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TigerLogic Corporation Announces Results For The Second Quarter Ended September 30, 2012

IRVINE, Calif., Nov. 9, 2012 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the second quarter ended September 30, 2012.  Net revenue was $3.2 million for the second quarter ended September 30, 2012, as compared to $3.5 million for the second quarter ended September 30, 2011.  Net loss was $0.5 million for each of the second quarters ended September 30, 2012 and September 30, 2011.  Net loss per share was $0.02 for each of the quarters ended September 30, 2012 and September 30, 2011.  Cash balance was $7.6 million at September 30, 2012 as compared to $8.9 million at September 30, 2011.

Adjusted EBITDA, as defined below, for the quarter ended September 30, 2012, was negative $0.2 million or negative 6% of total net revenue, as compared to negative $0.1 million or negative 2% of total net revenue for the same period in the prior fiscal year.  The decrease in Adjusted EBITDA for the second quarter ended September 30, 2012, as compared to the same period in the prior fiscal year, was mainly due to 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.

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 second 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 58888147.

A taped rebroadcast of the call will be available approximately two hours after the call through November 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 110912 and conference ID number 58888147.

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. 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 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, 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)










September 30,


March 31,




2012


2012





ASSETS




Current assets




     Cash


$             7,591


$      8,918

     Trade accounts receivable, less allowance for doubtful




        accounts of $11 and $19, respectively

988


891

     Other current assets

637


632

          Total current assets

9,216


10,441







Property, furniture and equipment-net

579


615

Goodwill


26,388


26,388

Deferred tax assets

257


257

Other assets


111


113

          Total assets

$           36,551


$    37,814













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




     Accounts payable

$                206


$         272

     Accrued liabilities

1,143


1,467

     Deferred revenue

3,868


4,311

          Total current liabilities

5,217


6,050













Commitments and contingencies










Stockholders' equity










  Preferred stock

-


-

  Common stock

2,822


2,818

     Additional paid-in-capital

135,982


135,438

     Accumulated other comprehensive income

2,331


2,304

     Accumulated deficit

(109,801)


(108,796)

          Total stockholders' equity

31,334


31,764

          Total liabilities and stockholders' equity 

$           36,551


$    37,814

 

 

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,





2012



2011



2012



2011

Net revenues














Licenses



$  910



$ 1,137



$  1,905



$  1,976


Services



2,246



2,392



4,535



4,727


Total net revenues

3,156



3,529



6,440



6,703















Operating expenses












Cost of license revenues

2



4



4



6


Cost of service revenues

400



482



824



959


Selling and marketing

1,056



1,201



2,113



2,560


Research and development

1,264



1,384



2,499



2,868


General and administrative

915



880



1,952



1,973


Total operating expenses

3,637



3,951



7,392



8,366















Operating loss


(481)



(422)



(952)



(1,663)















Other income (expense)












Interest income (expense)-net

(1)



-



(4)



2


Other expense-net

(11)



(38)



(27)



(29)


Total other income

(12)



(38)



(31)



(27)















Loss before income taxes

(493)



(460)



(983)



(1,690)















Income tax provision

19



68



22



177















Net loss



$ (512)



$  (528)



$ (1,005)



$ (1,867)















Basic and diluted net loss per share

$ (0.02)



$ (0.02)



$ (0.04)



$ (0.07)
















Shares used in computing basic 












and diluted net loss per share

28,210



28,134



28,200



28,128
















Other comprehensive loss:











Foreign currency











translation adjustments

30



(18)



27



(23)

Total comprehensive loss

$ (482)



$  (546)



$    (978)



$ (1,890)

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)






Six Months Ended September 30,






2012


2011









Cash flows from operating activities:





Net loss



$            (1,005)


$                 (1,867)


Adjustments to reconcile net loss to net cash






used in operating activities:







Depreciation and amortization of long-lived assets

66


82



Provision for bad debt


(7)


4



Stock-based compensation expense

500


629



Foreign currency exchange loss

33


30



Change in assets and liabilities:







Trade accounts receivable

(98)


(498)




Other current and non-current assets

(15)


(652)




Accounts payable


(62)


31




Accrued liabilities


(314)


(1)




Deferred revenue


(419)


(207)


Net cash used in operating activities

(1,321)


(2,449)










Cash flows used in investing activities-purchase of






property, furniture and equipment

(27)


(44)










Cash flows from financing activities:






Proceeds from exercise of stock options

24


62



Proceeds from issuance of common stock

23


48



Net cash provided by financing activities

47


110










Effect of exchange rate changes on cash

(26)


(54)










Net decrease in cash


(1,327)


(2,437)










Cash at beginning of period


8,918


11,354


Cash at end of period


$             7,591


$                   8,917

 

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,





2012


2011


2012


2011

Reported net loss


$           (512)


$           (528)


$     (1,005)


$     (1,867)

Depreciation and amortization 


31


38


66


82

Stock-based compensation

276


296


500


629

Interest (income) expense-net

1


-


4


(2)

Other expense-net


11


38


27


29

Income tax provision


19


68


22


177

Adjusted EBITDA


$           (174)


$             (88)


$        (386)


$        (952)

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, 







2012


2011










Net cash used in operating activities




$             (1,321)


$        (2,449)

Interest (income) expense-net





4


(2)

Other expense-net






27


29

Income tax provision






22


177

Change in trade accounts receivable




98


498

Change in other current and non-current assets

15


652

Change in accounts payable





62


(31)

Change in accrued liabilities





314


1

Change in deferred revenue





419


207

Foreign currency exchange loss 





(33)


(30)

Recovery of (provision for) bad debt




7


(4)

Adjusted EBITDA






$                (386)


$           (952)

 

 

 

SOURCE TigerLogic Corporation

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