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

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

PR Newswire

IRVINE, Calif., Feb. 12, 2013

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,            890                  891
respectively
 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                       $             $     272
                                            322
 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             $      36,877   $  37,814
stockholders' equity



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           18        (42)      (13)        (69)
     (expense)
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    $ (0.02)  $ (0.03)  $  (0.06)  $  (0.09)
share
Shares used in computing basic
 and diluted net loss per    28,218    28,163    28,206      28,138
share
Other comprehensive loss:
Net loss                          $ (682)  $ (754)  $ (1,687)   $ (2,621)
Foreign currency translation      (10)      (12)      17          (35)
adjustments
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 97                119
    assets
    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      (17)              (330)
             assets
             Accounts payable                   53                -
             Accrued liabilities                103               (99)
             Deferred revenue                   (203)             (122)
  Net cash used in operating activities         (894)             (2,317)
Cash flows frominvesting 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     $           $      $ (1,687)  $ (2,621)
                      (682)         (754)
Depreciation and      31             37        97         119
amortization
Stock-based           244            361       744        990
compensation
Interest expense-net  1              2         5          -
Other (income)        (19)           40        8          69
expense-net
Income tax provision  25             (33)      47         144
(benefit)
Adjusted EBITDA       $           $      $         $ (1,299)
                      (400)         (347)    (786)

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

Website: http://www.tigerlogic.com
Contact: TigerLogic Corporation, Thomas Lim, Chief Financial Officer,
+1-949-442-4400, or Fax, +1-949-250-8187, thomas.lim@tigerlogic.com