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

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

PR Newswire

IRVINE, Calif., Nov. 9, 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,            988                  891
respectively
 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                       $             $     272
                                            206
 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             $      36,551   $  37,814
stockholders' equity





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     2              4               4               6
   revenues
   Cost of service     400            482             824             959
   revenues
   Selling and         1,056          1,201           2,113           2,560
   marketing
   Research and        1,264          1,384           2,499           2,868
   development
   General and         915            880             1,952           1,973
   administrative
   Total operating     3,637          3,951           7,392           8,366
   expenses
Operating loss         (481)          (422)           (952)           (1,663)
Other income (expense)
   Interest income     (1)            -               (4)             2
   (expense)-net
   Other expense-net   (11)           (38)            (27)            (29)
   Total other income  (12)           (38)            (31)            (27)
Loss before income     (493)          (460)           (983)           (1,690)
taxes
Income tax provision   19             68              22              177
Net loss               $              $               $               $
                       (512)          (528)          (1,005)         (1,867)
Basic and       $              $               $               $
diluted net     (0.02)         (0.02)          (0.04)          (0.07)
loss per share
Shares used in
computing
basic
and diluted net 28,210         28,134          28,200          28,128
loss per share
Other comprehensive
loss:
Foreign currency
translation            30             (18)            27              (23)
adjustments
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 66             82
    assets
    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      31          38            66         82
amortization
Stock-based           276         296           500        629
compensation
Interest (income)     1           -             4          (2)
expense-net
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                $            $    (2,449)
activities                                (1,321)
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   15                 652
assets
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           7                  (4)
debt
Adjusted EBITDA                           $           $      (952)
                                          (386)







SOURCE TigerLogic Corporation

Website: http://www.tigerlogic.com/
Contact: TigerLogic Corporation: Thomas Lim, Chief Financial Officer, Phone,
+1-949-442-4400, Fax, +1-949-250-8187, thomas.lim@tigerlogic.com, 25A
Technology Drive, Suite 100, Irvine, CA 92618,
 
Press spacebar to pause and continue. Press esc to stop.