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, email@example.com
TigerLogic Corporation Announces Fourth Quarter And Fiscal Year 2013 Results
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