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TigerLogic Corporation Announces Results For The Third Quarter Ended December 31, 2012

IRVINE, Calif., Feb. 12, 2013 /PRNewswire/ -- TigerLogic Corporation (Nasdaq: TIGR) today announced financial results for the third quarter ended December 31, 2012.  Net revenue was $3.2 million for the third quarter ended December 31, 2012, as compared to $3.4 million for the third quarter ended December 31, 2011.  Net loss was $0.7 million and $0.8 million for the third quarters ended December 31, 2012 and December 31, 2011, respectively.  Net loss per share was $0.02 for the third quarter ended December 31, 2012, as compared to a net loss per share of $0.03 for the quarter ended December 31, 2011.  Cash balance was $7.9 million at December 31, 2012 as compared to $9.0 million at December 31, 2011.

Adjusted EBITDA, as defined below, for the quarter ended December 31, 2012, was negative $0.4 million or negative 12.5% of total net revenue, as compared to negative $0.3 million or negative 10.3% of total net revenue for the same period in the prior fiscal year.  The decrease in Adjusted EBITDA for the third quarter ended December 31, 2012, as compared to the same period in the prior fiscal year, was mainly due to lower revenue, and higher general and administrative expenses relating to the acquisition of Storycode. 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 third 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 96597791.

A taped rebroadcast of the call will be available approximately two hours after the call through February 19, 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 021213 and conference ID number 96597791.

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 content aggregation, syndication and a mobile publishing platform, which platform includes such customers as The University of Oregon Athletic Department, Nine West, Owens Illinois, Tommy Hilfiger, Entrepreneur Media, The Independent, Mindjet, CBS, NBC, and Thomson Reuters. Built on proven technology, TigerLogic helps control data and content and transform them 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 Company's ability to successfully integrate the Storycode technology and employees and to realize the anticipated synergies, the success of the combined companies research and development efforts to develop new products and to penetrate new markets, the market acceptance of the  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 December 31, 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. Storycode is a trademark of Storycode, Inc. All other trademarks and registered trademarks are properties of their respective owners.

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)










December 31,


March 31,




2012


2012





ASSETS




Current assets




     Cash


$             7,927


$      8,918

     Trade accounts receivable, less allowance for doubtful




        accounts of $11 and $19, respectively

890


891

     Other current assets

747


632

          Total current assets

9,564


10,441







Property, furniture and equipment-net

556


615

Goodwill


26,388


26,388

Deferred tax assets

257


257

Other assets


112


113

          Total assets

$           36,877


$    37,814













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




     Accounts payable

$                322


$         272

     Accrued liabilities

1,566


1,467

     Deferred revenue

4,103


4,311

          Total current liabilities

5,991


6,050













Commitments and contingencies










Stockholders' equity










  Preferred stock

-


-

  Common stock

2,822


2,818

     Additional paid-in-capital

136,226


135,438

     Accumulated other comprehensive income

2,321


2,304

     Accumulated deficit

(110,483)


(108,796)

          Total stockholders' equity

30,886


31,764

          Total liabilities and stockholders' equity 

$           36,877


$    37,814

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)
















Three Months Ended


Nine Months Ended





December 31,


December 31,





2012


2011


2012


2011

Net revenues











Licenses



$   962


$ 1,027


$  2,867


$  3,003


Services



2,246


2,331


6,781


7,058


Total net revenues



3,208


3,358


9,648


10,061












Operating expenses











Cost of license revenues


2


3


6


9


Cost of service revenues


405


435


1,229


1,394


Selling and marketing



1,062


1,290


3,175


3,850


Research and development


1,284


1,485


3,783


4,353


General and administrative


1,130


890


3,082


2,863


Total operating expenses


3,883


4,103


11,275


12,469












Operating loss



(675)


(745)


(1,627)


(2,408)












Other income (expense)











Interest expense-net



(1)


(2)


(5)


-


Other income (expense)-net


19


(40)


(8)


(69)


Total other income (expense)


18


(42)


(13)


(69)












Loss before income taxes



(657)


(787)


(1,640)


(2,477)












Income tax provision (benefit)


25


(33)


47


144












Net loss



$  (682)


$  (754)


$ (1,687)


$ (2,621)












Basic and diluted net loss per share


$ (0.02)


$ (0.03)


$   (0.06)


$   (0.09)












Shares used in computing basic 









      and diluted net loss per share


28,218


28,163


28,206


28,138












Other comprehensive loss:










Net loss



$  (682)


$  (754)


$ (1,687)


$ (2,621)

Foreign currency translation adjustments

(10)


(12)


17


(35)

Total comprehensive loss



$  (692)


$  (766)


$ (1,670)


$ (2,656)

 

TIGERLOGIC CORPORATION AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)






Nine Months Ended December 31,






2012


2011









Cash flows from operating activities:





Net loss



$ (1,687)


$ (2,621)


Adjustments to reconcile net loss to net cash






used in operating activities:







Depreciation and amortization of long-lived assets

97


119



Provision for (recovery from) bad debt

(7)


4



Stock-based compensation expense

744


990



Foreign currency exchange loss

13


75



Change in assets and liabilities:







Trade accounts receivable

10


(333)




Other current and non-current assets

(17)


(330)




Accounts payable


53


-




Accrued liabilities


103


(99)




Deferred revenue


(203)


(122)


Net cash used in operating activities

(894)


(2,317)









Cash flows from investing activities:






Acquisition bridge loan


(100)


-


Purchases of property, plant and equipment

(34)


(61)


Net cash used for investing activities

(134)


(61)









Cash flows from financing activities:






Proceeds from exercise of stock options

24


87


Proceeds from issuance of common stock

23


48


Net cash provided by financing activities

47


135










Effect of exchange rate changes on cash

(10)


(117)










Net decrease in cash


(991)


(2,360)


Cash at beginning of period


8,918


11,354


Cash at end of period


$   7,927


$   8,994

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 Nine Months 





Ended December 31,


Ended December 31,





2012


2011


2012


2011

Reported net loss


$        (682)


$        (754)


$ (1,687)


$ (2,621)

Depreciation and amortization 


31


37


97


119

Stock-based compensation


244


361


744


990

Interest expense-net


1


2


5


-

Other (income) expense-net


(19)


40


8


69

Income tax provision (benefit)


25


(33)


47


144

Adjusted EBITDA


$        (400)


$        (347)


$    (786)


$ (1,299)

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 Nine Months Ended








December 31, 








2012


2011












Net cash used in operating activities




$ (894)


$ (2,317)


Interest expense-net





5


-


Other expense-net






8


69


Income tax provision





47


144


Change in trade accounts receivable




(10)


333


Change in other current and non-current assets




17


330


Change in accounts payable





(53)


-


Change in accrued liabilities





(103)


99


Change in deferred revenue





203


122


Foreign currency exchange loss 





(13)


(75)


Provision for (recovery from) bad debt




7


(4)


Adjusted EBITDA






$ (786)


$ (1,299)


SOURCE TigerLogic Corporation

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