TigerLogic Corporation Announces Results For The Second Quarter Ended September 30, 2013

News provided by

TigerLogic Corporation

Nov 08, 2013, 04:28 ET

IRVINE, Calif., Nov. 8, 2013 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the second quarter ended September 30, 2013. Net revenue increased $0.6 million to $3.8 million for the second quarter ended September 30, 2013, as compared to prior fiscal year second quarter net revenue of $3.2 million, primarily due to higher revenue from our social and mobile platform.  Net loss was $1.2 million and $0.5 million for the second quarters ended September 30, 2013 and September 30, 2012, respectively.  Net loss per share was $0.04 and $0.02 for the quarters ended September 30, 2013 and September 30, 2012, respectively.  Cash balance was $4.9 million at September 30, 2013, as compared to $7.6 million at September 30, 2012.

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, 2013 was negative $0.7 million or negative 18% of net revenue, as compared to negative $0.2 million or negative 6% of net revenue for the same period in the prior fiscal year. The decrease in Adjusted EBITDA for the three months ended September 30, 2013 when compared to the same period in the prior year was a result of higher operating expenses primarily from the acquisition of Storycode that was completed on January 17, 2013, and higher professional services expenses relating to the pending asset sale of the Company's MDMS business, which is anticipated to be completed during the quarter ending December 31, 2013. 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

On Monday, November 11, 2013 at 5:00 p.m. Eastern Time, TigerLogic's management will host a conference call to discuss the company's financial results for the second quarter of fiscal year 2014 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 97158966.

A taped rebroadcast of the call will be available approximately two hours after the call through November 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 081213 and conference ID number 97158966.

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 application development solutions for enterprises that need to launch easy and cost-effective e-business initiatives. TigerLogic's offerings include cross-platform and mobile solutions for rapid application development, social media content aggregation, as well as search enhancement.  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, 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

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)









September 30,

March 31,



2013

2013




ASSETS


Current assets:


     Cash

$                  4,881

$         6,465

     Trade accounts receivable, less allowance for doubtful


        accounts of $24 and $24, respectively

1,675

986

     Other current assets

527

561

          Total current assets

7,083

8,012






Property, furniture and equipment, net

572

551

Goodwill

31,656

31,656

Intangible assets, net

551

593

Deferred tax assets

229

228

Other assets

86

111

          Total assets

$                40,177

$       41,151












LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


     Accounts payable

$                     443

$            388

     Accrued liabilities

1,658

1,294

     Deferred revenue

4,490

4,342

          Total current liabilities

6,591

6,024






     Other long-term liabilities

144

137






          Total liabilities

6,735

6,161






Commitments and contingencies








Stockholders' equity:


     Preferred stock

-

-

     Common stock

3,007

2,993

     Additional paid-in-capital

142,283

141,478

     Accumulated other comprehensive income

2,306

2,257

     Accumulated deficit

(114,154)

(111,738)

          Total stockholders' equity

33,442

34,990

          Total liabilities and stockholders' equity 

$                40,177

$       41,151


TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)















Three Months Ended

Six Months Ended




September 30,

September 30,




2013

2012

2013

2012

Net revenues:









Licenses

$     1,357

$   910

$  2,655

$  1,905

Services

2,482

2,246

4,909

4,535

Total net revenues

3,839

3,156

7,564

6,440











Operating expenses:









Cost of license revenues

66

2

84

4

Cost of revenue-amortization of








     intangible asset

19

-

38

-

Cost of service revenues

524

400

1,013

824

Selling and marketing

1,505

1,056

3,103

2,113

Research and development

1,528

1,264

2,976

2,499

General and administrative

1,279

915

2,416

1,952

Acquisition related costs

-

-

209

-

Total operating expenses

4,921

3,637

9,839

7,392











Operating loss

(1,082)

(481)

(2,275)

(952)











Other expense:









Interest expense-net

(1)

(1)

(2)

(4)

Other expense-net

(29)

(11)

(21)

(27)

Total other expense

(30)

(12)

(23)

(31)











Loss before income taxes

(1,112)

(493)

(2,298)

(983)











Income tax provision

66

19

118

22











Net loss

$    (1,178)

$  (512)

$ (2,416)

$ (1,005)











Other comprehensive loss:








Foreign currency translation adjustments

57

30

49

27

Total comprehensive loss

$    (1,121)

$  (482)

$ (2,367)

$    (978)











Basic and diluted net loss per share

$      (0.04)

$ (0.02)

$   (0.08)

$   (0.04)











Shares used in computing basic and







      diluted net loss per share

30,042

28,210

29,997

28,200

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)











Six Months Ended September 30,





2013

2012








Cash flows from operating activities:



Net loss

$     (2,416)

$     (1,005)

Adjustments to reconcile net loss to net cash




used in operating activities:





Depreciation and amortization of long-lived assets

94

66


Recovery from bad debt

-

(7)


Stock-based compensation expense

763

500


Foreign currency exchange loss

28

33


Change in assets and liabilities:





Trade accounts receivable

(645)

(98)



Other current assets

148

(15)



Accounts payable

(38)

(62)



Accrued liabilities

333

(314)



Deferred revenue

88

(419)

Net cash used in operating activities

(1,645)

(1,321)








Cash used in investing activities - purchase of property,



furniture and equipment

(33)

(27)








Cash from financing activities:




Proceeds from exercise of stock options

32

24

Proceeds from issuance of common stock

24

23

Net cash provided by financing activities

56

47









Effect of exchange rate changes on cash

38

(26)









Net decrease in cash

(1,584)

(1,327)









Cash at beginning of the period

6,465

8,918

Cash at end of the period

$      4,881

$      7,591

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 Six Months 




Ended September 30,

Ended September 30,




2013

2012

2013

2012

Reported net loss

$     (1,178)

$        (512)

$     (2,416)

$     (1,005)

Depreciation and amortization 

45

31

94

66

Stock-based compensation

364

276

763

500

Interest expense-net

1

1

2

4

Other expense-net

29

11

21

27

Income tax provision

66

19

118

22

Adjusted EBITDA

$        (673)

$        (174)

$     (1,418)

$        (386)

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,



2013

2012

Net cash used in operating activities

$                       (1,645)

$                  (1,321)

Interest expense-net

2

4

Other expense-net

21

27

Income tax provision

118

22

Change in trade accounts receivable

645

98

Change in other current assets

(148)

15

Change in accounts payable

38

62

Change in accrued liabilities

(333)

314

Change in deferred revenue

(88)

419

Foreign currency exchange loss

(28)

(33)

Recovery from bad debt

-

7

Adjusted EBITDA

$                      (1,418)

$                     (386)

SOURCE TigerLogic Corporation

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