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, firstname.lastname@example.org
TigerLogic Corporation Announces Results For The First Quarter Ended June 30, 2013
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