TigerLogic Corporation Announces Fourth Quarter And Fiscal Year 2013 Results

 TigerLogic Corporation Announces Fourth Quarter And Fiscal Year 2013 Results

PR Newswire

IRVINE, Calif., July 11, 2013

IRVINE,Calif., July 11, 2013 /PRNewswire/ --TigerLogic Corporation (Nasdaq:
TIGR) today announced financial results for the fourth quarter and fiscal year
ended March 31, 2013. Net revenue for the fourth quarter of fiscal year 2013
was $3.2 million and for the full fiscal year 2013 was $12.8 million, as
compared to $3.3 million and $13.3 million for the same respective periods in
the prior fiscal year. Net loss for the fourth quarter ended March 31, 2013
was $1.3 million as compared to a net loss of $0.9 million for the same period
in the prior fiscal year. Net loss for the fiscal year ended March 31, 2013
was $2.9 million as compared to a net loss of $3.5 million for the prior
fiscal year. Net loss per share was $0.04 and $0.03 for the quarters ended
March 31, 2013 and March 31, 2012, respectively. Net loss per share was $0.10
for the fiscal year ended March 31, 2013, as compared to $0.13 for the prior
fiscal year. Cash balance was $6.5 million at March 31, 2013 as compared to
$8.9 million at March 31, 2012.

Adjusted earnings before interest, taxes, depreciation, amortization, other
income (expense)-net, and non-cash stock-based compensation expense ("Adjusted
EBITDA") for the quarter and fiscal year ended March 31, 2013 was negative
$0.9 million and negative $1.7 million, or (27.9%) and (13.1%) of net revenue,
respectively, as compared to negative $0.6 million and negative $1.9 million,
or (19.7%) and (14.6%) of net revenue, respectively, for the same periods in
the prior fiscal year. The improvement in Adjusted EBITDA on a year-over-year
basis was primarily the result of lower operating expenses as the prior year
included higher sales and marketing, and research and development expenses
related to the launch of TigerLogic's Postano product, offset by a decrease in
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 fourth quarter and 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 94801606.

A taped rebroadcast of the call will be available approximately two hours
after the call through July 18, 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 31833 and conference ID number 94801606.

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 social media content aggregation. Built on proven
technology, TigerLogic helps control data and transform it 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 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 and year ended March 31, 2013 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, Omnis Studio, and Storycode are trademarks of TigerLogic
Corporation. All other trademarks and registered trademarks are properties of
their respective owners.

TIGERLOGIC CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
                                                  March 31,
                                                  2013           2012
ASSETS
Current assets:
 Cash                                         $   6,465   $   8,918
 Trade accounts receivable, less allowance
for doubtful
 accounts of $24 in 2013 and $19 in 2012   986            891
 Other current assets                         561            632
 Total current assets                    8,012          10,441
Property, furniture and equipment, net            551            615
Goodwill                                          31,656         26,388
Intangible assets, net                            593            -
Deferred tax assets                               228            257
Other assets                                      111            113
 Total assets                            $  41,151    $  37,814
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable                             $     388  $     272
 Accrued liabilities                          1,294          1,467
 Deferred revenue                             4,342          4,311
 Total current liabilities               6,024          6,050
 Other long-term liabilities                  137            -
 Total liabilities                       6,161          6,050
Commitments and contingencies
Stockholders' equity:
 Series A convertible preferred stock: $1.00
par value; 5,000,000 shares
 authorized; none issued or outstanding at    -              -
March 31, 2013 and 2012.
 Common stock: $0.10 par value; 100,000,000
shares authorized;
 29,931,248 and 28,183,469 issued and
outstanding at March 31, 2013
 and 2012, respectively.                      2,993          2,818
 Additional paid-in-capital                   141,478        135,438
 Accumulated other comprehensive income       2,257          2,304
 Accumulated deficit                          (111,738)      (108,796)
 Total stockholders' equity              34,990         31,764
 Total liabilities and stockholders'     $  41,151    $  37,814
equity



TIGERLOGIC CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except per share data)
                                    Three Months Ended    Twelve Months Ended
                                    March 31,             March 31,
                                    2013        2012      2013       2012
Net revenues:
     Licenses                       $ 1,014    $  971   $ 3,881   $ 3,974
     Services                       2,178       2,314     8,959      9,372
     Total net revenues             3,192       3,285     12,840     13,346
Operating expenses:
     Cost of license revenues       2           4         8          13
     Cost of revenue-amortization
     ofintangible asset            15          -         15         -
     Cost of service revenues       453         429       1,682      1,823
     Selling and marketing          1,340       1,352     4,515      5,202
     Research and development       1,465       1,534     5,248      5,887
     General and administrative     871         943       3,953      3,806
     Acquisition related costs      288         -         288        -
     Total operating expenses       4,434       4,262     15,709     16,731
Operating loss                      (1,242)     (977)     (2,869)    (3,385)
Other income (expense)
     Interest expense-net           (1)         (2)       (6)        (2)
     Other income (expense)-net     18          7         10         (62)
     Total other income (expense)   17          5         4          (64)
Loss before income taxes            (1,225)     (972)     (2,865)    (3,449)
Income tax provision (benefit)      30          (46)      77         98
Net loss                            $ (1,255)   $ (926)  $ (2,942)  $ (3,547)
Other comprehensive loss:
     Foreign currency translation   (64)        27        (47)       (8)
     adjustments
Total comprehensive loss            $ (1,319)   $ (899)  $ (2,989)  $ (3,555)
Basic and diluted net loss per      $  (0.04)  $ (0.03)  $         $ 
share                                                     (0.10)     (0.13)
Shares used in computing basic and
 diluted net loss per share    29,594      28,174    28,548     28,146



TIGERLOGIC CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
                                                 For the Years Ended March 31,
                                                 2013           2012
Cash flows from operating activities:
Net loss                                         $ (2,942)      $ (3,547)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
    Depreciation and amortization of long-lived  144            159
    assets
    Provision for (recovery from) bad debt       (7)            5
    Stock-based compensation expense             1,049          1,280
    Change in deferred tax assets                89             98
    Foreign currency exchange (gain) loss        (3)            74
    Change in assets and liabilities:
             Trade accounts receivable           76             (157)
             Other current and non-current       (72)           (175)
             assets
             Accounts payable                    (108)          71
             Accrued liabilities                 (197)          (299)
             Deferred revenue                    77             69
    Net cash used in operating activities        (1,894)        (2,422)
  Cash flows from investing activities:
    Business acquisition, net of cash received   (490)          -
    Purchases of property, plant and equipment   (81)           (76)
    Net cash used for investing activities       (571)          (76)
  Cash flows from financing activities:
    Proceeds from exercise of stock options      24             87
    Proceeds from issuance of common stock       47             85
    Net cash provided by financing activities    71             172
  Effect of exchange rate changes on cash        (59)           (110)
  Net decrease in cash                           (2,453)        (2,436)
  Cash at beginning of year                      8,918          11,354
  Cash at end of year                            $ 6,465       $ 8,918
  Supplemental disclosures:
   Cash paid for income taxes              $   148      $   879
  Non-cash investing activities:
    Issuance of common stock and stock options
     assumed in business acquisition         $ 5,095       $     -

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 Years
                      Ended March 31,          Ended March 31,
                      2013      2012           2013      2012
Reported net loss     $        $           $        $ (3,547)
                      (1,255)  (926)         (2,942)
Depreciation and      47        40             144       159
amortization
Stock-based           305       290            1,049     1,280
compensation
Interest expense-net  1         2              6         2
Other (income)        (18)      (7)            (10)      62
expense-net
Income tax provision  30        (46)           77        98
(benefit)
Adjusted EBITDA       $      $           $        $ (1,946)
                      (890)     (647)         (1,676)

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 Years Ended March 31,
                                               2013              2012
Net cash used in operating activities          $    (1,894)  $   (2,422)
Interest expense-net                           6                 2
Other (income) expense-net                     (10)              62
Income tax provision                           77                98
Change in trade accounts receivable            (76)              157
Change in other current and non-current        (17)              175
assets
Change in accounts payable                     108               (71)
Change in accrued liabilities                  197               201
Change in deferred revenue                     (77)              (69)
Foreign currency exchange gain (loss)          3                 (74)
Provision for (recovery from) bad debt         7                 (5)
Adjusted EBITDA                                $    (1,676)  $   (1,946)



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
 
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