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, email@example.com
TigerLogic Corporation Announces Results For The Third Quarter Ended December 31, 2012
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