TigerLogic Corporation Announces Results For The First Quarter Ended June 30, 2013

TigerLogic Corporation Announces Results For The First Quarter Ended June 30,
                                     2013

PR Newswire

IRVINE, Calif., Aug. 9, 2013

IRVINE, Calif., Aug. 9, 2013 /PRNewswire/ --TigerLogic Corporation (Nasdaq:
TIGR) today announced financial results for the first quarter ended June 30,
2013. Net revenue was $3.7 million for the first quarter ended June 30, 2013,
an increase of $0.4 million as compared to prior fiscal year first quarter net
revenue of $3.3 million. Net loss was $1.2 million and $0.5 million for the
first quarters ended June 30, 2013 and June 30, 2012, respectively. Net loss
per share was $0.04 and $0.02 for the quarters ended June 30, 2013 and June
30, 2012, respectively. Cash balance was $5.8 million at June 30, 2013, as
compared to $8.5 million at June 30, 2012.

Adjusted earnings before interest, taxes, depreciation, amortization, other
income (expense)-net, and non-cash stock-based compensation expense ("Adjusted
EBITDA") for the quarter ended June 30, 2013 was negative $0.7 million or
negative 20% of net revenue, as compared to negative $0.2 million or negative
6% of net revenue for the same period in the prior fiscal year. The decrease
in Adjusted EBITDA for the three months ended June30, 2013 when compared to
the same period in the prior year was a result of higher operating expenses
primarily from the acquisition of Storycode that was completed on January 17,
2013. 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

On Monday, August 12, 2013 at 5:00 p.m. Eastern Time, TigerLogic's management
will host a conference call to discuss the company's financial results for the
first quarter of fiscal year 2014 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 28193574.

A taped rebroadcast of the call will be available approximately two hours
after the call through August 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 081213 and conference ID number 28193574.

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 ended June 30, 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, and 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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
                                                 June 30,       March 31,
                                                 2013           2013
ASSETS
Current assets
 Cash                                        $   5,825   $    6,465
 Trade accounts receivable, less allowance
for doubtful
 accounts of $24 and $24, respectively    1,356          986
 Other current assets                        520            561
 Total current assets                   7,701          8,012
Property, furniture and equipment, net           541            551
Goodwill                                         31,656         31,656
Intangible assets, net                           572            593
Deferred tax assets                              228            228
Other assets                                     112            111
 Total assets                           $  40,810    $   41,151
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
 Accounts payable                            $     358  $     388
 Accrued liabilities                         1,500          1,294
 Deferred revenue                            4,657          4,342
 Total current liabilities              6,515          6,024
 Other long-term liabilities                 139            137
 Total liabilities                      6,654          6,161
Commitments and contingencies
Stockholders' equity
 Preferred stock                             -              -
 Common stock                                2,995          2,993
 Additional paid-in-capital                  141,888        141,478
 Accumulated other comprehensive income      2,249          2,257
 Accumulated deficit                         (112,976)      (111,738)
 Total stockholders' equity             34,156         34,990
 Total liabilities and stockholders'    $  40,810    $   41,151
equity



TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except per share data)
                                             Three Months Ended
                                             June 30,
                                             2013        2012
Net revenues
  Licenses                                   $ 1,298    $  995
  Services                                   2,427       2,289
  Total net revenues                         3,725       3,284
Operating expenses
  Cost of license revenues                   18          2
  Cost of revenue-amortization of
   intangible asset                      19          -
  Cost of service revenues                   489         424
  Selling and marketing                      1,598       1,057
  Research and development                   1,448       1,235
  General and administrative                 1,137       1,037
  Acquisition related costs                  209         -
  Total operating expenses                   4,918       3,755
Operating loss                               (1,193)     (471)
Other income (expense)
  Interest expense-net                       (1)         (3)
  Other income (expense)-net                 8           (16)
  Total other income (expense)               7           (19)
Loss before income taxes                     (1,186)     (490)
Income tax provision                         52          3
Net loss                                     $ (1,238)   $ (493)
Other comprehensive loss:
  Foreign currency translation adjustments   (8)         (3)
Total comprehensive loss                     (1,246)     (496)
Basic and diluted net loss per share         $  (0.04)  $ (0.02)
Shares used in computing basic and
 diluted net loss per share             29,933      28,190



TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
                                                   Three Months Ended June 30,
                                                   2013             2012
Cash flows from operating activities:
Net loss                                           $ (1,238)        $ (493)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
    Depreciation and amortization of long-lived    49               35
    assets
    Recovery from bad debt                         -                (6)
    Stock-based compensation expense               399              225
    Change in deferred tax assets                  -                3
    Foreign currency exchange (gain) loss          (8)              17
    Change in assets and liabilities:
              Trade accounts receivable            (362)            118
              Other current assets                 117              38
              Accounts payable                     (105)            1
              Accrued liabilities                  203              (176)
              Deferred revenue                     304              (121)
  Net cash used in operating activities            (641)            (359)
Cash used in investing activities - purchase of
property,
  furniture and equipment                          (17)             (13)
Cash from financing activities-proceeds from
exercise
  of stock options                                 12               24
  Effect of exchange rate changes on cash          6                (40)
  Net decrease in cash                             (640)            (388)
  Cash at beginning of the period                  6,465            8,918
  Cash at end of the period                        $ 5,825         $ 8,530

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
                                Ended June 30,
                                2013            2012
Reported net loss               $   (1,238)   $    (493)
Depreciation and amortization  49              35
Stock-based compensation        399             225
Interest expense-net            1               3
Other (income) expense-net      (8)             16
Income tax provision            52              3
Adjusted EBITDA                 $    (745)  $    (211)

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 Three Months Ended June 30,
                                      2013                   2012
Net cash used in operating            $ (641)                $ (359)
activities
Interest expense-net                  1                      3
Other (income) expense-net            (8)                    16
Income tax provision                  52                     3
Change in trade accounts receivable   362                    (118)
Change in other current assets        (117)                  (38)
Change in accounts payable            105                    (1)
Change in accrued liabilities         (203)                  173
Change in deferred revenue            (304)                  121
Foreign currency exchange gain        8                      (17)
(loss)
Recovery from bad debt                -                      6
Adjusted EBITDA                       $ (745)                $ (211)





SOURCE TigerLogic Corporation

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