

(498)

42



Other current and non-current assets

(652)

(20)



Accounts payable

31

18



Accrued liabilities

(178)

(462)



Deferred revenue

(207)

(333)

Net cash used in operating activities

(2,449)

(1,631)









Cash flows used in investing activities-purchase of




property, furniture and equipment

(44)

(213)









Cash flows from financing activities:




Proceed from exercise of stock options

62

175


Proceed from issuance of common stock

48

32


Net cash provided by financing activities

110

207









Effect of exchange rate changes on cash

(54)

20









Net decrease in cash

(2,437)

(1,617)









Cash at beginning of period

11,354

12,492

Cash at end of period

$               8,917

$             10,875

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 Six Months





Ended September 30,

Ended September 30,




2011

2010

2011

2010

Reported net loss

$           (528)

$           (705)

$     (1,867)

$       (1,744)

Depreciation and amortization


38

90

82

187

Stock-based compensation

296

274

629

549

Interest (income) expense-net

-

(1)

(2)

1

Other (income) expense-net

38

(34)

29

12

Income tax provision

68

97

177

117

Adjusted EBITDA

$             (88)

$           (279)

$        (952)

$          (878)











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 Six Months Ended






September 30,







2011

2010









Net cash used in operating activities


$             (2,449)

$        (1,631)

Interest (income) expense-net



(2)

1

Other expense-net




29

12

Change in trade accounts receivable


498

(42)

Change in other current and non-current assets


652

20

Change in accounts payable



(31)

(18)

Change in accrued liabilities



178

462

Change in deferred revenue



207

333

Foreign currency exchange loss





(30)

(10)

Provision for bad debt



(4)

(5)

Adjusted EBITDA




$                (952)

$           (878)









SOURCE TigerLogic Corporation

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