TigerLogic Corporation Announces Results For The Second Quarter Ended September 30, 2013

    TigerLogic Corporation Announces Results For The Second Quarter Ended
                              September 30, 2013

PR Newswire

IRVINE, Calif., Nov. 8, 2013

IRVINE, Calif., Nov. 8, 2013 /PRNewswire/ --TigerLogic Corporation (Nasdaq:
TIGR) today announced financial results for the second quarter ended September
30, 2013. Net revenue increased $0.6 million to $3.8 million for the second
quarter ended September 30, 2013, as compared to prior fiscal year second
quarter net revenue of $3.2 million, primarily due to higher revenue from our
social and mobile platform. Net loss was $1.2 million and $0.5 million for
the second quarters ended September 30, 2013 and September 30, 2012,
respectively. Net loss per share was $0.04 and $0.02 for the quarters ended
September 30, 2013 and September 30, 2012, respectively. Cash balance was
$4.9 million at September 30, 2013, as compared to $7.6 million at September
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 September 30, 2013 was negative $0.7 million or
negative 18% 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 September30, 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, and higher professional services expenses relating to the pending asset
sale of the Company's MDMS business, which is anticipated to be completed
during the quarter ending December 31, 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, November 11, 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 second 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 97158966.

A taped rebroadcast of the call will be available approximately two hours
after the call through November 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 081213 and conference ID number
97158966.

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 application
development solutions for enterprises that need to launch easy and
cost-effective e-business initiatives. TigerLogic's offerings include
cross-platform and mobile solutions for rapid application development, social
media content aggregation, as well as search enhancement. 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 September 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, 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)
                                       September 30,          March 31,
                                       2013                   2013
ASSETS
Current assets:
 Cash                              $              $     6,465
                                       4,881
 Trade accounts receivable, less
allowance for doubtful
 accounts of $24 and $24,       1,675                  986
respectively
 Other current assets              527                    561
 Total current assets         7,083                  8,012
Property, furniture and equipment, net 572                    551
Goodwill                               31,656                 31,656
Intangible assets, net                 551                    593
Deferred tax assets                    229                    228
Other assets                           86                     111
 Total assets                 $               $    41,151
                                       40,177
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable                  $            $      388
                                       443
 Accrued liabilities               1,658                  1,294
 Deferred revenue                  4,490                  4,342
 Total current liabilities    6,591                  6,024
 Other long-term liabilities       144                    137
 Total liabilities            6,735                  6,161
Commitments and contingencies
Stockholders' equity:
 Preferred stock                   -                      -
 Common stock                      3,007                  2,993
 Additional paid-in-capital        142,283                141,478
 Accumulated other comprehensive   2,306                  2,257
income
 Accumulated deficit               (114,154)              (111,738)
 Total stockholders' equity   33,442                 34,990
 Total liabilities and        $               $    41,151
stockholders' equity                  40,177

TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except per share data)
                                   Three Months Ended     Six Months Ended
                                   September 30,          September 30,
                                   2013         2012      2013       2012
Net revenues:
    Licenses                       $   1,357  $  910   $ 2,655   $ 1,905
    Services                       2,482        2,246     4,909      4,535
    Total net revenues             3,839        3,156     7,564      6,440
Operating expenses:
    Cost of license revenues       66           2         84         4
    Cost of revenue-amortization
    of
     intangible asset          19           -         38         -
    Cost of service revenues       524          400       1,013      824
    Selling and marketing          1,505        1,056     3,103      2,113
    Research and development       1,528        1,264     2,976      2,499
    General and administrative     1,279        915       2,416      1,952
    Acquisition related costs      -            -         209        -
    Total operating expenses       4,921        3,637     9,839      7,392
Operating loss                     (1,082)      (481)     (2,275)    (952)
Other expense:
    Interest expense-net           (1)          (1)       (2)        (4)
    Other expense-net              (29)         (11)      (21)       (27)
    Total other expense            (30)         (12)      (23)       (31)
Loss before income taxes           (1,112)      (493)     (2,298)    (983)
Income tax provision               66           19        118        22
Net loss                           $           $ (512)  $ (2,416)  $ (1,005)
                                   (1,178)
Other comprehensive loss:
    Foreign currency translation   57           30        49         27
    adjustments
Total comprehensive loss           $           $ (482)  $ (2,367)  $ 
                                   (1,121)                          (978)
Basic and diluted net loss per     $          $ (0.02)  $         $ 
share                              (0.04)                (0.08)     (0.04)
Shares used in computing basic
and
 diluted net loss per share   30,042       28,210    29,997     28,200



TIGERLOGIC CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
                                                Six Months Ended September 30,
                                                2013             2012
Cash flows from operating activities:
Net loss                                        $   (2,416)    $   (1,005)
    Adjustments to reconcile net loss to net
    cash
        used in operating activities:
        Depreciation and amortization of        94               66
        long-lived assets
        Recovery from bad debt                  -                (7)
        Stock-based compensation expense        763              500
        Foreign currency exchange loss          28               33
        Change in assets and liabilities:
                   Trade accounts receivable    (645)            (98)
                   Other current assets         148              (15)
                   Accounts payable             (38)             (62)
                   Accrued liabilities          333              (314)
                   Deferred revenue             88               (419)
    Net cash used in operating activities       (1,645)          (1,321)
Cash used in investing activities - purchase of
property,
    furniture and equipment                     (33)             (27)
Cash from financing activities:
    Proceeds from exercise of stock options     32               24
    Proceeds from issuance of common stock      24               23
    Net cash provided by financing activities   56               47
    Effect of exchange rate changes on cash     38               (26)
    Net decrease in cash                        (1,584)          (1,327)
    Cash at beginning of the period             6,465            8,918
    Cash at end of the period                   $   4,881     $   7,591

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 Six Months
                           Ended September 30,        Ended September 30,
                           2013          2012         2013         2012
Reported net loss          $           $         $          $  
                           (1,178)       (512)       (2,416)      (1,005)
Depreciation and           45            31           94           66
amortization
Stock-based compensation   364           276          763          500
Interest expense-net       1             1            2            4
Other expense-net          29            11           21           27
Income tax provision       66            19           118          22
Adjusted EBITDA            $          $         $          $   
                           (673)        (174)       (1,418)      (386)

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 Six Months Ended September 30,
                                2013                     2012
Net cash used in operating      $             $        
activities                      (1,645)                  (1,321)
Interest expense-net            2                        4
Other expense-net               21                       27
Income tax provision            118                      22
Change in trade accounts        645                      98
receivable
Change in other current assets  (148)                    15
Change in accounts payable      38                       62
Change in accrued liabilities   (333)                    314
Change in deferred revenue      (88)                     419
Foreign currency exchange loss  (28)                     (33)
Recovery from bad debt          -                        7
Adjusted EBITDA                 $              $          
                                (1,418)                 (386)





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
 
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